Over the years, the Cyprus Government has assisted foreigners (non – E.U. members) to get a residence permit and even a Cypriot (E.U.) nationality through numerous of regulations and laws.
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 €430,000.
- Persons who intend to work as self-employed in the mining sector provided that they have available capital of €350,000 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 €260,000 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 €9568,17 for a single applicant and moreover at least € 4613,22for 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.
- Criteria for Registration of the Company at the Migration Department:
- Proof that the percentage of foreign participation in the company’s share capital is over 50%.
If the above criteria are not applicable and the share capital of the foreign participation is equal or less than 50%, then the share capital needs to be an amount of equal or greater than the amount of €171.000.
- A deposited amount of at least €170.860, by the ultimate beneficial owner.
- A fixed deposit at a Cyprus Financial Institution of at least €41.006 (from the initial investment of €170.860).
- For existing Companies established in Cyprus there is an administrative procedure which needs to be performed and documents to be submitted.
A New Procedure for obtaining a Permanent Residence Permit
In pursuance of the provisions of Regulation 6(2) of the Aliens and Immigration Regulations, Third Country Nationals may apply for a permit in cases where the following conditions are satisfied:
- Proof of a deposited minimum capital of €30.000 in a Cyprus Bank account, which will be pledged for a period of at least three years. The said amount must be proved that it has been transferred to Cyprus from abroad.
- Proof of a secure annual income of at least €30.000, this annual income should increase by €5.000 for every dependent person of his/her family (spouse and children) and by €8.000 for every dependent parent or parent-in-law.
- Proof of purchase of a real estate, of total market value of at least €300.000. It should be stressed that the full payment of the real estate value shall be settled in an account in a Financial Institution in Cyprus.
The holder of such a permit, as well as his/her dependent persons who are included in his/her permit are obliged to visit Cyprus once every two (2) years.
