If you want to move to Cyprus or establish residency there beyond the time frame allowed by a tourist visa, then you need to apply for a residence permit.
Before applying for a residence permit, however, you must apply for an appropriate entry visa at the Cyprus Embassy or consulate from your country or a third country if you are travelling when you decide to apply. So if you are planning to work in Cyprus, you need a work visa, or if you want to go to school there, you get a student visa. You then use that visa to enter Cyprus, and then once you are in the country, you apply for the residence permit.
Related article: The Basics Of How To Get A Second Passport Or A Second Residency.
TEMPORARY RESIDENCE PERMIT
A temporary residence permit is valid for one year only. However, you can extend it if after one year is up if you still want to reside in Cyprus.
Cyprus doesn’t hand out temporary residence permits to any guy walking in off the street. The applicant needs to have a valid reason for wishing to reside in Cyprus, either because of family ties there or if you are working or going to school. It is important to note that one of the requirements for temporary residency in Cyprus is a continual stay within the country. If you leave Cyprus for longer than three months, your temporary residence permit is annulled. So these permits are for people who actually do want to reside in Cyprus for the entire year, although you can go on vacation or travel a bit if you want, just not more than three months.
To apply for a temporary residence permit in Cyprus, you need to have documentation concerning your identity and your purpose in Cyprus.
- A completed and signed application for temporary residence;
- Documentation concerning your accommodation in Cyprus, be it a lease or statement from family members that you will be living with them;
- Proof of financial solvency, like a bank statement, showing that you are not indigent;
- Recent certificate of good health showing you have no communicable diseases;
- Clean criminal record/background check;
- Passport copy;
- Documentation as to the purpose of your visit.
Handpicked relevant content: Getting Residency In Paraguay
Kyrenia Castle, North Cyprus
PERMANENT RESIDENCE PERMIT
The permanent residence permit allows one to reside in Cyprus for life, so long as you visit one day every two years. Usually, this is for people who are working in Cyprus that have an open-ended offer of employment and have been living in Cyprus on a temporary permit for five years already.
Alternatively, there is a second method of acquiring permanent residence in Cyprus, which is to purchase real estate valued at €300,000 ($320,695 USD) or more. Getting Cyprus permanent residency by investment can be a great investment to can fast-track your residency and become a permanent resident within two months of your application.
The requirements to participate in this fast-track approach are:
- The funds for the investment must come from outside Cyprus
- You need to provide evidence of annual earnings of at least €30,000 ($32,069 USD) to be able to support yourself while living in Cyprus
- You must also make a frozen deposit of €30,000 ($32,069 USD) in a bank. These funds will be accessible again after three years
- For each dependent you have, children, spouse, or parents, your required income is increased by €5,000 ($5,344 USD) a year to prove you can support them
- To sustain your permanent residence status, you must enter Cyprus at least once every two years
Applicants can choose to obtain their residency by buying residential property though you are limited to 2 properties at most totalling €300,000 ($320,695 USD) or more. There are other investment options, like commercial property investment and buying Cypriot company shares, and each has its unique procedure and requirements for approval. You can always contact us if you are interested in obtaining your permanent residency.
Permanent Residence F is another option for individuals looking to obtain permanent residence in Cyprus with a smaller investment. People 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 engaging in any business, trade or profession. The annual income required should be at least €9,568 ($10,368 USD) for a single applicant, and moreover, at least €4,613 ($4,999 USD) 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.
*Legal Fees and additional expenses are not included in these Investment Options
BENEFITS OF PERMANENT RESIDENCY
There are many reasons one would want to be a permanent resident of Cyprus. As part of the EU, you would be able to travel visa-free within the European Union and have the ability to work or own a business within Cyprus, to mention a few. By becoming a permanent resident of Cyprus, you can also enjoy access to extremely high-quality social services such as education and health care.
Cyprus is a tiny island nation-state of one million people just off the border of Lebanon and Turkey. The climate is lovely, with long dry summers and mild winters; pleasant the whole year-round. Owing to the separate Greek and Turkish cultures on the island, the cuisine is a delicious blend of fresh, healthy ingredients.
Absent of any industrial activity, the air is clean and clear, and the vibrant economy provides many lucrative investment opportunities. Residents of the island enjoy a very high standard of living, with little crime and plenty of access to the great beaches. Despite the modest population, Cyprus has a per capita income that rivals other European states such as Spain or Portugal, and English is commonly spoken.
Handpicked relevant content: Montenegro - How To Get A Second Passport
Limassol, historic center in Cyprus
TAX IMPLICATIONS OF RESIDENCY IN CYPRUS
Residency in Cyprus itself does not come with any tax obligations aside from income that is earned within Cyprus. That being said, if you become a tax resident of Cyprus, either by staying there 183+ days in a year or by staying there 60+ days in a year while not being a tax resident of any other nation, then you must pay income tax to the Cyprus authorities on all of your worldwide income. Cyprus has a progressive income tax with a top rate of 35% at €60,000+ ($64,139+ USD) of income. Cyprus also has a VAT tax of 19%.
Cyprus can be a great fast track into Europe for a retiree or pensioner programs or for a property investment permanent residency visa. With a waiting period of roughly two months. Not only does Cyprus permanent residency offer you a quick and relatively cheap visa obtaining Cyprus permanent residency also gives you visa-free access to all countries part of the European Union.