There are a number of options available in Cyprus for residency and immigration permits for both EU and non – EU nationals.
The Temporary Residence Permit for third country nationals can be obtained by persons under the following categories:
(1) Start-up Permit:
The Cyprus Startup Visa Program allows non-European Union talented entrepreneurs to both reside in Cyprus and establish, operate and develop innovative startup businesses with a good prospect of high growth. Provided that they meet certain criteria; the main criteria being the access to business capital of up to €50,000 and having the company’s principal office located in Cyprus.
(2) The Long-Term Residence that can be applied for by third country nationals who:
- Apply for the acquisition, renewal or reacquisition of a long-term residence permit,
- Reside or who will enter the Republic for family reunification purposes, and
- Are holders of an international protection status.
The beneficiaries of a long-term visa are third-country nationals who have resided legally and continuously in Cyprus for five years prior to the submission of the relevant application and who possess valid residence permits.
(3) Immigration Permits:
Category A: Persons who intend to work as self-employed in agriculture, cattle breeding, bird breeding or fish culture in the Republic, provided that they have in their possession adequate land or a permit to acquire same, they have fully and freely at their disposal capital of approximately €430,000 and such an employment should not negatively affect the general economy of the Republic.
Category B: Persons who intend to work as self-employed in mining enterprises in the Republic, provided that they have in their possession a relative permit, they have fully and freely at their disposal capital of approximately €350,000 and such an employment should not negatively affect the general economy of the Republic.
Category C: Persons who intend to work as self-employed in a trade or profession in the Republic, provided that they have in their possession a relative permit, they have fully and freely at their disposal capital of approximately €260,000 and such an employment should not negatively affect the general economy of the Republic.
Category D: Persons who intend to work as self-employed in a profession or science in the Republic, provided that they have academic or professional qualifications, for which there is demand in Cyprus. Possession of adequate funds is also necessary.
Category E: Persons who have been offered permanent employment in the Republic, which will not create undue local competition.
Category F: Persons 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, but the Immigration Control Board may demand additional amounts as necessary. Most applicants come under this Category, the majority of them being pensioners or retired persons.
Other Temporary Residence Permits, also include for domestic workers, general employment, visitors, students, employees at international companies, researchers, trainees, volunteers, recognized refugees, subsidiary protection, asylum seekers, pupils and family members of Cypriot citizens.
(4) In regard to European Union Citizens and Family Members, the following apply:
(A) An EU citizen and his/her EU family members who are residing in Cyprus because of an employed activity, self-employed activity or studying, should apply for the issue of a Registration Certificate within four months of their date of entry into the Republic and depending on the purpose of residing in Cyprus he/she will need to submit together with the application MEU1, the respective documentation.
If an EU citizen applies for a Registration Certificate for a reason other than the above, he/she will need to show a fixed or adequate income from employment outside Cyprus, or a fixed or adequate income from other legal sources, or adequate deposits in financial institutions in Cyprus or abroad and proof of a comprehensive health insurance in Cyprus.
(B) A Permanent Residence of EU citizens and their family members, is issued to EU citizens and their EU family members after a five-year period of uninterrupted legal residence in the Republic of Cyprus.
(5) Immigration Permit within the scope of the expedited procedure to applicants who are third country nationals and invest in Cyprus:
The applicant should submit a confirmation letter from a financial institution in Cyprus that he/she has deposited a minimum capital of €30,000 into an account, which will be pledged for a period of at least three years and should prove that such amount has been transferred from abroad. It should also be proved by the applicant that he/she has at his/her disposal a secure annual income of at least €30,000 which should increase by €5,000 for every dependent person (spouse and children) and by €8,000 for every dependent parent or parent-in-law. The income should derive from abroad, and may include salaries of employment, pensions, dividends from shares, fixed deposits, rents etc. The required annual income can be in combination with the spouse’s income.
The applicant should submit, together with the application, title deeds or a sale contract in his/her name and/or his/her spouse’s name, which has been officially filed at the Department of Lands and Surveys, of a real estate of total market value of at least €300,000 and official payment receipts of at least €200,000 irrespective of the delivery date of the real estate. The full amount of the real estate shall be paid in a financial institution in Cyprus and must be proved that it has been transferred from abroad.
For further information, please contact us at Dionysiou & Partners LLC at email@example.com or +357 22 272360.