CYPRUS RESIDENCE PERMITS
RESIDENCE PERMIT (PINK SLIP) WITHOUT THE RIGHT TO WORK / RESIDENCE PERMIT CATEGORY E
Persons wishing to remain in Cyprus for a period longer than 3 months are required to apply for a long stay permit, a Permit to Stay. Such a permit does not entitle the holder to work in Cyprus. The advantage of a Cyprus residency permit is that its holders may legally reside in Cyprus immediately upon application. Physical presence at the time of application is mandatory.
Investment Requirements:
Annual guaranteed income from abroad of €10,000 for the applicant and €5,000 for each other dependent, confirmed by the bank account statement of the main applicant.
A long-term rental contract in the Republic of Cyprus duly certified by the Regional Department.
Deposit in a Cyprus Bank.
Opening of a bank account in Cyprus.
*The Immigration Department may also require proof of additional funds.
RESIDENCE PERMIT FOR THE PURCHASE OF REAL ESTATE / PERMIT TO STAY CATEGORY F
Foreign nationals residing in Cyprus may obtain a Category F Permanent Residence Permit (PRP) for an unlimited period of time. The advantage of this permit is that it can be obtained not only by the applicant but also by the spouse and children under the age of 18. Also, it gives the right to establish a business in Cyprus. It is sufficient to visit once every two years.
Investment Requirements:
Annual guaranteed income from abroad of €10,000 for the applicant and €5,000 for each other dependent, confirmed by a bank statement from the main applicant’s bank account.
Rental or purchase of immovable property in Cyprus (recommended minimum value of the property is €100,000). The purchase of a new property 300.000 euro +VAT will give a right for fast track PR ( 2- 3 months).
Documents confirming the ownership of real estate or business in the country of residence.
Proof of secured income (dividends, rental income, salary).
*The immigration department may also require proof of additional funds.
The period of consideration of this category of residence permit is up to 1 year.
RESIDENCE PERMITS FOR BUSINESS / RESIDENCE PERMIT CATEGORIES A, B, C
Category A applies to those who are planning to establish a business in the fields of agriculture, animal husbandry, poultry and fish breeding. Category B applies to entrepreneurs in the mining industry. The most popular category C. It applies to businesses in the trade sector and requires capital of €260,000 or more.
Investment requirements:
The minimum investment for setting up a company in Cyprus is €171,000. This money can be spent on the rental or purchase of offices, the purchase of fixed assets and other company needs.
Availability of an office in Cyprus. Even if the company is registered in Cyprus, but carries out its activities outside Cyprus, there must be rented or purchased an office in Cyprus.
Proven income of the executive directors of the company – not less than €41,000 per year.
The period for obtaining this category is three to four months.
WHAT ARE THE BENEFITS OF A RESIDENCE PERMIT IN CYPRUS?
- Ability to do business in Cyprus and hire employees, receiving dividends as a shareholder of such company without any legal restrictions.
- Ability to fly to Cyprus at least once every 2 years in a row in order to maintain residency status. This is beneficial as some other countries require several visits per year.
- Ability to enjoy various tax benefits offered in the Republic of Cyprus.
