Below you will find the main differences between the Cyprus Fast Track Permanent Residency Permit and the Slow Track.
The main differences between going through the Fast Track and the Slow Track
Most regarding the requirements for each way of obtaining the Permanent Residency and the time needed to complete each procedure.
In particular, there are two ways of obtaining the Permanent Residency in Cyprus:
A. Category F (Regulation 5(f)) – Slow track.
Can be completed within 12 months (approximately).
i. The applicant is required to have purchased a property residence for himself and his family in Cyprus and have in his disposal fully and freely a secured annual income, high enough to give them a decent living in Cyprus without having to engage in any business, trade or profession. This income must come from legal sources from abroad (pensions, permanent deposits, business activities, stocks, company shares etc.)
ii. The minimum annual income required is €9,568.17 for a single applicant and €4,613.22 for every dependent person, but the Civil Registry and Migration Department may demand additional amounts as necessary. These additional amounts might consider annual maintenance expenses of the property, educational, medical and other needs of the family. It is necessary to take all needs of the family of the applicant and to offer solid evidence that the applicant is able to cover all those needs on the long run.
iii. The Immigration Authorities will examine the stability and reliability of annual income during a long period of time. The possession of a solid amount of money, deposited in one of the banks of Cyprus might facilitate the application.
B. Fast Track Procedure (Regulation 6(2)).
Can be completed within 3 months (approximately).
i. The applicant must have in his disposal fully and freely a secured (for 3 years) annual income of €30,000 increased by €5,000 for each dependent person, from legal sources other than employment in Cyprus. It may derive from salaries of employment from abroad, pensions, rents, dividends, etc. The applicant must also submit a confirmation letter from a Cyprus bank stating that the funds were imported from abroad and have been placed in a 3-year fixed deposit account.
ii. The applicant is required to have purchased a new (not resale) property residence for himself and his family in Cyprus of no less than €300,000 (before VAT) and the vendor must be the Developer who built this property. It is possible to buy two properties, as long as they are both new and from the same Developer, such as:
– House (or apartment) + house (or apartment)
– House (or apartment) + shop up to 100 m2
– House (or apartment) + office up to 250 m2
iii. The applicant must not constitute in general, a threat against public order or security in Cyprus and must therefore have a clean criminal record.