Permanent residence in Cyprus is available to non-EU nationals under Category F residence permit. Holders of such permit should not work in Cyprus or engage in any kind of business in Cyprus. This kind of permit is also granted to the spouse and children (under the age of 18) of the holder under certain circumstances.
The basic requirement is that the non-EU national applicant should possess a secured and legal annual income high enough to allow him to live decently in Cyprus without the need to work. This income must come from legal sources from abroad. For example, it might come from pensions, permanent deposits, rent, ownership of companies, shares etc.
The Law provides that the minimum required annual income is approximately €10,000 for the person applying and approximately €5,000 for each dependent person. In addition to this criterion, the Civil Registry and Migration Department may request other amounts which may come from annual maintenance expenses of the property, educational, medical and other needs of the family depending on each case. Thus, each applicant should prove that he/she can afford the total expenses to be incurred by reason of him/her living in Cyprus for himself and his/her family.
It is always necessary to take into consideration ALL THE NEEDS OF THE FAMILY of the applicant and to be able to offer solid evidence that the applicant is able to cover all those needs for himself and his family. He has to prove that the money coming from abroad will be adequate to cover all the family's expenses.
In addition to the above, if the applicant buys a property/residence in Cyprus and its value exceeds €300,000, the application for a permit Category F would have a better chance to be granted under the decision of the Minister of Interior of the Republic of Cyprus dated on 07.05.2009.
It should be noted that once permit of residence is granted, the Immigration Authorities will for some time systematically examine the annual income of the applicant/holder of permit regarding the stability and reliability of the income claimed to be received. The application of the Category F permit may be rejected if there is reasonable doubt that the applicant or any of his dependents might become an unreasonable burden on the social welfare of the Republic of Cyprus.
It should also be noted that once the permit under Category F is granted to the applicant, he/she cannot be/live outside Cyprus for longer than two years; otherwise he/she may lose the right of permanent residence in Cyprus.