Cyprus is one of the most attractive islands in Europe and this is why many individuals choose Cyprus to be their second home and sometimes even their first home! The high education level, the low criminal rate and the Mediterranean weather allow Cyprus to be one of the top rated destinations.
Cyprus Immigration Law is governed by International law. It relates to the legal status of a person in another country. The requirements for immigration procedures vary from country to country. Each Government creates regulations in regards to how long a foreign national is allowed to stay in their country and what is required to allow him to visit/work or become legal citizens of the country.
In Cyprus, different procedures apply for work permits, temporary residency and permanent residency. Below, there is an analysis for each category:

TEMPORARY RESIDENCE

The main terms to apply for a temporary residency is the clean criminal record of the applicant, the purchase or rent of a property in Cyprus which will be used only as the place of staying when he/her and his/her family members are in Cyprus, the transfer of the minimum amount of €10,000 from abroad into a personal account in Cyprus, and the annual income of the client abroad as with the “pink slip” he/she will not be allowed to work.
Upon the submission of the application the client must be present at the local immigration office of the area he rented or purchased the property. Holders of temporary residency cards must be in Cyprus minimum six months plus one day per year and they cannot be out of Cyprus for 3 continuous months.

PERMANENT RESIDENCE

It is possible for any Non-EU Nationals, to apply for a permanent residency as per the categories of the Aliens and Immigration Regulations.
Category F: The main term of this category is the clean criminal record of the applicant, the annual income the client has abroad (Minimum €10,000 plus €5000 for his wife plus €5000 for each child) and the permanent home the client will have in Cyprus (rent or purchase). Also, a vital term is the money he will have into a personal bank account in Cyprus for his/her living expenses. Holders of Category F cards are now allowed to work in Cyprus.
Category 6(2) – A Non-European Investor who purchases a property for the minimum amount of €300,000 + vat is eligible to apply for a fast track permanent residency if the property (house or apartment) will be used as the permanent property of the Investor when he is in Cyprus. The residency application can be submitted with all needed documents as soon as the contract of sale is lodged at the land registry and as soon as the minimum amount of €200,000 + vat is paid to the Vendors. It is important to mention that with the fast track scheme the parents of the Investor, in-laws, and children who are students up to 25 years old can also apply for their residency. The residency application under the fast track scheme is examined in approximately three months from the day of the application’s submission. Under category 6(2) holders of Permanent Residence Permits are not allowed to work in Cyprus. However, they can be shareholders in a Cypriot Company and provide services to local partners.
It is important to mention that as per the latest amendments dated 24/3/2021, the minimum investment of €300,000 which is needed to apply for a fast track residency can be also invested for the purchase of other properties (including resale properties) such as offices, shops, hotels etc or for the investment in the capital of an active Cypriot Company or for investment in shares of the Cyprus Investment Association of Collective Investments.
The Investors are not allowed to sell or rent their investments unless they exchange them with other investments again for the minimum amount of €300,000. In all categories, except from the purchase of a new villa or flat, the investment funds can be from sources in Cyprus and also the details of the permanent address in Cyprus should be provided (Title deed, sales agreement, rental agreement)
The most important amendment which attracts many Investors is that the pledge of €30,000 in a Cyprus banking institution is no longer required.

WORK PERMIT FOR A FOREIGN INTERESTS COMPANY:

Non-European Nationals, who wish to register a company and work in Cyprus and the company’s shares are possessed by at least 51% Non-Europeans, must invest the amount of €200,000 in the company’s capital and apply for a work permit for the company and then for the directors and key personnel.

*All above categories should be made in collaboration with professional lawyers to secure the successful outcome of the applications.