Cyprus Residency Planning

Cyprus offers a range of residency programmes that cater for most personal requirements and budgets. Each provides qualifying applicants a local residence permit and the following additional benefits:

• The right to reside, settle and stay indefinitely in Cyprus
• Option to include spouse and qualifying dependent children.
• No language requirements
• Access to high quality educational institutions and medical facilities
• Use of embassies in Cyprus to apply for Schengen Visas
• Minimal ongoing physical presence or residency requirements (not applicable to the temporary permit)
• Multiple personal and corporate tax benefits
• Eligibility to apply for Cyprus citizenship by naturalisation after seven years*

* Citizenship applicants must live permanently in Cyprus for five years within a seven-year period, which amounts to 1,825 days. Additional qualification requirements also apply.

Generally, companies in the Republic of Cyprus are required to prioritise the employment of Cypriots and EU nationals before considering third-country nationals. However, Cyprus offers an exception to companies of foreign interest, allowing them to employ third-country nationals subject to specific requirements. This framework is particularly advantageous for third-country nationals who wish to incorporate their own company in Cyprus.

Qualifying Criteria

To qualify as a Cyprus Foreign Interest Company, it must:

• Be registered with the Cyprus Registrar of Companies and Intellectual Property,
• Have economic substance in Cyprus
• Have a majority of shareholders who are third country nationals

In addition to this, the ultimate beneficial owner/s (UBO) must deposit at least €200,000 in the company’s Cyprus bank account or, into the operation of its business e.g. the purchase of an office, equipment etc.

If the company has more than one UBO, the €200,000 can be deposited or invested by a single UBO or collectively.

The Key Benefits of Establishing a Cyprus Foreign Interest Company

In addition to the standard benefits available to Cyprus companies, the key benefit of an FIC is the ability to obtain residency, and work permits for its non-EU citizen Directors, Middle Management, Key Personnel and Specialists, as well as their families.

The Cyprus Temporary Residence Permit is an annually renewable self-sufficiency visa that allows an individual and their qualifying dependants, to live in Cyprus as a visitor, without employment rights.

The main qualification requirements are as follows:

• Annual income, that is sourced from outside Cyprus, of a minimum of €24,000, which increases by 20% for a spouse and by 15% for each dependent child.
• A title deed or rental agreement for a residential property in Cyprus that is for the sole use of the applicant and his/her family.
• A certificate of ‘no criminal record’ and of not being under investigation for criminal offences, that is attested by the relevant authorities of the applicant’s country of current residence.
• Private Medical Insurance
• An original medical examination certificate to confirm that the applicant does not have certain medical conditions.

N.B. It is essential that a holder of this temporary residence permit should stay out of the country for no more than three months at a time, because this could result in the permit being cancelled.