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RESIDENCE – CYPRUS

BECOME A PERMANENT RESIDENT OF CYPRUS through their Residency-by-Investment – Fast-Track Procedure

Why Immigrate to Cyprus?
Situated in the eastern Mediterranean Sea at the crossroad of Europe, Africa, and Asia, the Republic of Cyprus is considered one of the largest international business and shipping centres for Europe, Russia, and the Middle East.
Its entry into the European Union in 2004 makes Cyprus a safe environment for residence and investments. With its almost year-round sunshine, well-developed socioeconomic infrastructure, stress-free lifestyle, and very low crime rate, Cyprus is the perfect place to enjoy life to the fullest.
The country’s immigration laws provide investors with an inimitable opportunity to invest in the Cyprus economy and gain Permanent Residence permits, and with the recent discovery of significant reserves of natural gas off the coast of Cyprus, the opportunities are many.
Benefits of Obtaining a Permanent Residence Permit in Cyprus through the Residency-by-Investment Program

The Permanent Residence Permit for non-EU citizens offers the following advantages:

• Right to permanently reside in Cyprus
• Easy access within the EU
• Family members can be included in the application (spouse, dependent children and parents)
• Simplified fast-track procedure (2-3 months)
• No requirement to reside in Cyprus; however, applicants must visit the country at least once every two years to maintain the permit
• Granted for an indefinite duration
• The ability to apply for citizenship by naturalisation after seven (7) years of permanent residency in the country

Note: The Residence Permit does not affect tax liabilities in Cyprus.

Main Requirements:

• Non-EU citizens who want to live permanently in Cyprus must apply for, and be granted, a permanent visa. The Ministry of Interior of the Republic of Cyprus will issue an Immigration Permit to third country applicants who intend to invest in the country.
• A Permanent Residence Permit (Immigration Permit) will be granted to non-EU nationals, their spouse, dependent children under 25 as well as any dependent parents of both spouses; this allows permit holders to reside in and travel to Cyprus without having to undergo any immigration entry procedures.

To apply for a Cyprus Permanent Residence Permit, you must meet the following requirements:

1. Purchase of Real Estate

• The purchased property must be new (not a resale) and have a minimum value of €300,000 + VAT.
• A minimum of €200,000 + VAT of the property’s value must already be settled
• The applicant must provide proof of the transfer of €200,000 from a foreign bank to a local bank

2. Bank Deposit

A bank deposit of €30,000 must be blocked with the bank operating in Cyprus, and must have been transferred to Cyprus from abroad.

3. Income

• The applicant’s income must derive from sources other than employment in Cyprus
• Income of at least €30,000 plus €5,000 for each dependent family member
• Legal source of income (interest, dividends, salary, etc.)

4. Restriction of Any Professional or Business Activities in Cyprus

The applicant must provide a statement that he/she does not intend to work in Cyprus.

5. Clean Criminal Record

The applicant, his/her spouse, and any dependent children over 16 must be able to provide a clean criminal record from the country of their origin, which should be certified by the Cyprus Embassy.

6. Visit to Cyprus

The applicants should visit Cyprus at least once every two years.

Regular Procedure of Obtaining a Permanent Residence Permit in Cyprus:

If the Fast-Track option of obtaining a Permanent Residence Permit in Cyprus is not applicable to your case, then you may choose to apply for a residence permit through the regular procedure. The application processing time for the regular procedure is one year, and the applicant should be a temporary resident of the country during that time.
Eligible applicants must have purchased property in Cyprus which is valued at under €300,000 or which is not new, or must have purchased new properties with other family members which is valued at over €300,000 but below €600,000.

How We Can Help
We will guide you through every step of the way to obtaining a Permanent Residence Permit in Cyprus:

• Consultation on the application requirements
• In-depth examination of the circumstances of the case
• Execution of all preliminary checks with the responsible authorities
• Assistance with document preparation and drafting
• Review of application prior to its submission to the relevant authorities
• Submission of the application to the relevant authorities
• Monitoring and follow-up on the status of the application

For more information on any of our services, please feel free to contact us.

Learn more about how to obtain a Temporary Residence Permit , Retirement Visa or Work Permit in Cyprus.

Temporary Residence Permit:

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• Immigration Services in Cyprus
• Temporary Residence Permit

Residency Permit Services:

GVI offers comprehensive consultancy on how to obtain a temporary or permanent residency permit in Cyprus, in a timely, professional, and cost effective manner. The purpose for your move and the length of time you wish to reside there will ultimately decide the type of residency permit you need to obtain. Due to the complex procedure involved in obtaining a residency permit it is highly advised that a professional consultancy firm assist you on a step by step basis. Our specialist consultants are experienced in advising individuals and their family members on how to obtain the required residency permit in Cyprus.
If you come to Cyprus as a visitor for reasons other than immigration, e.g. as a tourist, for visiting family or for business purposes, you are normally allowed to stay for a maximum of 3 months and you can apply for short-stay or travel visa. A short-stay visa may be issued for one or several entries. If several visits to Cyprus are required (e.g. business trips) it is possible to obtain a multiple-entry visa. The multiple-entry visa may be valid for one year, and in exceptional cases, for more than a year.

Pro-Visa:

Cyprus is the first EU member state, which provided the opportunity for Russian and Ukrainian citizens to get a free-of-charge online Pro-Visa. A Pro – Visa is valid for a single-entry trip, for a maximum duration of 90 days within a 6-month period. The Pro-Visa Application can be downloaded and filled in on official websites of Embassies of The Republic of Cyprus in Moscow and Ukraine. Personal presence at the consulate or provision of booking hotel confirmation is not required.

Temporary Residence Permit in Cyprus:

If you plan to stay in Cyprus over 90 days, you will need the temporary residence permit. The Temporary Residence Permit allows you to stay in Cyprus for the period of 1 year and move freely across the border. The pink slip will be automatically cancelled if you are absent from Cyprus for 3 consecutive months.

Visitor Visa for:

• Non-EU nationals family members of Cypriot citizens (spouses, children, parents-in-law);
• Non-EU nationals real estate owners in Cyprus;
• Non-EU nationals who applied for an extension of visitor visa

Employment Visa for:

• Non-EU nationals who want to work in Cyprus, such as domestic assistants, employees of companies of foreign interests and international companies, performing/creative artists
• Non-EU nationals who are married with a Cypriot national and working in Cyprus (Residence Permit-Employment-Married with Cypriot)

Student Visa for:

• Foreign students from Non-EU countries
How to Obtain a Residency Permit with GVI
GVI can advise on the necessary requirements and obligations expected from you in order to acquire your residency permit.
Administering documentation – We are fully equipped to assist you in obtaining the necessary application forms, and we will support you in completing and submitting them to the required immigration authority.
Legal compliance – Once you have obtained your residency permit, we can provide information on your rights, restrictions and obligations that are necessary for you to maintain your residency permit. We will offer advice and guidance to ensure you use your residency permit in compliance with the immigration laws and regulations applicable to you.
To find how GVI can assist you in finding the Temporary Residence Permit services you require, please Contact Us for expert assistance and guidance.

Retirement Visa in Cyprus:

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• Retirement Visa in Cyprus

One of the most sought after immigration residency visas is the Retirement Immigration Visa. This visa is applicable in most countries and enables the holder of a retirement visa to reside in their preferred country regardless of their nationality. Cyprus is a very popular retirement destination and attracts retirees from all over the world. A perfect combination of low cost living, tax benefits, mild climate and wide use of English make Cyprus one of the best places in Europe to retire.

Retirement Visa Application:

The application procedure for a retirement visa can be quite time consuming and requires the submission of several documents to the relevant authority. It is advised that you obtain the services of a professional consultancy firm that specialize in investment immigration and retirement visas to facilitate the application process and help administer the necessary due diligence documents.

Procedures for retiring in Cyprus:
Ways to obtain a Permanent Residence Permit

• Category F according to the Regulation 5 of the Aliens and Immigration Regulations. The processing time frame is between 5 to 12 months.
• Fast Track Procedure according to the Regulation 6(2) of the Aliens and Immigration Regulations: The processing time frame is within 2 months

In order to settle in Cyprus permanently and to live on earnings derived from your pension and/or other income from sources outside Cyprus, you have to apply for a visa Category F. This type of visa is granted to Non- EU citizens, “who possess and have fully and freely at their disposal a secured annual income, high enough to give them a decent living in Cyprus, without having to engage in any business, trade or profession. The annual income required should be at least €9,560 for a single applicant and moreover at least €4,613 for every dependent person”.

A secured annual income is considered to be:

• A Pension which is over the above mentioned amount.
• Rental income from properties in Cyprus or abroad.
• Interests from bank deposits or bonds issued by prime companies in Cyprus or abroad.
• Dividends from shares in Cyprus or foreign companies.
• A combination of the above.

The application for Permanent Residence under Category F will be examined favorably in case a non EU Member buys a real estate property in Cyprus of €300.000 and more.

To find out more on how GVI can assist you in obtaining a Retirement Visa, please contact us.

GVI offers comprehensive consultancy on how to obtain a Work Permit in Cyprus, in a timely, professional, and cost effective manner. Due to the complex procedure involved in obtaining a Work Permit it is highly advised that a professional consultancy firm assist you on a step by step basis. Our specialist consultants are experienced in advising individuals and their family members on how to obtain the required employment visa.

Work Permit in Cyprus for EU Citizens
Who can Work?

Nationals from EU member states can work in Cyprus without restrictions. As an EU citizen you will need a residency permit if you intend to stay longer than three months and work in Cyprus. For such residence permit you must apply to the Civil Registry & Migration Department.
EU nationals working in Cyprus have the same rights as Cypriot nationals with regards to pay, working conditions, access to housing, vocational training, social security and trade union membership.

What will you need?

1. Apply for an Alien Registration Certificate (ARC) and Residence Permit.
2. Apply for a social insurance number upon securing employment in Cyprus.

Work Permit in Cyprus for Non-EU Citizens:

If you are non-EU citizen and moving to Cyprus for employment, you should obtain an Immigration Permit (temporary work and residence permit) on the basis of one of the categories referred below. The Immigration Permit is usually valid for one year and can be renewed by submitting the required documents two months before the permit’s expiration date.

Who can Work?
Employment by Eligible Cyprus Companies:

• Executive Directors
• Middle-management, Executives and Key Personnel
• Supporting Staff

Self employed:

Category A: Self employed individuals who intend to work in Agriculture, cattle briefing, bird breeding or fish culture.
Category B: Self employed individuals who intend to work in mining enterprises.
Category C: Self employed individuals who intend to work in a trade profession.
Category D: Self employed individuals who intend to work science.
Category E: Self employed individuals who have been offered permanent employment in Cyprus, which will not create undue local competition.

Obtaining a Work Permit with GVI:

GVI can advise on the necessary requirements and obligations expected from you in order to acquire your Employment Visa.
Administering documentation – We are fully equipped to assist you in obtaining the necessary application forms, and we will support you in completing and submitting them to the required immigration authority.
Legal compliance – Once you have obtained your Work Permit, we can provide information on your rights, restrictions and obligations that are necessary for you to maintain your permit. We will offer advice and guidance to ensure you use your employment visa in compliance with the immigration laws and regulations applicable to you.
We will guide you through the steps you need to take for obtaining your Work Permit in Cyprus. Whether you are looking for information on any of our services, please feel free to contact us. Our staff are always happy to answer your questions.