Retirement Visa in Cyprus

One of the most sought after immigration residency visas is the Retirement Immigration Visa. This visa is applicable in most countries and enables the holder of a retirement visa to reside in their preferred country regardless of their nationality. Cyprus is a very popular retirement destination and attracts retirees from all over the world. A perfect combination of low cost living, tax benefits, mild climate and wide use of English make Cyprus one of the best places in Europe to retire.

Retirement Visa Application

The application procedure for a retirement visa can be quite time consuming and requires the submission of several documents to the relevant authority. It is advised that you obtain the services of a professional consultancy firm that specialize in investment immigration and retirement visas to facilitate the application process and help administer the necessary due diligence documents.

Procedures for retiring in Cyprus

Ways to obtain a Permanent Residence Permit

  • Category F according to the Regulation 5 of the Aliens and Immigration Regulations. The processing time frame is between 5 to  12 months.
  • Fast Track Procedure according to the Regulation 6(2) of the Aliens and Immigration Regulations: The processing time frame is within 2 months

In order to settle in Cyprus permanently and to live on earnings derived from your pension and/or other income from sources outside Cyprus, you have to apply for a visa Category F. This type of visa is granted to Non- EU citizens, “who possess and have fully and freely at their disposal a secured annual income, high enough to give them a decent living in Cyprus, without having to engage in any business, trade or profession. The annual income required should be at least €9,568.17 for a single applicant and moreover at least €4,613.22 for every dependent person”.

A secured annual income is considered to be:

  • A Pension which is over the above mentioned amount.
  • Rental income from properties in Cyprus or abroad.
  • Interests from bank deposits or bonds issued by prime companies in Cyprus or abroad.
  • Dividends from shares in Cyprus or foreign companies.
  • A combination of the above.

The application for Permanent Residence under Category F will be examined favorably in case a non EU Member buys a real estate property in Cyprus of €300.000 and more.

To find out more on how DeltaQuest can assist you in obtaining a Retirement Visa, please contact us.