Cyprus residency
Cyprus has long been known for its rich history, beautiful beaches, and vibrant culture. Over recent years, it has also emerged as an attractive destination for individuals and families seeking residency abroad. Cyprus offers numerous benefits, including a high quality of life, a strategic location between Europe, Africa, and Asia, and a favorable tax regime. In this article, we will explore the different residency options available in Cyprus, as well as the application process, benefits, and requirements.
Types of Residency in Cyprus
There are two primary residency options for those looking to live in Cyprus: the temporary residence permit and the permanent residence permit.
a. Temporary Residence Permit
The temporary residence permit, also known as the "Pink Slip," allows non-EU nationals to reside in Cyprus for a period of up to one year, which can be extended on an annual basis. This permit is suitable for those who want to live in Cyprus temporarily, either for work, study, or as a retiree.
b. Permanent Residence Permit
The permanent residence permit allows non-EU nationals to reside in Cyprus indefinitely, without the need for renewal. There are two main routes to obtain this permit: Category F and the Cyprus Investment Programme.
i. Category F: This route is designed for individuals who can demonstrate that they have sufficient financial resources to support themselves and their dependents without needing to work in Cyprus. Applicants must show a minimum annual income of €9,568 (plus €4,613 for each dependent).
ii. Cyprus Investment Programme: This route is for individuals who are willing to invest in the Cypriot economy. To qualify, applicants must invest at least €300,000 in real estate, and maintain a minimum annual income of €30,000, which increases by €5,000 for each dependent.
Application Process
The application process for both temporary and permanent residence permits involves submitting the necessary documents and forms to the relevant Cypriot authorities. These include:
A completed application form
Passport-sized photos
A valid passport
Evidence of financial resources (bank statements, income certificates, etc.)
Proof of accommodation in Cyprus (rental contract or property title deed)
Health insurance coverage
Criminal record certificate
Processing times for residency applications can vary, but generally take between one to three months.
Benefits of Residency in Cyprus
Obtaining residency in Cyprus comes with several benefits, including:
Access to high-quality healthcare and education systems
A favourable tax regime, with no inheritance tax, low corporate tax rates, and double taxation treaties with over 60 countries - read more about tax in Cyprus & tax residency in Cyprus
The opportunity to live in a beautiful and diverse country with a pleasant Mediterranean climate
A strategic location, providing easy access to Europe, Africa, and Asia
A stable political and economic environment, with Cyprus being a member of the European Union
Requirements for Residency
To maintain residency in Cyprus, residents are required to:
Spend at least 183 days per year in the country (permanent residents)
Not be absent from Cyprus for more than two consecutive years (temporary residents)
Maintain their investment in real estate (for those who obtained residency through the Cyprus Investment Programme)
Have no criminal record
Summary
Residency in Cyprus offers numerous benefits and an opportunity to live in a beautiful, diverse, and strategically located country. With options for temporary and permanent residency, as well as various routes tailored to different financial situations, Cyprus is an attractive destination for individuals and families seeking a new home abroad.
Driving in Cyprus
If you hold a UK or EU/ EEA driving licence you must exchange it for a Cypriot driving licence within 6 months of residence. Over 70’s also need to renew their licence every 3 years.
—> Read more about driving in Cyprus
