Residency in Cyprus

How to obtain a residence permit in Cyprus

Each owner of real estate in Cyprus can apply for a residence permit. This is a very simple procedure, and takes about 2 months from the date of filing. Cyprus is a very popular destination for buying real estate for the purpose of running your own business, which is explained by low taxes and tourist attraction. Corporate tax in Cyprus is only 12.5%, and the inheritance tax is completely absent, and Cyprus has an agreement with 57 countries around the world on the refusal of double taxation. If you bought a resort property in Cyprus just to be able to relax in it when you want, then you do not need to get a residence permit. After buying a property you will be issued a visa, with this visa you can be in the country 90 days every 6 months, that is 180 days per year. If you still want sometimes to live in your Cyprus real estate, it is better to issue a residence permit, the conditions for obtaining it in Cyprus are better and easier than in any other country in the European Union.

Permission for temporary residence in Cyprus

Temporary permission for residence on the island is issued on the basis of a document on the right to own real estate and if there is an account in one of the Cypriot banks. The term of the temporary permit varies from one to four years. To obtain a residence permit in Cyprus, you need to provide the following documents to the local immigration office: • A certificate from a local bank confirming the fact that you are the owner of an external account, as well as an extract of the current state of the account. The more money there is on your account, the higher probability that you will be issued a residence permit. The minimum amount is about 5000 euros; • Passport; • 4 photos; • 35 euros; • A copy of the contract for the ownership of real estate in Cyprus. In addition to the above documents, a foreigner must provide evidence that his annual guaranteed income is not lower than 17,000 euros for a family of two.

Permit for permanent residence in Cyprus

Permit for permanent residence in Cyprus is issued if the non-resident falls into one of the following categories:

• Category A: people who want to open an office of an international company on the island;
• Category B: non-residents who want to conduct business in Cyprus, provided that their activities do not adversely affect the economy of Cyprus. The minimum amount of capital required to conduct business is 256,500 euros;
• Category C: foreigners who are hired by Cypriots. The permit is issued on the condition that the activities of foreigners will not lead to an increase in unemployment in the local labor market;
• Category D: foreigners who do not work and do not have any active activities in Cyprus. Permanent residence permit on the island is issued to them provided that their annual income received from abroad is not lower than 7000 euros.

In order to work in Cyprus, a residence permit is not enough for a non-resident. He still has to get a work permit. If all conditions for obtaining a residence permit are met, the procedure for obtaining a permit takes 2 days.

The above is for informative purposes only.  Further professional advice should be sought for each particular case. Our firm does not accept any responsibility for any loss or damage occurring by acting on the basis of this information.