Reasons for obtaining residency in Cyprus can be numerous and significant – whether it is to seek better opportunities for business activities, the ever increasing globalised market, or to attain a life quality related to Cyprus residency.
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 1 (one) year or more. The holder must apply for renewal of the permit at least 1 (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 3 (three) consecutive months.
After 5 (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 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.
TEMPORARY RESIDENCE – EMPLOYEES OF INTERNATIONAL COMPANIES
Companies with foreign interest may apply to obtain temporary residence and employment permits for third-country nationals by investing a minimum amount of €171.000 and operating through suitably owned offices.
Such companies may employ up to 5 (five) directors with a minimum gross monthly wage of €3.872 and up to 10 (ten) middle management staff with minimum gross monthly wages between €1.936-€3.871.
Temporary residence and work permits are valid for up to 2 years and are renewable, while families of employees holding such permits may apply and receive temporary residence permits under the family reunification procedure.
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. Applications deposited under this Category take approximately 1 (one) year to be examined.
Permanent Residence permits under Regulation 6(2) (Aliens and Migration Regulations of 1972-2013) are granted through the purchase of a residential unit (up to two housing units) sold for the first time by the same Real Estate Developing company, or one housing unit and a shop of a surface up to 100.000 m2, or a housing unit and an office up to 200.000 m2, of a minimum value of €300.000 (not including VAT). The main investors need to prove that they have secured annual income, to support themselves and their dependants. Additionally, proof of a fixed deposit of €30.000 in a Cyprus bank, for a minimum of 3 (three) years is required. Approval may be obtained in 2 (two) months from the date of submitting the application.
The holders of Permanent Residence permits must visit Cyprus at least once every 2 (two) years.