Cyprus Residency Options for Non-EU Citizens
Dixcart has over 50 years of experience in assisting and advising individuals with their residency applications. It is important to note that each option has its varying advantages and requirements, so it is critical for us to understand which option will be best suited for you.
As a non-EU national, there are four main options for obtaining residency, as outlined below:
- Permanent Residence through Investment
- Establishment of a Foreign Interest Company
- Permanent Residency Programme (PRP) – 'Slow Track'
- Temporary / Retirement / Self-Sufficiency Residence Permit
To help you understand the options, we have broken down the detail of each option below.
Permanent Residence through Investment
If you wish to use the residency by investment route, then you will be required to make an investment of €300,000 + VAT. There are several investment options to consider, the most common of which is residential real estate.
In order to be eligible to for this option you must meet the following criteria:
- Be over 18 years old
- Have no criminal record or prosecution, restrictions or bans on entry to the EU and the UK
- Not be under sanctions
- Maintain an income of €50,000 per year for the main applicant (plus €15,000 for a spouse and €10,000 for any additional children)
- Own or rent accommodation (applicable for those not investing in residential real estate)
- Provide a medical report
- Obtain medical insurance
It is important to note that this immigration permit does not allow the applicant and their spouse the right to work. As a result, they are not able to undertake any form of employment in Cyprus. However, they are permitted to own Cyprus companies, act as directors, and receive dividends.
The applicant and their spouse must certify that they do not intend to be employed in the Republic of Cyprus with the exception of being Directors of a Cyprus company.
If you are successful in your application, then permanent residency is issued for life. After 5 years of living in the Republic of Cyprus, the holder of a permanent residency can apply for a passport (subject to conditions) and become a citizen of the EU.
Establishment of a Foreign Interest Company
A Foreign Interest Company is an international company, which, subject to meeting specific criteria, can employ non-EU national employees in Cyprus. This programme enables key employees and their families to gain residence, and work permits under favourable terms.
It also allows the owners of the company to apply for a work permit and residency through the company. This means that they will have the right to live and work in Cyprus and can bring their employees with them. Their family members are also allowed to apply to live in Cyprus.
All parties also benefit from both the individual tax rate savings and the corporate tax savings available in Cyprus, including the non-Domicile status.
The Main Requirements Enabling an International Company to qualify as a Foreign Interest Company:
- The third country shareholder(s) must own more than 50% of the total share capital of the company.
- There must be a minimum Investment of €200,000 into the Cyprus Company by the third country shareholder(s). This investment can be used later to fund future expenses incurred by the company when it is established in Cyprus.
After 7 years of residency in Cyprus, individuals can apply for Cypriot citizenship (subject to conditions), enjoying the benefits of a Cypriot passport and EU citizenship. Highly skilled foreign workers can now obtain Cypriot citizenship if they have resided in Cyprus for a shorter timeframe of 4 – 5 years (depending on Greek language knowledge).
Permanent Residency Programme (PRP) – 'Slow Track'
The Cyprus Permanent Residency 'Slow Track' – also known as 'Category F' – programme is available to applicants who possess, and have fully and freely at their disposal, a secured annual income, high enough to provide a good standard of living in Cyprus, without having to engage in any business, trade, or profession. This is essential as this option gives you the right to live in Cyprus but not to work.
Whilst applicants are allowed to reside in Cyprus from the date of the official submission of the application, they should allow 12 to 18 months to obtain the Permit.
The Main Qualification Requirements are as follows:
- Annual income, that is sourced from outside Cyprus, of a minimum of €24,000, which increases by 20% for a spouse and by 15% for each dependant child
- A title deed or rental agreement for a residential property in Cyprus that is for the sole use of the applicant and his/her family
- A certificate of 'no criminal record' and of not being under investigation for criminal offences, that is attested by the relevant authorities of the applicant's country of current residence
- Private Medical Insurance
- Whilst no minimum investment amount is specified, the higher the financial commitment, the more likely it is to be considered favourably. Typically, a property purchased for €150,000 will fulfil this requirement.
Temporary/ Retirement/ Self-sufficiency Residence Permit
The Cyprus Temporary Residence Permit is an annually renewable self-sufficiency visa that allows an individual and their qualifying dependants, to live in Cyprus as a visitor, without employment rights.
The Main qualification requirements are as follows:
- Annual income, that is sourced from outside Cyprus, of a minimum of €24,000, which increases by 20% for a spouse and by 15% for each dependant child
- A title deed or rental agreement for a residential property in Cyprus that is for the sole use of the applicant and his/her family
- A certificate of 'no criminal record' and of not being under investigation for criminal offences, that is attested by the relevant authorities of the applicant's country of current residence
- Private Medical Insurance
- An original medical examination certificate to confirm that the applicant does not have certain medical conditions
N.B. It is essential that a holder of this temporary residence permit should not stay out of the country for more than three months at a time, because this could result in the permit being cancelled.
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.