Background
Becoming resident on the island of Cyprus can be a complicated and drawn out process. There are various options available to non-EU citizens.
Note – This blog is a guide only, we do not give official residency advice, this is done through our legal partners who are the experts in all of the options available. However, this overview is accurate at the time of writing.
If you are looking for a more detailed overview we can arrange this with our legal partners. (Contact us for more information).
EU Citizens
EU citizens can generally live and work in Cyprus under the same conditions as Cypriot citizens. The principle of free movement of workers within the EU, which applies to Cyprus since 2004, allows EU nationals to access the Cypriot labour market without restrictions. However, there are some administrative requirements, particularly for stays longer than 3 months.
Here’s a more detailed breakdown:
Free Movement:
EU citizens have the right to enter, live, and work in Cyprus, and engage in any economic activity, under the same conditions as Cypriot citizens.
Registration:
If an EU citizen intends to stay in Cyprus for more than 3 months, they need to apply for a registration certificate (also known as a “yellow slip”) within 4 months of their arrival. This certificate confirms their legal residence and right to work in Cyprus.
Residence Permit:
While not strictly required for employment initially, EU citizens who want to stay long-term (over 3 months) and work in Cyprus may need a residence permit.
Work:
EU citizens can work in any sector in Cyprus, and the same working conditions, salaries, and benefits apply to them as to Cypriot citizens.
Non-EU Citizens
Obtaining residency for non-EU citizens is much more complicated but there are options available.
Resident Permits
There are a three different types of permits available:
- Temporary Visitors Permit (also known as the the Pink Slip)
- Work Permit
- Long Term Residence Permit
Each of the above permits have different criteria and qualification requirements.
Download our Residence Permit Overview.
Fast Track Permanent Residency
There is an option to fast-track the process to obtain a permanent residency here in Cyprus for non-EU citizens.
What are the requirements?
- Investment in a residential property
- Minimum investment amount over €300,000 – plus VAT
- Must be a new build, first sale property, so resale properties are not included
- Investment can be in one or multiple units
- Payment of the €300,000 – plus VAT to apply for the permit (irrespective of the delivery date of the property)
- Investment in commercial property
- Minimum investment of €300,000 – plus VAT (if applicable)
- Can be a combination of resale units
- Other options include share capital investment in a Cypriot business.
Note – there is a detailed set of criteria and documentation requirements that has to be met for this fact-track option. It is also worth noting that the fast track investment requirement is likely to be raised to at least €500,000 – plus VAT in the near future.
What did we do?
My wife and I are non-EU citizens. We arrived in Cyprus in late 2022.
At the time, we were advised by our legal team to opt for a work permit based upon working for our own Cypriot company. So, this is the approach that we took. We set up a business and employed my wife and I get temporary residence as a dependent.
This does have other major advantages due to the generous Cypriot tax system (see our blog on this subject).
However, since 2022 the rules have changed. Now, if you wish to set up a business as a none EU citizen you will need to ensure that you can show a €200,000 balance in the business at the point of relocation. Not ideal, however this is still a good option if you can invest in your business at that kind of level.
Residency in Cyprus remains an option for non-EU citizens. It is however a complicated process that most people need legal support to navigate through. This is where the team at CyprusMove.com can help.
