Question:
Could you please tell me, is it necessary to freeze deposit in the amount of not less
than 30 thousands euro in order to get residence permit of category A?
Answer:
Dear Reader, There two categories of Permanent residence in Cyprus. The one is the
Category F application whereas the other application is made according to Regulation 6.2
which refers to the accelerated procedure. For the Category F you do not need to have a
fixed deposit of 30,000 EUR and you do not need to have purchased a property of EUR
300,000. On the contrary for the Category F application you can purchase a property of
whatever value. You will need to prove however that you have paid the 80% at least of
the purchased price of the property stated in your contract or of course the whole
purchase price. The category F application can take up to 1 year to be examined and
approved however, which means that you will need to keep renewing your temporary
residence permit (i.e. visitor permit) until your application for Permanent residence for
Category F will be examined and approved. On the other hand, for the accelerated Reg
6.2 procedure, you will need to purchase a property of EUR 300,000 minimum and have
a fixed deposit of 30,000 to a Cyprus Bank for three years. The difference of this
application to the Category F application, is that you will have your permanent residence
permit issued within 2 months from the date of submitting your application, whereas your
permit is guaranteed to be approved. Of course, additional requirements apply for each of
the two categories, through which our Consulate and our Legal Department can direct
you and consult you thoroughly.