As of the 27th May 2022, the Council of Ministers of the Republic of Cyprus has approved new Regulations governing immigration permits which can be granted to individuals coming from 3rd countries (non-EU), as follows:
- Aliens can be employed or reside in Cyprus, when they have an insured income of €40,000 per year, privately owned accommodation valued at €250,000, when they are investors or self-employed or even employees, under certain conditions.
The above is provided based on the regulations that have been approved by the Council of Ministers and states that an immigration permit can be granted to aliens who fall into the following categories:
A. Self-employed alien, for example a person intending to be self-employed in a company or profession or science in the Republic, provided that the following are cumulatively met:
- has the qualifications to practice this profession or this science or to operate this enterprise,
- if a professional or other license is required to be able to work in the field of his choice, to be the holder of this license,
- holds sufficient funds for this purpose, which are determined by a Decision of the Council of Ministers
- has settled any liabilities to the Social Security Services and the Tax Department, in relation to taxes and contributions, and
- this employment will benefit the Republic, will be in line with its development priorities, will not adversely affect the general economy and will not create unjustified competition in the domestic labour market
B. Employee: It concerns a person who is offered a job and who intends to accept it, provided that it will not create unjustified competition in the category of the employment in which he intends to be employed.
It is provided that the alien and the employer must have entered into an employment contract, duly ratified by the competent authority, where applicable.
It is further understood that the employer meets the criteria and conditions for employment of foreigners and that he has settled any obligations to the Social Security Services and the Tax Department, in relation to taxes and contributions.
- Foreign investor: It concerns a person who has made a significant investment in the Republic, the amount and type of which is determined by a Decision of the Council of Ministers, with funds originating from legal sources outside the Republic.
- Self-sustaining alien, for example a person who intends to reside in the Republic, without exercising any employment or other economic activity in the Republic and has at his disposal an insured annual income of €40,000, increasing by €10,000 for each additional family member, as well as suitable owner accommodation in the Republic for the accommodation of himself and his family members at the amount of €250,000 euros.
The regulations also state that an immigration permit can be granted to an alien when the following conditions are cumulatively met:
- The alien holds a valid passport or other travel document; and
- The alien is not a threat to national security, public order, or public health in any way
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.