Applications under Category F should be of independent means of support and documentary proof of income that should be submitted with all the relevant application forms. This category is for persons who have a secured annual income, high enough to give them a decent living in Cyprus without having to engage in any business, trade or profession. Most applicants come under this category, the majority being pensioners or retired persons who wish to retire in the Island.
An immigration permit that is granted in relation to category F is equivalent to an approval for permanent residence in Cyprus. It provides the holders of such a permit the ability to be excluded from any time-consuming migratory formalities that the other Categories may place on third-country nationals. Thus, there is no requirement for a permanent residence to be renewed.
After approval has been granted, those concerned will be informed by letter to visit the Head Offices of the Civil Registry and Migration Department in order to have the permit affixed on their passport. Immigrants however, will be compelled, according to the regulations, if abroad, to come to Cyprus, within one year for permanent residence from the date in which the permit is granted. Unfortunately, if an Immigrant does not live in Cyprus for almost two years, the Permit is cancelled.
According to Regulation 8, dependants of the Immigration Permit Applicant are also considered as permanent residences in Cyprus. Dependants include minor children (according to the law, a minor is a person that has not yet obtained the age of 18) and/or the applicant’s wife/husband.
This measure is part of the effort which the Government is applying for the confrontation of the international economic crisis and especially for the strengthening of the purchase of immovable property in Cyprus, by means of increasing the incentives of citizens of third country national to purchase a house in Cyprus. By the incentive of favourable treatment of the application from immigration permit category F, it is expected that there will be an increase in demand for immovable property, which will have a positive repercussion on the Cyprus economy.
This will eventually boost property sales on the Island and help the property market, which in the last year due to the massive outflow of foreign buyers, has been experiencing a steep downturn.