The recent increase in the interest of third-country (non-EU) nationals to temporarily or permanently reside in Cyprus is a direct result of the country’s attractive living and working conditions. Tax incentives, a solid legal system aligned with EU law, stability as well as safety, are all factors contributing to Cyprus becoming a strong business hub, as businessmen worldwide have identified it as the ideal environment for their business activities.
A third-country businessman interested in obtaining a work permit and residing in Cyprus needs to obtain an Immigration Permit, pursuant to Regulation 5 of the Aliens and Immigration Regulations (Category F) of the Republic of Cyprus. This Immigration Permit in relation to Category F is equivalent to a Permanent Residence Permit that may exclude the businessman from immigration entry procedures and control, while applicable to family members.
In order for a businessman to obtain a permanent residence, he/she must have a secure annual income in an amount of at least €9,568.17 for a single applicant and at least €4,613.22 for each dependent person. In addition, an application form should be submitted to the Civil Registry and Migration Department directly, accompanied by the copies of all required documents, as well as the originals of documents testifying to the income of the applicant(s) and the relevant fees paid.
In order to set up a business in Cyprus, the holders of a Permanent Residence Permit need to incorporate a Cyprus company which will be owned and managed personally by them, as well as to receive a salary from their Company.
The holder of a Permanent Residence Permit needs to submit all incorporation documents of the Company to the Immigration Department in addition to following:
- -Deposit of 211,866 EUR to the company’s account
- -Original copy of Bank Guarantee (€350-€850), issued from the company’s bank account
- -Copy of the Contract of Employment, duly stamped and authorised, indicating a minimum monthly salary of 3,853 EUR.
- -Copy of passport showing the visa with which the applicant entered in Cyprus.
- -Brief Curriculum Vitae, including copies of academic qualifications, translated into Greek language
- -Original blood analysis results showing that the applicant does not suffer from any blood-related disease.
- -Rental agreement for the applicant’s home in Cyprus
- -Certificate of Health Insurance
- -Employer’s liability insurance
- -Clear criminal record certificate from the country of origin
An Immigration Permit will be automatically cancelled if the interested person fails to acquire residence in Cyprus within one year from the approval of the application, in case he/she is residing outside Cyprus.