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Residence Permit in Cyprus

Residence Permit in Cyprus

Updated on Tuesday 22nd September 2015

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Residence-Permit-in-CyprusTypes of residence permits in Cyprus

Cyprus is a very welcoming destination for foreign investors but for natural persons as well. In order to live in Cyprus, non-residents must apply for residence permit. According to the new law, however, people buying property in Cyprus have the right to obtain a residence permit. Since Cyprus is an EU member state, EU residents are not required to apply for residence permits, but for non-EU citizens obtaining a residence permit is necessary and they can opt for a temporary residence permit or for a permanent residence permit provided some conditions are met.

The temporary residence permit in Cyprus

Non-EU citizens applying for a Cypriot temporary residence permit must know that they need to submit their application with the Civil Registry and Migration Department and that the residence license usually has one to four-year validity.  In order to apply for a residence permit in Cyprus the following documents must be submitted:

  • -        the passport;
  • -        a copy after a bank statement;
  • -        documents proving incomes;
  • -        four passport-size photographs;
  • -        copy after the property acquisition contract;
  • -        medical insurance;
  • -        a deposit of 550 EUR.

The permanent residence permit in Cyprus

Non-EU nationals can also apply for a permanent residence license if they can prove that they can provide for themselves and their families and if they have lived for 5 consecutive years in Cyprus. Permanent residence permits in Cyprus have categories and requirements exist for each category as follows:

  • -        the first category is for people that have a bank account in a Cypriot bank, a real estate purchase contract and annual income of at least 9,600 EUR for each member of the family;
  • -        the second category is for investors interested in setting up a companies in Cyprus;
  • -        the third category is also for investors, but for those wanting to open a business division. These investors will have to inject a minimum capital of 255,000 EUR;
  • -        the fourth category is for employees.

The following documents must be submitted in order to receive a permanent residence permit in Cyprus:

  • -        passport;
  • -        copy after the property acquisition contract;
  • -        copy after the payments to the seller of the property;
  • -        a copy after a bank statement;
  • -        documents proving incomes;
  • -        four passport-size photographs
  • -        a guarantee letter from the bank in Cyprus.

The long-term residence permit of the European Union in Cyprus

Non-EU citizens can obtain a long-term residence permit if they have lived in Cyprus for five uninterrupted years. Long-term residence permits in Cyprus are valid for five years and can be renewed.  Applicants for long-term residence permits must be aware that they will have to prove they have the means to provide for themselves and for their families and adequate housing.  The applicant must submit the following:

  • -        a valid temporary residence permit;
  • -        proof of payments made in the last five years for tax return purposes and social insurance;
  • -        statements issued by the bank;
  • -        certificate issued by the tax authorities in Cyprus;
  • -        passport;
  • -        copy after the property purchase or lease contract;

Other documents can also be asked from the applicant. The process for obtaining a long-term residence permit takes about six months.

If you want to open a company and need details about the residence permit you can contact our law firm in Cyprus.

 

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