How to get a Cyprus Residence Permit:  Opinion of a specialist

Active Cyprus PR is now carried out through all mass media. Many people, especially those who live in countries that are not yet part of the European Union, would like to get, if not Cypriot citizenship, at least a residence permit. How to do this, says Elena Ruda, an expert at Immigrant Invest. 

How to get Cyprus permanent residence: the main aspects

Membership in the European Union Cyprus received in the early 2000s. To Cyprus PR by investment, the government of the republic has implemented a procedure for permanent residence permits. Using this scheme allows citizens of countries outside the EU to ensure their stay within the European Union. To do this you need to comply with the following requirements provided by the legal system of the country:

• to purchase a dwelling worth 300,000 euros or more;
• to deposit 30,000 euros or more in any local bank for a period of 3 years;
• proof of annual financial income of 30,000 euros or more.

Cyprus permanent residence does not provide employment for the applicant and his/her relatives, but it is allowed to own a share in a Cyprus company or the company itself in order to gain profits. Holders of the residence permit must come to Cyprus once every two years. In addition, it is mandatory to have no criminal record.  

Cyprus permanent residency program also applies to relatives of the applicant. It is noteworthy that if they are living in Cyprus, they have the opportunity to initiate the naturalization process. One only needs to prove their stay in the country for 7 years out of any 10 calendar years.

Formation of a foreign company

In Cyprus, there is an international organization FIC, which is engaged in employment in the Republic of citizens of countries outside the EU. This organization invites certain workers and makes residence permits for their relatives.

FIC accepts documents of persons who meet the following features:

• shareholders must own more than half of the total share capital of the firm;
• shareholders must contribute at least €170,860 to the share capital of the company in order to finance future expenses when incorporating the company in Cyprus.

After 7 years of residence for 10 calendar years you can try to apply for Cyprus citizenship.

Startup Visa

Any business entities possessing this document can reside, enter or work in Cyprus, promoting their own business. This is beneficial to the following categories:

• individuals;
• teams.

Individuals or non EU citizens must establish or own companies that meet the following requirements:

1. The firm must be innovative. Expenditure allocated to research and innovation must be at 10% of operating costs in one year of the three years preceding the application. This must be confirmed by international auditors. If the new company does not have any financial history, it will be evaluated by a business plan submitted to the Ministry of Finance.
2. The business plan must specify that the location of the company’s headquarters and tax address must be on the island.

Teams include people from countries outside of the European Union. They must also meet the requirements:

• the founders must have no more than 5 people;
• the team must own more than 50% of the firm’s shares;
• one founder of the firm must have access to the amount of 10 000 euros;
• one member of the team must have a bachelor’s degree or similar qualifications.

Startup visa will allow earning and residing on the island for one year with the possibility of extending the stay. Residents can also be self-employed or take a paid job with a Startup visa eligible company. As long as the business is successful, such people can stay in the country permanently.

Residence permit granted by education

Cypriot universities cannot be called prestigious, despite their popularity. In them a student can get knowledge in many modern disciplines, as well as gain experience in business, working in the world companies, which are registered in Cyprus.

It is possible to get an education in the country not only in higher education institutions, but also in institutions of lower accreditation. Then there is a chance to acquire a residence permit as an accompanying person. This opportunity is available to parents and guardians. You only need a certificate of income and proof of funds in the account.  This allows the authorities to make sure that visitors will not need anything.