There is some confusion about the options available to non EU citizens to obtain residence permit in Cyprus.
In this article I explain the avenues available.
There are 4 ways for non EU citizens to obtain residence permit in Cyprus. These are:
Applying for permanent residency in Cyprus. The options available.
There are 4 options available.
- By investment (€300,000 investment is needed)
- By digital nomad visa.
- By setting a company via the business facilitation unit (for companies that will relocate to Cyprus)
- By obtaining an extended visitors permit.
You can obtain the details of each category by clicking the links of the articles above.
Residency by Investment.
Under the first category the applicant must invest at least €300,000 plus VAT (if applicable).
Also the applicant should be able to prove that he has at his disposal a personal secured annual income of at least €50,000. This annual income increases by €15,000 for his/her spouse and by €10,000 for each of his/her or his/her spouse's dependent minor child.
The usual type of investment under this category is the purchase of a house.
The Digital Nomad Visa.
The essence of this category is that the applicant can work from Cyprus and offer his services abroad remotely.
He need not invest in property, shares or anything else like the first category, but must demonstrate a montly net income from outside sources of at least €3500 per month.
Headquartering via the Business Facilitation Unit.
The idea of this category is that the applicant already has a business abroad and decides to relocate it to Cyprus. Relocation may take place by either transfering the seat of the company or registering a Cyprus company and moving the operations to Cyprus.
The applicant must be able to demonstrate the availability of funds of at least €200,000.
Extended visitor permits.
This category is for persons that have a secured income of at least €10,000 per month from abroad and just want to reside in Cyprus. You are not allowed to work under this option.
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.