Cyprus has recently implemented updates to the regulations regarding the acquisition of Cyprus temporary residency permits. These changes will impact British nationals relocating to Cyprus post-Brexit. The amendments have come as a surprise to professionals in the field of immigration law, as the focus was primarily on permanent residency reforms.
Under the Aliens and Immigration Regulations, third-country nationals, including British nationals post-Brexit, can extend their stay in Cyprus for more than 90 days by obtaining a temporary residence permit, often referred to as the “pink slip“. This permit allows non-EU passport holders to stay in Cyprus for up to 12 months as visitors, but it restricts them from engaging in any economic activities within the country.
Spouses and dependent children under 18 years old can also obtain Cyprus temporary residence permits. To be eligible for this permit, applicants are required to demonstrate adequate income from abroad to cover living expenses in Cyprus, provide proof of rental or ownership of a property in Cyprus, and possess valid health insurance for medical care in Cyprus. The permit is valid for one year and can be renewed annually, subject to meeting the specified criteria.
It is important to note that holders of the Cyprus temporary residence permit should not stay out of the country for more than three consecutive months, as this may result in the cancellation of the permit.
Effective from January 1, 2023, there are additional requirements for obtaining a Cyprus temporary residence permit. These include providing an original clear criminal record certificate from the country of origin or residence, undergoing medical examinations to prove the absence of certain diseases, obtaining a letter of guarantee from a Cypriot banking institution to cover potential repatriation expenses, and demonstrating sufficient and stable resources derived from income or assets outside of Cyprus.
Detailed statements of bank account transactions are required, showing foreign remittances of at least €2,000 per month or €24,000 per year for an individual, with additional percentages for spouses and children. During the first permit, a cash transfer or deposit of at least €10,000 is also accepted.
When applying for permit renewal, the bank account balance must not be less than €6,000, equivalent to three months’ income, regardless of family size. The bank statement should be accompanied by a declaration of the number of family members the sponsor will support in Cyprus and a summarized statement of income.
These revisions indicate the government’s intention to set higher standards for Cyprus temporary residency permits, which may pose additional challenges for prospective applicants.