Over the years, the Cyprus Government has provided third county nationals the opportunity to obtain a residence permit and the Cypriot (E.U.) nationality, through a number of regulations issued from time to time.
Categories eligible for a Permanent Residence Permit
Under clause 5 of the Aliens and Immigration Regulations of 1972, third country nationals may apply for a residence permit in Cyprus if they fall under either of the categories described below:
- Persons who intend to invest in the agricultural, fishing and animal farming sectors, provided they have acquired appropriate land for the intended purpose, and they have available capital of €430.000.
- Persons who intend to work as self-employed in the mining sector, provided they have available capital of €350.000 a corresponding permit for mining is secured.
- Persons who intend to work as self-employed in a trade or profession in the Republic provided they have in their possession a corresponding business permit from the authorities, if necessary, and they have available capital of €260.000.
- Persons who intend to work as self-employed in a profession or science in the Republic provided they have the corresponding academic or professional qualifications and provided there is demand for such professions in Cyprus.
- Persons who have been offered permanent employment in the Republic that will not create undue local competition.
- Persons who possess, and have at their free disposal a secured annual income, high enough to guarantee a decent standard of living in Cyprus, without having to engage in any business, trade or profession. The minimum annual income acceptable under this category, amounts to €9.570 for a single applicant, with the addition of at least €4620 for every person dependent there on.
International Business Companies entitled to hire third country nationals
A company may apply to the Migration Department to obtain permission for hiring third country nationals if it meets the following criteria:
1/ it has a strict ownership structure and transparent capital sources,
2/ it has a fully operative administrative office in Cyprus,
3/ it has stable financial growth confirmed, by annual accounting records,
4/ it has deposited at least €200.000 in a Cyprus bank account, which originates from overseas, (in case the foreign interest participation in the company
is equal or less than 50%, this amount must be equal or greater than €200.000).
Fast Track 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 fast track permanent residency permit in cases where the following conditions are satisfied:
1/ A deposit in a Cyprus Bank account of at least €30.000, to be kept in a fixed deposit for a period of at least three years. It is necessary to provide adequate proof that the origin of the funds are from overseas.
2/ There must be available a secured annual income of at least €30.000, with the addition of at least €5.000 for every dependent child or spouse and of at least €8.000 for every dependent parent or parent-in-law.
3/ The applicant must purchase real estate, of total market value of at least €300.000 + applicable VAT, the purchase price of which must be paid into a Cyprus bank account.
The holders of this type of permits are not allowed to perform any professional or business activities in Cyprus and also they are obliged to visit Cyprus at least once every two (2) years.
