With lovely weather conditions, beautiful cities and landscapes, rich history and, more importantly, affordable housing prices, Cyprus can be the ideal location if one wants to retire in a foreign country. If a foreigner wants to retire to Cyprus, he or she should know that the country has a large expat community, and an important proportion of it is represented by British citizens who have relocated here.
The steps a person should follow when moving to Cyprus will depend on the nationality of the foreigner or the duration of stay. For those who retire to Cyprus a long-term visa will be needed if their nationality requires them such a document. However, when relocating here, considering that it will be on a long-term basis, one should also apply for a residence permit. You can find out extensive information on these matters from our Cyprus immigration lawyers.
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How can a foreigner obtain a residence permit in Cyprus?
A foreigner should apply for a residence permit in Cyprus if the duration of the stay is of at least 90 days. This requirement is applicable to all foreigners, regardless if they need a visa when arriving here or not; foreigners who are citizens of countries outside the European Union (EU) have to follow a specific procedure when moving to Cyprus on a long-term basis.
| Quick Facts | |
|---|---|
| Visa for retirement to Cyprus | Visa F (Category F residence permit) |
| Types of rights granted by the retirement visa | The right to temporary residence which can be transformed into permanent residence after 5 years of stay in the country. One can also purchase properties here. |
|
Documents necessary for the visa application |
• evidence on having minimum EUR 9,568 per year; • personal identification documents; • a completed application form (M.67); • the proof of paying the processing fee. |
| Active income allowed (yes/no) |
No |
| Types of passive income allowed by the retirement visa |
• income from renting properties; |
| Health insurance required (yes/no) |
Yes, in order to retire to Cyprus, one must have health insurance. |
| Proof of address in Cyprus (yes/no) | Yes |
| The minimum age for retirement in Cyprus | 65 years (63 in certain conditions) |
| The value of pension in Cyprus |
min EUR 400 |
| Minimum financial funds required per one year of stay in Cyprus for foreign retirees | One can retire to Cyprus with a minimum of EUR 9,568. |
| Additional financial requirements for retiring with the spouse (yes/no) | Yes |
| The minimum income required per year to retire with the spouse | Additional EUR 4,613 |
| The minimum price of renting a property in Cyprus |
The lowest prices are found in Famagusta, of EUR 400 per month. |
| The minimum price of buying a property in Cyprus |
Approximately EUR 50,000 |
| Legal services offered to foreign retirees |
Our lawyers can help foreigners retire to Cyprus by presenting the application laws and procedures, preparing the application file, obtaining the necessary documents, etc. |
Thus, foreigners should prepare their passports, copies of their bank statements, standard photographs, and medical insurance. Applicants must also prepare a completed standard form that can be found on the Web Portal of the Republic of Cyprus. Persons who want to retire to Cyprus must present the following:
• proof of accommodation in Cyprus (for both those who have purchased a property here and for those who rented a house in this country);
• proof that the applicant has sufficient financial means to live in this country;
• a medical certificate showing that the person does not have diseases such as hepatitis B and C, tuberculosis or syphilis;
• a certificate of police clearance, issued by the police authorities in the country where the person is a resident;
• any other documents that can be necessary referring to the purpose of stay in this country.
It must be noted that the Cyprus immigration law provides six categories of residence permits issued on a temporary basis. In the case of persons who want to retire to Cyprus, they will need to obtain a Category F residence permit, which refers to a type of permit available for those who want to live here and who are not employed in a local company.
Our Cyprus immigration lawyers can present more information on the papers the applicants should prepare for the issuance of this document, as well as on the documents one will have to present in the case in which the Cypriot citizenship is of interest for him or her.
Foreign persons who have reached the age of retirement do not benefit from a special program that grants the right to citizenship in Cyprus. Generally speaking, there are 3 main ways that allow the acquisition of citizenship.
These are: 1) through naturalization, 2) through Cypriot origins and 3) by marriage with a Cypriot national. The most common is citizenship by naturalization.
Cypriot citizenship by naturalization is the longest process to obtain citizenship. It takes minimum 7 years (or 2,555 days) for a foreign applicant to initiate this procedure.
The person will need to provide evidence on his or her income, residency, and many others that show the connection the person has created throughout the years with the Cypriot society, economy and culture.
Persons who want to retire here must apply for a residence permit in Cyprus. The document grants the right to lawfully reside in this country and one of the permits that is suitable for this situation is the Category F permit.
Please mind that the law imposes a minimum income requirement, and an additional one if the applicant has a dependent person (requirement of minimum EUR 4,613).
One can one apply for a Category F residence permit in Cyprus?
One can retire to Cyprus under a Category F residence permit as long as the person can provide evidence on the fact that he or she has sufficient financial means to live in this country. The residence permit can be obtained by those who do not want to be employed in Cyprus, this being one of the main conditions for obtaining it, as well as having a minimum amount of capital, established by the Cypriot legislation, in order to live here a decent life.
This is why this type of residence permit is ideal for persons who want to retire to Cyprus, as retirees are not actively searching for employment and in most of the cases, they do dispose of a certain amount of capital. The minimum amount required for one year of living in Cyprus is of EUR 9,568 for a single person relocating here. In the case in which the person relocating to Cyprus moves with other persons (such as the spouse or other family members), the minimum amount will increase.
The Cyprus immigration procedure for this type of residence permit starts at the Civil Registry and Migration Department, where the applicant will submit the form M.67. The same process can be started with the District Aliens and Immigration Branches of the Cypriot Police. The application must be submitted with the necessary documents required for each permit category, and in the case of the Category F residence permit, the applicant must provide specific documents attesting the source of income.
Foreigners who are not in Cyprus at the moment when the application is made can directly address to the above mentioned institutions or they can address to the Cyprus embassy or consular mission operating in their near vicinity. The decision on the issuance of the permit does not fall under the responsibility of the above mentioned institutions, as they only process the applications, if, completed as required, are then forwarded to the Ministry of Interior, which has the final decision on this process.
You should also know that the application for a residence permit in Cyprus is bound by the payment of a fee, which in this case is of EUR 500. For more details on other fees that can apply when relocating to Cyprus, we invite you to address to our immigration lawyers. Below, you can find a detailed list of the documents you must prepare for the issuance of the immigration document:
- a copy of the applicant’s valid passport and a copy of a temporary residence permit (where applicable);
- the original bank statements issued by the bank where the applicant has a bank account, showing the fact that the applicant has sufficient financial funds;
- original documents presenting the source of income of the person;
- an official affidavit of the applicant with regards to the sources of income;
- a certificate of the person’s health insurance and a clean criminal record;
- in the case in which the applicant will be relocating to Cyprus with relatives, supporting documents showing the relation between the applicant and the relatives have to be added to the file (for a spouse, the marriage certificate, for children, their birth certificates).
Requirements for official documents issued abroad
According to the Cyprus immigration law, when submitting documents addressed to the immigration offices, one has to make sure that the said documents comply with specific requirements. For instance, the documents must be accompanied by an official translation that is made in Greek or in English.
The respective translations have to be issued by governmental authorities of the country where the applicant is a resident or by the Press and Information Office of the Republic of Cyprus and other approved Cypriot entities, such as the embassies or consulates. If the country where the applicant is a national is a member of Hague Convention, then the documents must be accompanied by the apostille.
When moving to Cyprus, if the country where the applicant is a national is not a member of the Hague Convention, the document must contain an official seal of the Ministry of External Affairs of the said country. The seal of the Cypriot embassy can also be used for the same purpose.
If you do not plan to retire to Cyprus, and you simply want to relocate here for various purposes, but you still need a residence permit, you have the following options: the Category A permit, addressed to persons working as self-employed in certain economic fields, the Category B permit for those who work as self employed in mining activities and the Category C permit, addressed for those who work here in a wide range of economic activities and have a capital of EUR 260,000.
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Where to retire to Cyprus?
There are numerous destinations that are suitable for those wishing to retire to Cyprus. The country offers both large cities and small villages, depending on the lifestyle the foreigner wants to have while living here. Foreigners generally prefer cities such as Limassol, Larnaca or Nicosia when moving to Cyprus, as they provide more employment opportunities. The legislation allows the possibility of obtaining a Cyprus permanent residence permit for those who will relocate here and purchase properties.
At the same time, the value of the residential property market should be taken into consideration by those who want to purchase a house or an apartment or bungalows, which are very common in this country. With regards to the prices for properties in Cyprus, one should expect the following in the most attractive Cypriot regions for foreigners:
• a bungalow or a two-bedroom apartment in Limassol costs between EUR 220,000-240,000;
• in Paphos, the property market is cheaper, and thus, a two-bedroom apartment can cost between EUR 75,000-100,000, while a bungalow can start from EUR 130,000, this city being a suitable option when moving to Cyprus, from a financial point of view;
• in the village of Paraklissa, a bungalow apartment can have a price of EUR 280,000;
• in the village of Pyrgos, a bungalow can be purchased at a price of EUR 200,000, while an apartment can cost EUR 100,000-150,000;
• in Lania, another Cypriot village, one can purchase a house with prices starting from EUR 100,000.
As a person who wants to retire to Cyprus, one can also apply for a Cyprus permanent residence permit, but this can be achieved after 5 years of continuous living in this country. Persons who want to permanently here will probably want to purchase their own properties when relocating to Cyprus. Depending on the person’s wishes, it is also possible to acquire Cypriot citizenship. If this is the case, one option for those interested who are able to make an investment of a certain amount is to acquire Cypriot citizenship by investment, for example after purchasing property and lawfully remaining in the country (among other requirements). Our team can give you more details.
For this, you can rely on our Cyprus immigration lawyers, who can help with in-depth legal advice on the purchasing procedure and the purchase contract. You can contact our lawyers for legal representation in the case in which you want to retire to Cyprus, and you need advice on the steps related to this process.
