Seeking a Residence Permit for Cyprus? This is What You Need to Know

by | Sep 8, 2023

Thousands of non-EU citizens apply each year for Cypriot temporary or permanent residence permits.

Lately, several residence permit categories’ criteria were adjusted, increasing the complexity of the applications.

For those contemplating moving to Cyprus, we offer the following summary of certain permit rules as they now stand.

Temporary Residence Permit – Type: VISITOR

  1. Requirements for a first permit application:

*Additional requirements apply; feel free to seek personalized advice from our team.

  • An original Clean Criminal Record Certificate from the country the applicant originates from or resides in, formally certified and translated into either Greek or English.
  • Original medical examination certificate (blood tests) affirming that the applicant does not have hepatitis B or C, syphilis, or HIV.
  • Detailed statements showing transactions in a Cyprus bank, including the transfer of at least €10,000 (ten thousand euros) from an overseas bank account of the applicant.
  • A letter of guarantee from a Cyprus banking institution with a 10-year validity covering any possible repatriation costs associated with the applicant. The amount of the guarantee varies according to the place of origin.
  • A title deed or a sale agreement which has been deposited in the District Land Registry Office, a stamped rental agreement, or a host declaration for the provision of suitable accommodation.
  • Proof that the applicant has sufficient financial resources deriving from a steady or satisfactory income outside the Republic. Such income may include salary, pension, rent(s), dividends, and interest on deposits in a bank account abroad.

Requirements for the renewal of a temporary residence permit:

  • Detailed statement from a Cyprus bank showing transactions for the past 12 months, including payments from abroad of at least €2,000 per month or €24,000 annually. This amount increases by 20% when the applicant adds a dependent spouse to his/her application, and by 15% for each dependent (minor) child.
  • Bank statement showing a balance at the time of the application of at least €6,000.

A complete list of documents and requirements can be provided by our team upon seeking personal counsel.

Permanent Residence Permit Through Investment

Significant changes were made to the criteria applicable to this permit with effect from 2nd May 2023. The following are now the requirements for foreign nationals wishing to acquire permanent residency in Cyprus through investment:

1. Invest a minimum of €300,000 (three hundred thousand euros) in any of the following categories:

  • Residential house/apartment (plus VAT) from a Development Company
  • Real estate (excluding houses/apartments), which may concern resale properties
  • Shares of a Cypriot company with activities and personnel in Cyprus
  • Shares of a Cyprus Investment Organization for Collective Investments (type AIF, AIFLNP, RAIF).

2. Provide sufficient proof of an annual income of at least €50,000 for the main applicant plus an additional income of €15,000 for a dependent spouse and €10.000 per dependent child. This income should derive outside of Cyprus and may be accumulated from salaries, pensions, share dividends, deposit interests, rents, etc., acquired abroad.

Another significant change involved the introduction of a new monitoring mechanism aimed at ensuring compliance with the criteria and the investment. As per the most recent revisions, after the approval of the Residence Permit, applicants are required to annually provide evidence of sustaining the investment, meeting the necessary annual income for themselves and their family, presenting valid medical insurance, and maintaining a clear criminal record.

*Additional requirements apply; feel free to seek personalized advice from our team.

Other Permanent Residence Categories

Cyprus extends the opportunity for foreign nationals to acquire permanent residence, contingent upon their fulfillment of the stipulated requirements within the following categories:

Category A
People who intend to work as self-employed in agriculture, animal husbandry, poultry farming, or fish farming in Cyprus, provided they own land or have permission to purchase land on the island.

They must also prove disposal capital of €430,000 or any lesser sum determined by the immigration authorities.

Category B
People who intend to work as self-employed in mining enterprises in Cyprus, provided they have the relevant licences and can prove disposal capital of €350,000 or any lesser sum determined by the immigration authorities.

Category C
People who intend to work as self-employed in a trade or profession in Cyprus, provided they have the relevant licences and can prove disposal capital of €260,000 or any lesser sum determined by the immigration authorities.

Category D
People who intend to work as self-employed in an occupation or science in Cyprus, provided they have the relevant qualifications and can demonstrate sufficient funds or a secure income.

Category E
People accepting permanent employment in Cyprus, provided this will not create undue local competition in their field of expertise.

Category F
People who can demonstrate an annual income from abroad of at least €9,568 plus €4,613 for each dependent person. This income may include pensions, dividends, rents, and fixed deposit interests.

The above article is of informative nature and does not correspond to legal advice.   

For further information and provision of specialized legal advice, please contact Michael Chambers & Co LLC, at: info@chambers.law  / chrstiana@chambers.law

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