Permanent residency can be achieved by an application under Regulation 6(2) or under Category F. Both have the same effect but have five main differences:
Regulation 6 (2)
• You must purchase a new property minimum €300,000 (euro) +VAT, not one which is for resale.
• A permanent residency card takes 4 months to be issued. But, once applied, you are allowed to stay in Cyprus until the permanent residence permit card is issued.
• Children under 18 can get permanent residency for life. When they turn 18, but before they turn 25, they can apply and get permanent residency for life.
• The parents and the parents in law of the applicant can secure the permanent residency
• Any property either new or for resale is admissible. There is no minimum property price requirement.
• A permanent residence permit takes 12 to 18 months to be issued. But, once applied, you are allowed to stay in Cyprus until the permanent residence permit card is issued.
• Under this category you do not have to make any fixed deposit. However there is a requirement to open a bank account in Cyprus and deposit funds in said account so that you can show that you can financially support yourself and your family in Cyprus (depending on the size of the family we can advise the amount the applicant should have available in his account)
• Children under 18 when they become 18 lose their P.R. status and they cannot get it later unless they purchase a property and apply separately themselves
• The parents of the applicant cannot secure permanent residency under this category
Our lawyers can answer any questions and will do all the necessary applications on your behalf.