The Cyprus Residency Process

Permanent Residency in Cyprus Category 6.2 (Fast Track)
4th Revision, May 2023

The Immigration Permit under Regulation 6.2 of the Aliens and Immigration Regulations, has always been considered the best avenue for non-European investors seeking an expedited immigration permit, that allows them to reside permanently in Cyprus.

One of the key benefits of this Immigration Permit, other than its expedition, is the ability for all the family to obtain the Permanent Residence, such as the married spouse, children under 18 years old, financially dependent children up to 25 years old (provided they are engaged in a tertiary education abroad at the time).

• 1. Invest a minimum amount of €300.000 (excluding VAT) in one any of the four investment options below

  • Investment A: The applicant must purchase new or under construction (no resale) residential
    properties (house and/or apartment), from one or more development companies.
  • Investment B: The applicant must invest in commercial properties (new or resale) which
    includes offices, shops, and hotels.
  • Investment C: The applicant must invest in the share capital of an existing or a new Cyprus
    company, having a physical presence and activities in Cyprus and which employs at least 5
    persons.
  • Investment D: The applicant must invest in compartments of Cyprus UCITS funds (AIF, AIFLNP,
    RAIF types),

  Note: Property can also be bought in a company’s name if the actual owner or ultimate
  beneficiary will be the applicant or their spouse.

• 2. Prove an Annual Income

  • The main applicant must prove an annual income from abroad of a minimum of €50.000. However,
    the total income or part of it can also be generated from sources within Cyprus derived from
    the investment options (schemes B,C and D) stated above.
  • The annual income is increased by €15.000 for the applicant’s spouse and by €10.000 for each
    dependent minor child.
  • If all above requirement is satisfied the above family members may apply and will be able to
    obtain the permanent residence permit.

  Note: It can be any income deriving from salaries, pensions, dividends, fixed deposits, rents,
  etc.

• Family members

  1. The Permanent Residency is initially issued to the main applicant and can be extended to the
     applicant’s spouse and children up to 18 years old
  2. Children between 18 and 25 years old are able to apply as long as they are financially
     dependent on the applicant and are unmarried who are enrolled as students in a
     higher-educational institution
  3. The Permanent Residency is maintained by the children of the main applicant for life even if
     they exceed the age of 25 or do not continue to fulfill the above terms (e.g. unmarried,
     students, financially dependent)

• Conditions and Restrictions

  1. The holder must visit Cyprus once every two years. If not, the residency permit will be
     cancelled automatically.
  2. If the holder acquires permanent residency in any other country the residency permit shall
     cease to be valid.
  3. Any alienation of the holder from the investment he/she has made without its immediate
     replacement with another of the same or greater value which must meet the conditions set
     out, will result in the cancellation of the residency permit.
  4. Employment in Cyprus:

  • Investment (A), (B), (D):

  Applicants are not permitted to take any employment in Cyprus, however applicants and their
  spouses, can be shareholders and receive dividends from the said company.

  • Investment (C):

  The main applicant (not the spouse) can be employed as a Director, in the company in which they
  choose to invest the minimum of investment of €300,000. Furthermore, the main applicant can be
  included in the minimum number of employees that the company should have to be eligible for the
  Fast-Track process (at least 5).

  Applicants and their spouses, can also be shareholders in the company and receive dividends from
  the said company.

  Duration

  • Application process: 2 months (Fast-Track)

Permanent Residency in Cyprus Category F

• 1. Purchase a Property in Cyprus of any value

  Category F residency is flexible and does not have a strict requirement of property purchase as a
  rental may also be possible:

  • However, it is always recommended to buy a property in Cyprus of any amount. (We are able to
    assist in presenting various property options according to your needs and requests and
    finalizing purchase)
  • It can even be a resale property (not new) purchased
  • The money for the purchase does not need to be transferred from abroad

• 2. Have an Annual income

  • The applicant must show an annual income of at least €9.568 for one applicant, plus €4.613
    for each dependent person
  • This income must come from abroad

  Note: It can be any income deriving from salaries, pensions, dividends, fixed deposits, rents,
  etc.

• 3. Deposit in a Cyprus bank

  • The applicant should have a bank account in Cyprus
  • Unlike the Fast-Track application, the deposit is not pledged, and the money can be used
    after the application is submitted

  Family members

  1. Only children up to the age of 18 years old are allowed to apply as a
     dependent
  2. Their permanent residency will be valid only until they become 18 years old
  3. The parents or parents in law of the applicants cannot apply as dependents

  Conditions and restrictions of the permanent residency program

  1. The holder must visit Cyprus once every two years. If not, the residency permit will be
     canceled automatically.

  Duration

  • Processing time about 12 months

• Additional conditions & requirements

  Additional documentation that needs to be submitted to obtain a Cyprus Permanent Residence
  Permit, include the following: declaration regarding the income of the applicant, confirmation
  that the applicant does not intend to work or to be engaged in any form of business in Cyprus,
  certified clean criminal record from the country of origin, birth certificate, CV, etc.

• Other important information

  • Applicants should visit Cyprus at least once every two years.
  • To apply for Citizenship and become a Cypriot citizen, a non-EU national should have held
    Permanent Resident status and resided in Cyprus for at least seven years.

OTHER FORMS OF RESIDENCY

Companies of Foreign Interest

Companies of foreign interests, with non-EU shareholders, can give priority to employment of non-EU nationals
instead of locals and EU nationals, provided that certain requirements are met.

• Eligibility Criteria In order to register a Cyprus company as a foreign interest company:

  Businesses that are not already registered at the Register of Foreign Interest Companies of the
  Civil Registry and Migration Department, should first register at the Business Facilitation Unit
  (BFU) operated by the Ministry of Energy, Commerce and Industry. The BFU will check whether
  companies are eligible and will grant them a written confirmation of their registration at the
  new Register of Foreign Interest Companies. The registration will be submitted to the Department
  for the purpose of issuing residence and employment permits.

  • Non-EU shareholders should own the majority of the company’s shares. (more than 50%)
  • Foreign direct investment of capital amounting to at least €200.000, legally admitted to a
    Cyprus bank account from abroad. This amount can be used for company’s activities.

Criteria for a third-country national

For the employment of a third-country national in a company of foreign interests, the conditions set out in
the Legislation for the single permit as well as the requirements of the Strategy must be met. According to
the Strategy, employees in companies of foreign interests are divided into the following categories:

• (a) Highly paid employment

  Receiving a minimum gross monthly salary of €2500. It is noted that third-country nationals who
  already hold residence and employment permits at the BCS Key Personnel level of companies of
  foreign interests, with a monthly gross salary of €2000 or more, will continue, for the next 5
  years – until 31.12.2026, to renew their residence permit at the same employer without an
  increasing their payroll.

  Possession of relevant academic qualifications or at least two years of relevant experience to
  the position to be filled.

  Possession of an employment contract of at least two years’ duration. Even if the application is
  submitted for a one-year permit, the contract must have a duration and corresponding stamp
  duties for 2 years.

• (b) Employment at the supportive level

  A labor market test and a sealed contract by the Department of Labour are necessary.

  The Company can freely employ any number of highly paid third-country nationals without going
  through a labor market check. The company can also employ additional Specialists that have
  specific skills. Criteria that companies must meet in order to benefit from this decision, which
  can be found here.

  The Company must commit to invest 30% of their total staff in Cypriots/EU citizens over a period
  of five years. In five years, that is after 2.1.2027, the ratio for new hires will be checked.
  If a company does not adhere to the 70:30 ratio, the case will be evaluated on its own merits
  and put before the management for an administrative decision.

  Family members (spouse, children, parents and in-laws) of the Employees can also join and reside
  in Cyprus through family reunification.
  Click to view the brief on Foreign Interest Companies.

OTHER TYPES OF VISAS AND PERMITS

There are various visas that can be obtained for entry into Cyprus by non- EU citizens, including temporary
residence permits, and residence permits for family members.

1. TEMPORARY RESIDENCE PERMIT

A. Visitors and Family Members

• To be eligible the applicant must:

  • Present stable and satisfactory income derived outside the Republic. Income includes salary,
    pension, deposits in a bank account abroad, rents, dividends, interest on deposits or by
    exception from dividends from a company in the Republic rents in the Republic , or from
    income in personal bank account in the Republic from a salary from previous employment in a
    company of foreign interests.
  • Open a bank account with a banking institution in Cyprus in which the income deriving from
    abroad must be deposited in – €24,000 per year for the main applicant, plus €4,800 for the
    spouse plus €3,600 for each dependent child under 18 years old.
  • As part of the application process, the applicant will need to undergo a medical
    examination. This examination aims to ensure that the applicant does not pose a health risk
    to the public. Additionally, a health insurance certificate is necessary to be obtained by
    the applicant before the submission of the application.

• Application examination time

  Usually before the completion of 4 months provided that the information or documents submitted in
  support of the application are sufficient.

• Duration of validity of the residence permit

  Visitors are granted a first temporary residence permit of one (1) year and is renewable,
  provided that the relevant criteria are met.

B. Employment

In order for a third-country national to enter the Republic for work purposes, no matter who the employer
will be and the nature of employment, the third-country national is obliged to obtain an entry permit as per
the provisions of the Legislation. The issuance of the Residence Card for employment purposes is subject to
the approval of the work permit by the Department of Labor and its policies as these are revised from time
to time.

• Step 1: Secure a Job Offer

  The initial step in obtaining the Residence Card is securing a job offer from a Cypriot employer.
  It is imperative to ensure that the job offer aligns with the applicant’s skills,
  qualifications, and experience. Once the employment opportunity is confirmed, the applicant can
  proceed to the next phase of the application process.

• Step 2: Employer’s Application

  Upon receiving the job offer, the Cypriot employer is responsible for initiating the work permit
  application on the applicant’s behalf. The employer must submit various documents, including:

  • A completed application form for the employment of a non-EU citizen.
  • A copy of the passport and any relevant travel documents.
  • A valid employment contract outlining the job role, salary, and working conditions.
  • Proof of the employer’s registration with the Cypriot authorities and the Social Insurance
    Department.
  • Evidence of efforts made to recruit locally within the EU before considering a non-EU
    candidate (if applicable).

• Step 3: Medical Examination and Health Insurance

  As part of the application process, the applicant will need to undergo a medical examination.
  This examination aims to ensure that the applicant does not pose a health risk to the public.
  Additionally, a health insurance certificate is necessary to be obtained by the applicant before
  the submission of the application

• Step 4: Submission to the Migration Department

  Once all the necessary documents are collected, the employer submits the completed application to
  the Migration Department of Cyprus. The Department will then review the application and assess
  its compliance with the relevant immigration laws.

• Step 5: Waiting Period

  The processing time of the application can vary and is dependent on several factors, such as the
  workload of the Migration Department and the accuracy and completeness of the submitted
  documents. On average, the process can take several weeks to a few months.

• Step 6: Approval and Issuance

  If the Migration Department approves your application, you will be issued a temporary residence
  permit. The Residence Card allows you to legally reside and work in Cyprus while your
  application is being processed.

• Step 7: Biometric Appointment

  During the validity of your Residence Card, the applicant will need to schedule a biometric
  appointment. At the appointment, the biometric data, such as fingerprints and a photograph, will
  be collected for the issuance of the Residence Card.

• Step 8: Collecting the Residence Card

  Once the biometric data is collected, the Migration Department will issue the Residence Card,
  granting the legal right to work and reside in Cyprus. The Residence Card is typically valid for
  one year and can be renewed each time given that the criteria are met for a maximum of 4 years
  in total.