Individuals who are interested to live or work in Cyprus, can take advantage of various immigration permits. The immigration permits available are either permanent permits or temporary permits with several advantages according to the individual’s needs. Our company can assist you with all types of permits. An outline of the available permits can be found below.
This type of permit is granted only to non-EU nationals who wish to stay in Cyprus for more than 3 months provided that they can sustain themselves. The so called ‘Pink Slip’ is valid for 1 year and can be renewed every year. Under this permit an applicant is allowed to stay in Cyprus as a visitor without employment rights.
The applicant’s family members (spouse and children under 18 years old) can also apply for this permit as dependants.
EMPLOYEES IN COMPANIES OF FOREIGN INTERESTS (BCS VISA)
Under this permit, individuals who wish to work in Cyprus can apply to be registered as employees of Cyprus registered companies of foreign interests.
In order for the company to be eligible for registration as company of foreign interests the foreign participation in the company’s share capital must be over 50% of the total share capital. In case where the percentage of foreign participation in the company’s share capital is equal to or less than 50% of the total share capital, in order for the company to be considered as eligible, the foreign participation should represent an amount equal to or greater than the amount of €200,000.
It is also necessary for the company to have premises in Cyprus either owned or rented where the employees will work.
The minimum salary for the employee is €2,500, he/she must have they will hold a university degree or diploma or equivalent qualification or confirmation of relevant experience in a corresponding employment position of at least 2 years duration. Additionally the employee must rent or own a residential property in Cyprus.
Following the filing of the application, the employee must get registered with the Social Insurance and the Tax Department, to pay taxes and social insurance contributions and to file his tax declaration in Cyprus.
This kind of residence permit is temporary with validity of up to 2 (two) years and can be renewed.
Employees wishing to bring their spouse and minor children in Cyprus can do so on the basis of family reunification or family visitor applications which are dependent on the validity of the permit of the employee.
This permit is available to individuals who possess and have fully and freely at their disposal a secured annual income, high enough to give them a decent living in Cyprus. The annual income required should be at least €9568.17 for a single applicant and moreover at least €4613.22 for every dependent person, but the Immigration Control Board may demand additional amounts as necessary. The individual under this permit has no employment rights.
An Immigration Permit under this category will be automatically cancelled if the applicant fails to acquire residence in Cyprus within one year from the approval of the application, in case he/she is residing outside Cyprus. It will also be cancelled if he/she acquires permanent residence abroad or be absent from Cyprus for a period of two years.
The examination of the application and the issue of the residence permit takes approximately 12 months. This is a permanent residence permit and there is no necessity to renew it.
A permanent permit under Regulation 6(2) of the Cyprus Aliens and Immigration Regulations give to an individual who invests to Cyprus the right to permanently reside in Cyprus without the right of employment.
This procedure is faster than the one described under Category F above and the applicant can get the permit normally within 6 months.
The applicant’s family can also obtain it (spouse, children under 18 years old, financially dependent children up to 25 years old and parents/in-laws)
The applicant must meet one of the investment criteria as well as the quality criteria outlined below. It is noted that the money that will be used for the investment must be proven to have been transferred to Cyprus from abroad.
The applicant must invest at least €300,000 in one of the following investment categories:
1. Investment in a house/apartment: Purchase a house or apartment from a development company which should concern a first sale of at least €300,000 plus VAT.
2. Investment in real estate (excluding houses/apartments): Purchase of other types of real estate such as offices, shops, hotels or related estate developments or a combination of these with a total value of €300,000.
3. Investment in Cyprus Company’s share capital with business activities and personnel in Cyprus: Investment worth of €300,000 in the share capital of a company registered in Cyprus, based and operating in Cyprus and having proven physical presence in Cyprus and employing at least five (5) people.
4. Investment in units of Cyprus Investment Organization of Collective Investments (forms of AIF, AIFLNP, RAIF): Investment worth of €300,000 in units of Cyprus Investment Organization Collective Investments.
The applicant and his spouse must submit clean criminal record certificate from their country of residence or from Cyprus in case they reside in Cyprus. The applicant and his spouse shall also confirm that they do not intend to undertake any sort of employment in Cyprus.
In cases where the investment does not concern the company’s share capital, the applicant and/or his spouse are allowed to be shareholders in companies registered in Cyprus and the income from the dividends derived from such companies may not be considered as an obstacle for the purposes of obtaining this Immigration Permit. In such companies, they may also hold the position of an unpaid Director.
EUROPEAN CITIZENS (YELLOW SLIP)
Where European (EU and EEA) citizen and their family members wish to reside and work in the Republic of Cyprus, the Registration certificate, commonly known as ‘Cyprus Yellow Slip’, must be applied for within 4 (four) months from their date of entry in Cyprus.
KYRIAKOS ANTONIOU & ASSOCIATES LLC, having an in-house experienced legal department in immigration services
is able to assist you in the process of relocation of foreigners to Cyprus with the issue of temporary and
permanent living and work permits.
Our experienced immigration lawyers can further undertake all immigration procedures in Cyprus either for residency or employment such as yellow slip, BCS, Pink slip, all categories of licenses for all permits.
The content of this article is aimed at providing general information on the above subject matter and does not amount to legal opinion or advice. For further enquiries with respect to immigration permits, please communicate with our company KYRIAKOS ANTONIOU & ASSOCIATES LLC.
Telephone: 00357 25 206 919
Email: [email protected]