CYPRUS RESIDENCE PERMITS
Obtaining a residence permit in Cyprus offers the opportunity to live legally in the country, invest in real estate, or start a business. Depending on your goals, you can apply for different types of residence permits, each with its own benefits and requirements.
RESIDENCE PERMIT (PINK SLIP) WITHOUT THE RIGHT TO WORK / RESIDENCE PERMIT CATEGORY E
Persons planning to reside in Cyprus for more than 3 months must apply for a Permit to Stay (Permit to Stay). This document does not give the right to work, but allows legal residence in the country immediately after the application is submitted. Personal presence when submitting documents is mandatory.
Requirements for obtaining a residence permit in Cyprus:
- Guaranteed income – minimum €10,000 per year for the applicant and €5,000 for each dependent (confirmed by a bank statement).
- A long term rental agreement certified by the Regional Department.
- Deposit in a Cypriot bank.
- Opening of a bank account in Cyprus.
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RESIDENCE PERMIT FOR THE PURCHASE OF REAL ESTATE / PERMIT TO STAY CATEGORY F
Foreign nationals residing in Cyprus can apply for permanent residence permit category F (PRP) with no time limit. This status is available not only to the applicant, but also to his/her spouse and children under 18 years of age, and also gives the right to open a business in Cyprus. It is sufficient to visit the country once every two years.
Requirements for obtaining a residence permit in Cyprus:
- Guaranteed income – from €10,000 per year for the applicant + €5,000 for each dependent (confirmed by a bank statement).
- Renting or buying a property (recommended minimum value of €100,000).
- Buying a new property for €300,000 + VAT entitles you to an accelerated residence permit in 2-3 months.
- Proof of ownership of real estate or business in the country of residence.
- Documents on stable income (dividends, rent, salary).
Application processing time – up to 1 year.
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RESIDENCE PERMITS FOR BUSINESS / RESIDENCE PERMIT CATEGORIES A, B, C
Foreign entrepreneurs can obtain a residence permit in Cyprus under the following categories:
- Category A – for business in agriculture, animal husbandry, poultry and fish farming.
- Category B – for businesses in the mining sector.
- Category C – the most popular, is for trading and requires capital from €260,000.
Investment requirements:
- Minimum investment – €171,000 (rent/purchase of office, equipment, company expenses).
- Presence of an office in Cyprus, even if the company operates outside Cyprus.
- Income of executive directors – from €41,000 per year (confirmed documents).
Deadline for obtaining – 3-4 months.
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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.