The Cyprus Permanent/Temporary Residency Scheme

Cyprus is the second largest island in the Meditteranean sea after Sicily. The country has been a a Member of the European Union since 2004 and a member of the Euro since 2007. Cyprus has been known globally for its stable political enviroment, its warm climate and numerous tax advantages. 

Obtaining a Cypriot Permanent or Temporary Residence scheme offers key benefits such as free movement of individuals, capital, goods and services within E.U. member states with the right to live and work.

1. Permanent residence permits

Category F6(2) Immigration Permit, gives the right to a non-EU national to permanently reside in Cyprus. It also exempts that national from immigration entry procedures (ie Visitor’s Visa). The non-EU national’s family can also obtain it (married spouse, children under 18 years old and financially dependent children up to 25 years old).

New E.U. regulations issue the visa in the form of an I.D. card with the biometric data of the permanent residence permit holder. The I.D. card will be valid for 10 years. Presence of the permanent residence permit holder is mandatory at the immigration desk.

To obtain a permanent residence permit, non-residents must submit an application form and provide evidence that they and their families are financially self-sufficient. They also have to fall under one of the categories described below:

First category

Individuals who have bank accounts in Cyprus (minimum capital of €50.000), a real estate purchase agreement (total market value of at least €300.000) and documents certifying the annual income is not less than € 9.570 per person.

Second category

Individuals who are interested in commencing business in Cyprus.

Third category

Individuals who are interested in opening of a business segment in Cyprus, provided that their actions will not affect their economic situation negatively. A start-up capital in this case should amount to 255,000 Euros.

Fourth category

Individual non-residents who intend to work in local organizations. In this case a permit is issued if the employment of that person will not increase unemployment among residents in the respective field.

The following documents should be enclosed to the application:

• passport
• copy of the property purchase contract
• copies of payments made in favor of the contractor for the acquired property
• copy of the bank statement
• any other document showing income sources
• four passport-type photos
• a letter of guarantee issued by your bank in Cyprus

Timing

It is estimated that the procedure described above for the examination of the application shall not exceed 2 months from the date of the submission of the application.

Schengen Visa

The individual who has a Cyprus permanent residence scheme can consequently apply for Schengen visa to visit other E.U. countries. Please note that this visa has to be renewed annually, and presence of the individual at the immigration desk is required. It is estimated that the procedure above for the examination of the application shall not exceed 3 months from the date of the submission of the application.

2. Temporary residence permits

Cyprus offers temporary residence permits concerning general employment, researchers, training, education and employees of international companies. The initial temporary residence permit visa is valid for two years, and is renewed annually subsequent to this.  Usually, most visas processed are those of employees of international companies divided into three categories:

• Executive directors
• Middle management
• Support staff

Documents required

• Documents of original certificate of Good Character Original Health Certificate, Marriage Certificate, Birth Certificate and required to be duly certified by the country of origin
• Application forms signed and completed
• Contract of employment stamped by Commissioner for Stamp Duty and thoroughly completed
• Bank guarantee €350-€850 according to the country of origin, for repatriation expenses. The guarantee should be valid for at least 12 months beyond the expected employment period of the contract.
• four passport-type photos
• Medical Examination Certificate

Timing

It is estimated that the procedure above for the examination of the application shall not exceed 3 months from the date of the submission of the application.

Schengen Visa

The individual who has a Cyprus temporary residence scheme can consequently apply for Schengen visa to visit other E.U. countries. Please note that this visa has to be renewed annually, and presence of the individual at the immigration desk is required. It is estimated that the procedure above for the examination of the application shall not exceed 3 months from the date of the submission of the application.

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