How to obtain a residence permit in the republic of Cyprus and related matters.

Thursday October 11th, 2018 CA Advocates

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:

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. Persons who have been offered permanent employment in the Republic, which will not create undue local competition.
  6. 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.

  1. 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).
  1. 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.

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