TEMPORARY RESIDENCY PERMITS

Pink Slip Visitor

Pink Slip in Cyprus is valid for 1 year and can be renewed on an annual basis. Under this permit, a person is allowed to live in Cyprus as a visitor (without the right to work).

Also, his family members, spouse, and children (under 18 years old), can get the pink slip as dependents. The whole family applies at the same time; each family member files a separate application form and gets his temporary residence card.

In order to be eligible for this type of permit, the applicant mainly needs to show:

  • Adequate income from abroad to cover living expenses while residing in Cyprus (estimated about €15,000 – €20,000 for a three-member family)
  • Either rented or bought a house or apartment

Pink Slip restrictions:

  • Cannot stay out of Cyprus for more than three months continuously as the permit would be cancelled automatically
  • No right to work in Cyprus
  • Is granted only to non-EU Nationals who wish to extend their stay in Cyprus
  • Valid for one year, can be renewed annually

Non-foreign interest companies

Applications for the issue of Entry and Temporary Residence and Employment Permits must be submitted by the Cypriot employer through the District Office of the Aliens and Immigration Unit of the Police or at the Central Offices of the Civil Registry and Migration Department in Nicosia.

EMPLOYMENT VISA

The applications should be submitted along with the contract of employment certified by the Department of Labor of the Ministry of Employment and Social Insurance, which is the competent Department for securing that there are no Cypriots or citizens of Member States of the European Union, available or adequately qualified for the specific job or post prior to recommending the employment of third country nationals.

The applicant must proceed to register with the District Office of the Aliens and Immigration Unit of the Police.

The maximum duration of employment in most cases is four years (exemptions may apply).

Foreign interest companies

The Companies who meet the criteria to be classified as foreign interest companies are also eligible to employ third country nationals in Cyprus. They must meet the following criteria:

  • The majority of the company’s shareholders or ultimate owners should be foreign;
  • The company should operate from their its own fully fledged offices in Cyprus

New companies should prove that they have direct foreign capital investment amounting to at least EUR 171,000 brought legally to Cyprus from abroad.

PERMANENT RESIDENCY

CATEGORY 6.2 & F

If you plan to live and invest in Cyprus on more or less permanent basis you should apply for a Permanent Residency Permit (PRP), and we shall gladly assist you at each step of the application process.

PRP Qualification Requirements

In line with the Cyprus government’s objective to increase foreign investment, the Ministry of Interior recently simplified the procedure for obtaining PRP status to non-EU nationals.

The ‘fast-track’ procedure requires an applicant to:

  • Submit a title of ownership or contract of purchase for a property for which the value is at least €300,000 (+ VAT). The property must be new and purchased from a developer. It is not mandatory for an applicant to purchase just one property. He/she can purchase two properties provided that the total value of the properties is at least €300,000 (+ VAT) and the properties are purchased from the same developer.
  • Provide evidence that the purchase is made from funds received from sources outside Cyprus.
  • Provide evidence of annual income of at least €30,000 from sources outside Cyprus. This can be from salary, dividends, rental revenue, interest from bank deposits, pension income, etc.
  • Provide evidence of additional annual income of €5,000 a year for each dependent and €8,000 for each parent of the main applicant or spouse, if they are included in the application.
  • Deposit at least €30,000 into a Cypriot bank for a minimum three-year period.
  • Submit a clean criminal record certificate issued by the police authority of their country of residence.
  • Declare their intention not to be employed in Cyprus – PRP holders are however permitted to own Cyprus companies and receive dividends.
  • Visit Cyprus within one year of the grant of the PRP to take receipt of the PRP.

Benefits of a PRP

The maximum period for granting PRP under the simplified procedure is two months. PRP status does not impose any restrictions to the period of stay in Cyprus. The only exception is that a holder must visit Cyprus at least once every two years to maintain PRP status. PRP holders are free to enter and live in Cyprus without the need to obtain a visa.

Actual residence in Cyprus may lead to eligibility for Cyprus citizenship by naturalisation, currently after seven years of staying in Cyprus within 10 calendar years.

Our dedicated team, in cooperation with legal partners and professional associates, can assist with all aspects of making a PRP application, including:
  • Consulting on the requirements of the application process
  • Advising on any questions/issues that need to be clarified
  • Assisting with drafting relevant documents
  • Assisting with the legal overview of purchase agreement and/or of relevant documents
  • Assisting with the real estate Due Diligence
  • Assisting with examining tax implications from the investment
  • Reviewing the application documentation to ensure required quality standards
  • Submitting the completed application to the Cypriot authorities on the client’s behalf
  • Monitoring the status of the review by the authorities and informing the client;
  • Acting as a liaison with authorities during the examination of the application
  • Accompanying the client and his/her dependents to the Civil Registry and Migration Department

The ‘fast-track’ procedure requires an applicant to:

  • Submit a title of ownership or contract of purchase for a property for which the value is at least €300,000 (+ VAT). The property must be new and purchased from a developer. It is not mandatory for an applicant to purchase just one property. He/she can purchase two properties provided that the total value of the properties is at least €300,000 (+ VAT) and the properties are purchased from the same developer.
  • Provide evidence that the purchase is made from funds received from sources outside Cyprus.
  • Provide evidence of annual income of at least €30,000 from sources outside Cyprus. This can be from salary, dividends, rental revenue, interest from bank deposits, pension income, etc.
  • Provide evidence of additional annual income of €5,000 a year for each dependent and €8,000 for each parent of the main applicant or spouse, if they are included in the application.
  • Deposit at least €30,000 into a Cypriot bank for a minimum three-year period.
  • Submit a clean criminal record certificate issued by the police authority of their country of residence.
  • Declare their intention not to be employed in Cyprus – PRP holders are however permitted to own Cyprus companies and receive dividends.
  • Visit Cyprus within one year of the grant of the PRP to take receipt of the PRP.

Benefits of a PRP

The maximum period for granting PRP under the simplified procedure is two months. PRP status does not impose any restrictions to the period of stay in Cyprus. The only exception is that a holder must visit Cyprus at least once every two years to maintain PRP status. PRP holders are free to enter and live in Cyprus without the need to obtain a visa.

Actual residence in Cyprus may lead to eligibility for Cyprus citizenship by naturalisation, currently after seven years of staying in Cyprus within 10 calendar years.

Our dedicated team, in cooperation with legal partners and professional associates, can assist with all aspects of making a PRP application, including:
  • Consulting on the requirements of the application process
  • Advising on any questions/issues that need to be clarified
  • Assisting with drafting relevant documents
  • Assisting with the legal overview of purchase agreement and/or of relevant documents
  • Assisting with the real estate Due Diligence
  • Assisting with examining tax implications from the investment
  • Reviewing the application documentation to ensure required quality standards
  • Submitting the completed application to the Cypriot authorities on the client’s behalf
  • Monitoring the status of the review by the authorities and informing the client;
  • Acting as a liaison with authorities during the examination of the application
  • Accompanying the client and his/her dependents to the Civil Registry and Migration Department

FOR EU NATIONALS

The Registration certificate is available to European (EU and EEA) citizens who wish to stay and work or remain as visitors in the Republic of Cyprus.`
The application for the issue of the certificate is submitted within 4 months from the date of entry into the Republic.

CYPRUS YELLOW SLIP

About Yellow Slip

  • The Yellow Slip is issued immediately or within a maximum of 5 days. It is issued directly from the immigration unit of the city that the applicant lives and applies.
  • The Registration certificate for European Union citizens does not expire.
  • With full rights of stay and re-entry, work, engage in business activities, the Yellow Slip generally entitles the holder to the same rights as Cypriot citizens.

CYPRUS CITIZENSHIP

Cyprus Investment programme

Attracting foreign direct investment is at the heart of Cyprus’ development strategy, as it represents a key driver for economic growth. 

On the basis of the Cyprus Investment Programme, a non-Cypriot citizen, who meets the economic criteria of the Programme, may apply for the acquisition of the Cypriot citizenship.
The applicant should have made the necessary investments during the three years preceding the date of the application and must retain the said investments for a period of at least three years as from the date of the naturalization. In the case where, following a periodic inspection, it has been established that a criterion, term or condition of the Programme has been breached, the granted naturalization may be revoked.

Investment Options

1

Investment in real estate, land under development and infrastructure projects

  • The Applicant has made an investment of at least €2,000,000 (excluding VAT and any transfer duties on land purchases)
  • The investment must involve the purchase or construction of buildings or for the construction of other land development projects (residential or commercial developments or developments in the tourism sector) or other infrastructure projects, including properties purchased after their initial sale (i.e. re-sales)
  • A mandatory donation of €75,000 to the Cyprus Land Development Corporation and a mandatory donation of €75,000 to the Research and Innovation Foundation, unless the applicant invests a minimum of €75,000 in a certified innovative enterprise (i.e. an enterprise that had acquired the relevant certificate by the Ministry of Finance).

2

Purchase or establishment or participation in Cypriot companies or businesses

The Applicant has made a purchase or has participated in companies or organisations established and operating in Cyprus with investment costs of at least €2m.

The invested funds must be channelled towards the financing of the investment objectives of these companies exclusively in Cyprus, based on a specific investment plan.Such companies or organisations must have proven physical presence in Cyprus, with significant activity and turnover and employ at least five (5) Cypriot or citizens of European Union member-states.

The minimum number of employees will be increased if more than one applicant invests simultaneously (or almost Simultaneously) in the same business or company.

3

Investment in Alternative Investment Funds (“AIFs”) or financial assets of Cypriot companies or Cypriot organisations that are licensed by the Cyprus Securities and Exchange Commission (“CySec”)

The Applicant has bought units with a value of at least €2m, from AIFs established in Cyprus and which are licensed and supervised by CySec.
These investments must be made in Cyprus exclusively.

These investments must meet the criteria of the Scheme or in areas approved by the Minister of Finance.

4

Combination of the above investments

The Applicant may proceed with a combination of the above investments, provided that the total investment will amount up to at least €2m.

Within this option (combination of investments) the Applicant may purchase special government bonds of the Republic of Cyprus, up to €500.000, which will be issued by the Public Debt Management Office of the Ministry of Finance, on condition that the investor will retain these bonds for a three year period.

The characteristics and the terms of these special bonds will be determined by the General and Special Issue Terms of the Government Bonds of the Republic.

Investments in government bonds through the secondary market are not considered eligible.

NEED MORE INFORMATION?

Please feel free to contact us for more information and/or a personalized consultation.