Reasons for obtaining residency in Cyprus can be numerous and significant – whether it is to seek better business opportunities, to be part of the ever increasing globalised market or for a better quality of life for the family.
1) TEMPORARY RESIDENCE
Every non-EU citizen can apply for a residence permit (“Pink Slip”), which is renewable periodically.
Temporary residence permits are typically valid for up to one year or more. The holder must apply for renewal of the permit at least one month prior to its expiration. The applicant of the temporary residence permit must prove secured annual income deriving from abroad as well as rented or purchased accommodation. In addition, applicants are not allowed to leave Cyprus during the examination process. The permit will be annulled if the holder of the permit leaves Cyprus for a period exceeding three consecutive months or more.
After five years of residence in Cyprus, the holder of the temporary residence permit may apply for permanent residence.
Every EU citizen has the right to apply for a residence permit (yellow slip), which is valid for so long by proving secured annual income deriving from abroad or through employment in Cyprus. Applicants must have a rented or purchased accommodation. Non-EU family members, can also submit an application for obtaining a residence permit as dependants of the main applicant.
2) TEMPORARY RESIDENCE – EMPLOYEES OF INTERNATIONAL COMPANIES
Companies of foreign interest may apply to obtain temporary residence and employment permits for third-country national employees by investing a minimum amount of €200.000 in the bank account of the company in Cyprus and operating through suitable offices.
Such companies may employ up to five directorship/managerial level staff with a minimum gross monthly salary of €4.000, up to ten middle management level staff with minimum gross monthly salary of €2.000 and specialists of certain professions with a minimum gross wage of €2.000. The maximum allowed number of specialists to be employed is based on the annual turnover of the company.
Temporary residence and work permits are valid for up to two years and are renewable, while families of employees holding such permits may apply and receive temporary residence permits under the family reunification procedure.
3) PERMANENT RESIDENCE
Permanent Residence permits under Regulation 5, Category F (Aliens and Migration Regulations of 1972-2013) may be granted to individuals who have at their disposal secured annual income arising from abroad from a legitimate source proving that they can support themselves and their dependants (eligible family members). The Property investment amount is not specified.
It is recommended for the applicant to hold a personal bank account, with a fixed deposit of €30.000 in a Cyprus Banking Institution.
Applications deposited under this Category take approximately one year to be examined.
Permanent Residence permits under Regulation 6(2) (Aliens and Migration Regulations of 1972-2013) may be obtained under the requirements mentioned below:
1. Investment Criteria:
2.1.(a) – Investment in house or apartment
The Applicant must have made an investment of at least €300.000 (plus VAT) for the purchase of a brand-new house or apartment from a Developer and should submit receipts of payment for at least €200.000 not including VAT, irrespective of the date of delivery of the property.
This price can be the combined purchase price of up to two houses or apartments, which may be purchased from different Developers.
All the funds paid for the purchase of the house or apartment must have been transferred by the applicant to Cyprus from abroad.
2.1.(b) – Investment in Immovable Properties (excluding houses/apartments):
The Applicant must have made an investment of at least €300.000 (plus VAT) by purchasing a combination of other types of Immovable Properties such as offices, shops, hotels or similar tourist accommodation, which may also be resale properties.
Investment through company
The purchase of property for the purpose of the permanent residency application under criterion 2.1.A and 2.1.B above, can be made in the name of a company, provided that the applicant and/or their spouse is the sole shareholder or the ultimate beneficial shareholders (UBO) of the company. Furthermore, the company should legally be registered in the Republic of Cyprus or any other member state of the EU or EEA (European Economic Area).
In cases where another company is the shareholder of the Purchasing Company & the only shareholders of that Company are the applicant & their spouse, the latter are still eligible to apply for Permanent Residency, provided they submit all relevant proofs of their ownership of the shares.
2.1.(c) – Investment in the share capital of a Cyprus Company:
The applicant must have invested at least €300.000 in the share capital of a Cyprus Company legally established and operating in the Republic of Cyprus, which has proven physical presence in Cyprus and employ at least five persons.
2.1.(d) – Investment in Alternative Investment Funds or Registered Alternative Investment Funds or Alternative Investment Funds with limited number of persons that are licensed by Cyprus Securities and Exchange Commission:
The Applicant should have bought units of at least €300.000 from Alternative Investment Funds (AIF) or Registered Alternative Investment Funds (RAIF) or Alternative Investment Funds with limited Number of Persons (AIFLNP) established in the Republic of Cyprus, licensed/registered and supervised by the Cyprus Securities and Exchange Commission (CySec).
2. Annual Income
Each applicant needs to prove that they have secured, annual income to support themselves and their dependents, minimum amount of €30.000 arising from abroad plus another €5,000 for each dependent (spouse and minor children) plus an additional €8.000 for each dependent parent.
In case of investment under criterion 2.1.(b) – 2.1.(d), the total or partial secured annual income may also arise from Cyprus.
Approval may be obtained in two months from the date of submitting the application.
Due diligence requirements:
A due diligence check on the legal and financial circumstances of the individual and/or business shall be exercised prior the submission of the residency application.