Cyprus, a favorite destination for business, leisure, and retirement, offers a warm climate, stunning beaches, and a relaxed lifestyle combined with a vibrant business community. As a European Union member close to the Middle East, Cyprus is at the crossroads of significant financial networks.
This guide is designed for third-country nationals (TCNs) contemplating a move to Cyprus, providing insights on:
- Different types of residence permits and visas and their acquisition processes.
- Living costs and healthcare in Cyprus.
- Processes for foreigners to purchase property, open bank accounts, and conduct business.
For specialized advice and assistance in permit applications, property transactions, or legal matters, seeking the services of a local lawyer and real estate agent is highly recommended.
How to Move to Cyprus in 2023
TCNs have various options for residing in Cyprus:
- Permanent Residence: Available through different categories such as self-employment, skilled professions, employment offers, and secure annual income.
- Temporary Residence Permit (Pink Slip): This permit, renewable annually, does not confer work rights and suits those with stable foreign income.
- Registration Certificate (Yellow Slip) for EU/EEA Citizens: A long-term residence option for European citizens.
- Work Permits for TCNs: Obtainable within a specific framework, including proving the unavailability of local labor for the job.
- Student Visas: For full-time students enrolled in recognized Cypriot educational institutions.
Key Steps for Relocating to Cyprus
- Choosing the Appropriate Residency Route: Based on individual circumstances, select from permanent residency, work permits, or student visas.
- Arranging Relocation: Plan the transportation of belongings, and decide on property rental or purchase.
- Healthcare Setup: Register with the General Health System (GeSY) after securing legal residence.
- Financial Setup: Open a bank account and prepare for living costs.
Living and Lifestyle in Cyprus
- Housing Costs: Rental and purchase prices vary by location and property type.
- Healthcare Costs: Health insurance is advisable, though registered residents can access GeSY.
- Daily Expenses: Generally, Cyprus offers lower food and utility costs compared to other parts of Europe.
- Education: The island has numerous high-quality international schools.
- Leisure Options: Cyprus offers a wide range of affordable leisure activities.
Essential Documentation for Moving to Cyprus
- Passport and Clean Criminal Record: Required for most visa and permit applications.
- Proof of Income or Employment Contract: Necessary for various permits.
- Specific Documentation: Varies based on the chosen residency or visa type.
Setting Up Business and Banking in Cyprus
Opening a bank account involves standard procedures, including identity verification and proof of income. Cyprus offers various business setup options like limited liability companies, partnerships, and sole trader setups.
Key Contact Points
- Civil Registry and Migration Department: For immigration matters.
- Registrar of Companies: For business registrations.
- Business Facilitation Unit: Assists in setting up foreign company operations.
Conclusion
With its blend of lifestyle perks, business opportunities, and affordable living costs, Cyprus is an attractive option for relocating. For comprehensive guidance, including legal and property matters, consulting local professionals is advisable.