Categories eligible to apply for a Residence Permit
Under Regulation 5 of the Aliens and Immigration Regulations of 1972, aliens may apply for a residence permit in Cyprus if they fall under either of the categories described below:
- Persons with the intent to invest in agricultural, fishing, animal farming sectors, provided they have acquired the analogous land and they have available a capital of approximately €475,500.
- Persons who intend to work as self-employed in the mining sector provided that they have available capital of €380.400 and provided that a permit for mining is secured.
- Persons who intend to work as self-employed in a trade or profession in the Republic provided that they have in their possession a relative permit, and they have freely a capital of €286.000 and provided that they can secure such business permit from the authorities.
- Persons who intend to work as self-employed in a profession or science in the Republic provided that they have the corresponding academic or professional qualifications and provided that there is demand for such professions in Cyprus.
- Persons who have been offered permanent employment in the Republic, which will not create undue local competition.
- Persons 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 having to engage in any business, trade or profession. The annual income required should be at least €11,000 for a single applicant and moreover at least €5,500 for every dependent person.
International Business Companies entitled to hire foreigners
A company may hire foreigners only upon the condition that it has a strict ownership structure and transparent capital sources, it has fully operative administrative office and it has stable financial growth confirmed by annual accountancy sheets.
For new Companies established in Cyprus there is the need to prove that the owner can support himself and his dependent persons financially during one year of stay in Cyprus until the new company fully operates as well as receive a certificate from the Registrar that the total possessions of the Company are not less than €48,000.
For existing Companies established in Cyprus there is an administrative procedure which needs to be performed and documents to be submitted.
The Cyprus Government issues two types of Residence Permits:
- Temporary Residence Permit: For applying for this type of residence permit the applicant shall need to have an account in the Cyprus bank and purchase-sale contract of real estate in the Republic. You may obtain a Residency permit for a period from one up to four years.
- Permanent Residence Permit: For applying for this type of residence permit the applicant shall need to have annual income of at least €10,000.
A permanent residency permit will be given to eligible persons that can prove that they want to immigrate to Cyprus. For this reason the authorities will need to be “convinced” that the applicant/or his family lives in Cyprus for at least 6 months per year (approximately 185 days).
Applicants will not have the right to seek a Cypriot passport outright, but can seek a Cypriot passport/nationality after 7 years of stay through a corresponding application.
A New Procedure for obtaining a Residence Permit
A new and fast procedure for obtaining a Residence Permit has been recently adopted by the Cyprus Government for applicants who buy a residence in Cyprus of a value not less than €300.000. Further the applicant will have to demonstrate that he has at its disposal a secured annual income of at least €30.000 and that the applicant visits Cyprus at least once every two years.
A permanent resident under this new category may apply after 7 years for a Cypriot passport/ nationality. In this case he will be treated as a local with no restrictions.