Cyprus has upgraded and relaxed the conditions and procedures of its immigration and naturalisation programmes, thereby allowing non-Europeans to obtain a permanent residence permit or instant naturalisation in Cyprus more easily and at a much faster pace.
In addition to its favourable tax regime and status as an international financial and business centre, Cyprus offers a Mediterranean climate and an excellent quality of life.
According to the Cyprus Laws and Regulations any non EU-citizen has the right to apply for a Temporary Residency Permit which can be renewable. Usually the temporary residency permits are valid for up to 1 (one) year or more. The holder is obliged to apply for renewal of the permit at least 1 (one) month prior to its expiration and is not allowed to leave Cyprus for over three consecutive months after applying.
After 5 (five) years of legal residency in Cyprus, any Non EU-Citizen has the right to apply for permanent residency, which can be approved by the Cyprus Authorities at their discretion.
According to the existing Laws of the Republic of Cyprus and its regulations it is possible for companies of foreign interest registered in Cyprus to apply for the acquisition of temporary residence and employment permits for Non-EU Citizens, providing those companies invest a minimum capital of €171,000.00 and carry out their activities in Cyprus or Abroad in suitable offices.
Temporary residence and work permits are valid for up to 2 (two) years and are renewable.
Permanent Residency permits under Category F can be granted to individuals from Non- EU Countries who possess a secured and legal annual income high enough to allow them to live decently in Cyprus without the need to work. This income must come from legal sources from abroad. For example, it might come from overseas employment income, pensions, permanent deposits, rent, ownership of companies, shares etc.
It takes approximately around 12 months for the approval of Category F permit under a Slow Track procedure.
The applicant must bring satisfactory evidence of secured annual income of at least €9,568.17 (we recommend at least €15,000.00 for a better chance of approval of application) plus additional €4,613.22 for any dependent person.
The applicant is required to have a residential address in Cyprus, it is beneficial to own a residential property in Cyprus (property can be a resale and of any value), but it is possible to apply with a leased residence also.
The annual income must be derived from personal sources abroad and can include overseas employment income, pensions, dividends, etc.
Under Category F application it is strictly prohibited to be engaged in any form of trade, business, profession or employment in Cyprus.
Category F applications under Fast Track procedure are examined within 3 months (approximately).
Category F Permanent Residency permit under Fast Track procedure is available to individuals from Non- EU Countries who have purchased a new property (not resale) for the minimum amount of €300,000.00 (not including VAT).
The applicant must file, together with the application, a letter issued by any Bank operating in Cyprus confirming that he/she has a minimum deposit with such bank of €30.000, which shall remain frozen on an account for at least a three year period. Such funds should be proven to have been transferred to Cyprus from abroad.
The applicant must bring satisfactory evidence of secured annual income of at least €30,000.00 plus additional €5,000.00 for any dependent person and additional €8,000.00 for any dependent parent.