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How To Get Your Residency In Cyprus

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.

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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.

They don’t hand out temporary residence permits to any guy walking in off the street. You need 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 temporary residence in Cyprus requires 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.

Required Documents:

  • 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

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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 or more. With this approach, you can fast-track your residency and become a permanent resident within two months of your application.

The conditions to participate in this fast-track approach are:

  • The funds for the investment must come from outside Cyprus
  • You are required to be able to demonstrate annual earnings of at least €30,000 to be able to support yourself while living in Cyprus
  • You must also make a frozen deposit of €30,000 in a bank. These funds will be accessible again after three years
  • For each dependent you have, your required income is increased by €5,000 a year to prove you can support them
  • To sustain your permanent residence status, you must enter Cyprus at least once every two years

Permanent Residence F is another option for individuals looking to obtain permanent residence in Cyprus with a smaller investment. With this approach, one needs to invest only €100,000 and prove an income from abroad of €10,000 a year plus €5,000 per dependent. This is Cyprus’ retiree or pensioner program.

*Legal Fees and additional expenses are not included in these Investment Options

 

BENEFITS OF PERMANENT RESIDENCY

There are a lot of reasons why one would want to be a permanent resident of Cyprus. This includes visa-free travel within the European Union and the ability to work or own a business within Cyprus. 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

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.

Residents of the island enjoy a very high standard of living, with little crime, and plenty of access to the great beaches.

Absent any industrial activity the air is clean and clear, and the vibrant economy provides many lucrative investment opportunities.

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.

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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+ of income. Cyprus also has a VAT tax of 19%.

WORK WITH ME

I help my clients to move offshore for freedom, privacy and autonomy by focusing on the immigration, legal, and tax issues that you will face when becoming an expat. If you would like to work one-on-one with me on getting out of Canada or the USA (or setting up a Plan-B location), then read this important letter and fill in an application form to become a Private Client. My fees are not cheap, however, I can assure you that when you work with a professional, your risks can be reduced considerably.

Mikkel Thorup

Written by Mikkel Thorup

Mikkel Thorup is the world’s most sought-after expat consultant. He focuses on helping high-net-worth private clients to legally mitigate tax liabilities, obtain a second residency and citizenship, and assemble a portfolio of foreign investments including international real estate, timber plantations, agricultural land and other hard-money tangible assets. Mikkel is the Founder and Director at Expat Money™, a private consulting firm started in 2017. He hosts the popular weekly podcast, the Expat Money Show, and wrote the definitive #1-Best Selling book Expat Secrets - How To Pay Zero Taxes, Live Overseas And Make Giant Piles Of Money.

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