Cyprus Residency: Normal Track PR Procedure (Category F)
Submitting a PR application under the Normal Track Category F procedure would be ideal for those third-country nationals who wish to obtain a residency permit in the Republic but at the same time do not wish to spend and/or do not have the financial ability to invest €300,000.
An applicant will be eligible to submit this type of application along with his dependants ( spouse and minor children) in case he will be purchasing a resale property and/or a property that is worth less than €300,000.
For this type of application, the main applicant would have to prove that he has at his disposal a secure annual income of at least €10.000. This annual income should be increased by €5.000 for each dependant. It is also imperative for this type of application to be able and show deposits available in a banking institution in Cyprus in the name of the main applicant (*exact amount that should be available to be determined according to the facts of each case).
Normal Track Category F Permanent Residency Conditions
The main condition that needs to be satisfied for a Normal Track Category F PR application to be processed is for applicants to be able and prove to the Civil Registry and Migration department they have secured accommodation in Cyprus and that at the same time, they have the adequate funds to support themselves and their family members in the Republic as obtaining the permanent residency permit under this type of procedure does not allow the main applicant and his dependants to work or engage in any form or type of business activities in the Republic.
It is also important to note that children who have obtained a Cyprus permanent residency permit under the Normal Track Category F PR procedure will automatically lose their PR status once they become 18 years old and will not be able to re-submit a PR application unless they proceed with a separate investment.
At the moment while the Civil Registry and Migration department still accepts the submission of category F applications the processing time cannot be estimated due to the backlog of applications having been submitted and the possible changes rumored to be coming into effect the examination of these types of applications has stopped.
Why Choose Us As Your Immigration Lawyers
Making an investment in a foreign country involves a number of difficulties and challenges. This is the reason why it’s important for investors to appoint a Law Firm that is based in Cyprus in order to assist them with the whole procedure.
At Andreas Demetriades & Co LLC we provide keen confidential, high-quality, timely, and cost-effective lawyers in Paphos. Wherever you are and whatever the need, we’ll be there for you, as a resourceful and trusted partner.
The content of this article is intended to provide a general guide to the subject matter and does not constitute legal advice. For any further information, please contact Eleni Simillidi, at Andreas Demetriades & Co LLC by email at info@demetriadeslaw.com or by phone +357 26 811 668.