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residency potential new rules

Last activity 04 August 2022 by Dee56

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andrewcullen847
just read about potential changes to residency affecting self supporting people

says subject to approval we will need €40000 income €10000 extra per dependants and own a house worth €250000 this looks to replace category F

no idea about the fast track residency option

This might upset our plans has anyone else seen this ty
Toon
It hasn't been passed by parliament yet and is in review as theyve realised the impact on the foreign market house sales and local Cypriot owner rental incomes

You will need to keep an eye out in local news
andrewcullen847
ty for your quick response

could I ask whether residency is obtained under the fast track network or the category f method do we pay 2.65% for gesy either way

also do people who use the cat f way have private health ins to cover them until the residency comes through

I'm in the uk planning to move over next year so rely on getting info off the Internet

ty again for your reply,
Toon
Fast track Temp Res is usually based on purchase of property above a set figure.... And a secure income without working.

Gesy is only offered to legitimate residents who either work and pay social contributions via work..or are state pensioners.with an S1 entitlement

Even if you don't work and are not in receipt of state pension but may have private pension  and thus don't have an entitlement to S1 you can still be charged the 2.65% gesy tax and yet still cant join or benefit from it.

So in reality yes you need to have healthcare cover including repatriation for the application until you get your formal residency..even a uk ghic which cover's visitors for 90 days emergency treatment is not acceptable as cover for residency ..

You could risk it for 9O days as it will take 90-180 days just to get to your appointment .....

That's why it's best to have an S1 entitlement and the proof of it for the residency application

If you haven't got that and are not in state pension and aren't working then you must have private healthcare ...not cheap here
andrewcullen847
Im not sure as on the UK gov website and one or two solicitors web pages it says uk citizens who are holders of a permanent Cyprus residency card ie after 2 months with the fast track and 18 months cat f are entitled to entry into gesy
Both categories of becoming resident are permanent and there isn't a need to update or reapply for the pr status
Toon
Never heard of that.. I would suggest you refer to Cyprus Migration and Citizenship

But a quick Google may be of interest this is what I found
Toon
Also this


Anything is possible at a price ..so I guess you can do it as long as you can afford to go the route

The choice of course is yours
Toon
May be worth checking with these
andrewcullen847
that's the scheme it gives you permanent residence card

ty for taking the time to find those links for me
Toon
Still has the financial and healthcare requirements  though ....The other cheaper option is the pink slip route  renewed each year for 5 yrs at which point you can apply for permanent..

Not really sure of the real value of permanent residency to be honest .. having it hasnt made that much of a difference to our lives ..  we had the meu1 temp Res for 5yrs then changed it to the MEU3 perm Res but see no real difference or benefit in everyday life. We were going to get the biometric one but too much hassle at Imm Dept.(it's like the black hole of Calcutta)..  and the new doc has an expiry date whereas our original document does not .. decision made until such time as it's made mandatory
andrewcullen847
@Toon my issue is that I'm not eligible for ,S1  I'm 55 partner 49

The fast track option ie buying a house and meeting income requirements isn't an issue and will get us into gesy which will give peace of mind
Toon
Ok wasn't sure ..... Good luck
andrewcullen847

@Toon Ty

Dee56
Just wondered if the proposed 40k eu income is income or could you have that amount as a deposit in your bank account as is the case for example in Spain although is only 27k there?

Also, as regards the Pink Slip, do you still need the 40k for that?   Any thoughts would be appreciated.
Toon
It's not EU income its just income Currently pink slip is €15 k each on deposit each year at renewal....

The potential new rules have not as yet been approved by parliament and are likely to be reviewed and adjusted to something lower may be the same as pink slip or something a little higher..but either way at renewal it's also likely to be checked that the deposit exists for the first two or three years.. but its too early to say .. for now the pink slip rules as they are now still apply

The new rules whatever they approve will likely apply from a certain date and to new arrivals/applications and may apply to renewals but nobody really knows.

As for deposits as income it may be worth investigating
Dee56
Thanks for your reply I meant 40k euros not EU income should have been clearer, hopefully it will end up being less, as I mentioned Spain is around 27k which seems much more reasonable and achievable although it doubles in the 2nd year and then remains at that level but it doesn't have to be income it can be savings which makes it much less onerous. Fingers crossed Cyprus follow suit.

Thanks for the info particularly as regards the pink slip
rexmundi14
@Dee56 - Hi Dee - would you be able to please direct me to any website that gives more information on the equivalent requirements for Spain, please? 

I am a British Citizen with my permanent home in the UK, looking to acquire a second residency in an EU country. 

Though taking a long term view, acquiring EU citizenship again would definitely be welcome, it is not necessarily my key priority. 

Having done my research, Cyprus and its Category F residence permit came out as the most cost-efficient and straightforward option. 

However, Spain would definitely be a very attractive choice, too. 

Many thanks in advance.
Toon
This may be of some help.   
https://www.aplaceinthesun.com/relocation/spain it has a Spain section and it's more rigorous now....

Bear in mind that the new criteria for Cyprus has not passed through parliament yet albeit it did get passed by the cabinet
Toon
And the Cyprus one is here.  .... https://www.aplaceinthesun.com/relocation/cyprus
rexmundi14

@Toon - Thank you very much.  This is very useful!

rexmundi14

@Toon - as is this, thank you!

Toon
Glad to be of assistance
Dee56
Hi

Sorry for delay in replying only just saw your message!

There are loads of websites with info, link attached for one of them.


However, having gone through the process in Cyprus albeit to get a yellow slip it seems to me that Cyprus in much more straightforward.  My friend is currently applying for an NLV for Spain and it much more complicated, I must be honest I wouldn't attempt to do it myself as I did with Cyprus and neither are they, they are using the services of the solicitor who did their house purchase.

Good Luck!

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