Cyprus offers numerous advantages to individuals considering relocation to the country. Some key reasons for choosing Cyprus include its pleasant climate, high safety standards, excellent educational institutions spanning from pre-school to university, and quality healthcare services, including the National Healthcare System (GeSY). Moreover, Cyprus is a multicultural island that welcomes a diverse range of individuals seeking to relocate.
This article aims to provide a concise overview of various visas and permits available for individuals in Cyprus.
Temporary Residency Permit
Visitor Visa
The “Visitor Visa” allows non-European Union citizens to stay in Cyprus for more than 3 months (90 days). Applicants must apply before their current visa expires.
This residential permit is valid for 1 year and can be renewed annually. With this permit, non-European Union citizens can reside in Cyprus as visitors (without the right to work). The spouse and children (up to 18 years old) of the main applicant can also obtain this visa as dependents. Each family member must submit a separate application form, and upon approval, they will receive their temporary residence card.
Requirements for obtaining this permit include (among others):
- Demonstrating stable and regular income from abroad to cover living expenses while residing in the Republic.
- Renting or purchasing a house or flat.
- Maintaining a personal bank account in Cyprus with stable income and deposits from abroad.
Nomad Visa
The “Cyprus Digital Nomad Visa” scheme allows residents from non-European Union countries, who can perform remote work using telecommunications technology, to temporarily live in Cyprus and work for an employer registered abroad or offer remote services to clients located abroad.
The Nomad Visa is applicable for individuals who:
- Can perform remote work through telecommunications technology.
- Are employed in a company registered abroad, allowing them to work location-independently, or are self-employed and offer remote services to clients located abroad.
- Can prove a stable and sufficient monthly net income of at least €3500 (after deductions for contributions and taxes).
Work Permit / Company of Foreign Interests
The “Work Permit” enables non-European Union citizens to work for a Cyprus company of foreign interests. The permit’s duration depends on the employment contract and can be up to three consecutive years.
Work Permits are applicable to individuals who (among others) meet the following criteria:
- Possess relevant academic qualifications or a minimum of two years of relevant work experience based on their CV and school/university certificates.
- Will receive a minimum gross monthly salary of €2500.
- Hold an employment contract of at least two years’ duration.
Immigration Permits
Non-European Union nationals can apply for immigration permits if they meet the qualifications for the following categories:
Category A: For self-employment in agriculture, animal husbandry, poultry farming, or fish farming, provided they have adequate land or permission to obtain it and have capital of approximately €430,000 (CY£250,000) or a lesser sum as regulated by the Immigration Control Committee. The employment should not have a negative impact on the general economy of the Republic.
Category B: For self-employment in mining enterprises, provided they have a relevant permit, capital of approximately €350,000 (CY£200,000), and the employment does not negatively affect the general economy of the Republic.
Category C: For self-employment in a profession or science in the Republic, provided they are duly qualified, possess sufficient funds or secured income, and there is a need for additional members of that profession or science in the Republic.
Category D: For self-employment in a profession or science in the Republic, provided they have academic or professional qualifications for which there is a demand in Cyprus. Adequate funds are also necessary.
Category E: For individuals offered permanent employment in the Republic, provided it does not create unjustified competition in the profession they will practice.
Permanent Residence – Regulation 6(2): The Immigration Permit under regulation 6(2) of the Aliens and Immigration Regulations grants non-EU nationals the right to permanently reside in Cyprus by investing at least €300,000 in one of the following categories:
- Investment in residential property (excluding re-sales).
- Investment in real estate (excluding houses/apartments).
- Investment in the share capital of a company registered in Cyprus with activities and personnel located in Cyprus.
- Investment in Cypriot Collective Investment Organization shares (AIF, AIFLNP, RAIF forms).
In addition to the investment, applicants must demonstrate a personal insured annual income of at least €50,000. The annual income increases by €15,000 for the spouse and €10,000 for each minor child of the applicant and/or their spouse. This income can derive from various sources, such as work wages, pensions, stock dividends, interest on deposits, and rents from abroad, as proven through tax returns from the country where tax residency is declared. The total income may also include the applicant’s spouse’s income.
These options provide an overview of the various visas and permits available for individuals considering relocation to Cyprus. We can assist you in determining the most suitable option based on your individual circumstances.