Cyprus is an Island country in the Mediterranean Sea and part of the European Union since 2004. The country enjoys a booming economy and trade relationship with most of the world. EU citizens do not require a visa to visit and work in Cyprus, however, third-country citizens require a work permit, work visa, and a residence permit to be able to engage in any economic activity.
Another interesting and attractive fact about Cypriot’s economic system is that it has the lowest tax rate among EU states. The strategic location of Cyprus allows exclusive trade routes with southeastern Europe, Turkey, and many other countries.
Due to the reasons stated above, Cyprus has become a dream for investors as well as individuals. Companies look for expanding their operations through Cyprus while individuals aspire to become part of the workforce. The government offers a Fast-Track (category F) permanent residency permit to investors and companies who are willing to invest in the country.
Category F – permanent residence
Category F immigration can be availed by people who are planning to expand into Cyprus. Investors need to meet the minimum investment threshold to qualify for permanent residence status.
The financial criteria required are:
- US$ 300,000 worth of property
- US$ 30,000 deposit for long-term in a Cypriot bank
- A stable annual income of US$ 30,000
Benefits of Category F permanent residency (PR)
Among many others, the most attractive benefits are:
- The status is lifetime and stays that way as long as the person owns the property(ies) worth US$ 300,000.
- The entire family gets the PR status including children above 25 years of age (provided they are dependent on the applicant and are students or undergraduates)
- The owned property can be replaced with a new one as many times as the bearer wishes
The application process for category F-PR
The process to obtain permanent residency is quite simple. The investors select a property or investment they assess to be most beneficial (keeping in mind the minimum required threshold). This can be done through an online search or by hiring a real estate agent based out of Cyprus. Once the investment area is selected the funds must be transferred to a secure bank account in Cyprus.
The developer company issues a receipt to the investor which becomes the basis of the visa application. Applications are submitted to the Honorary Consulate of Cyprus which is located in Islamabad, the capital of Pakistan.
The documents which are required to be submitted along with the application are listed below:
- Valid passport (of the investor and family)
- Letter of deposit of US$ 30,000 pledged for at least 3 years
- Proof of stable annual income of US$ 30,000
- Proof of purchase of property (in the case where the property has not been transferred yet, an amount of US$ 200,000 be submitted along with the contract of sale)
- Ownership document
- Bio-data and personal details
- Statement of no intention to work in Cyprus (investors are expected to employ staff and earn through proceeds of business)
- Health insurance policy
- Police character certificate
Student visas and work permits
Naturally, not all aspirants can bring investment to the country. Yet those who wish to pursue residence in Cyprus can adopt an alternate route. Cyprus has emerged as a learning destination in recent years; currently having a 57% higher education attainment rate among the European Union states.
Students can apply for admittance to one of the universities for any level of education they wish online. Upon successful admission, the institute issues an admission certificate and recommendation letter which becomes the basis to apply for a student visa.
Once the degree is awarded the students are provided sufficient time to apply for a job of their choice. The company which employs foreign students applies for a work permit on behalf of the applicant. The work permit is valid for 12 months which is extendable provided the terms of employment are not changed.
Another way individuals can reside in Cyprus is by obtaining a work permit. Since the Cypriot economy is heavily tourism-driven, hotel managers, chefs, concierges, history experts, guides, adventure activists, scuba divers, etc. are always in demand. A person can apply for a suitable career online or through placement agents in Cyprus.
