Country Profile:

Cyprus is situated in the eastern Mediterranean, at the crossroads of Europe and Asia. Although geographically located in Asia, its cultural affiliations are European. It is the third largest island in the Mediterranean, with tourism and agriculture serving as the primary pillars of its national economy.

Currently, Cyprus is divided into two distinct administrations: the Greek Cypriot government in the south, which is recognized by the international community, and the Turkish Cypriot government in the north. This discussion focuses on the Republic of Cyprus, located in the south.

Cyprus became a member of the European Union on May 1, 2024, but it is not part of the Schengen Area.

Capital: Nicosia

Population: 923,272 (2022)

Ethnic groups: 98.8% Greek Cypriots

Area: 9,251 km²  (162nd)

Offical Language: Greek & Turkish

Currency: Euro

GDP per Captial: $58,733 (2024 estimated, 30th)

How To Become A Resident In Cyprus:

Cyprus is a member of the European Union, and non-EU citizens interested in long-term residence have several options:

1. Golden Visa: Requires a minimum investment of 300,000 euros and grants immediate permanent residency.

2. Start-up Visa: For those starting a local company with an innovative business plan and at least 20,000 euros in startup capital.

3. Pink Slip: A short-term residency permit for individuals with a stable annual income of more than 24,000 euros. This is an income-based visa.

4. Digital Nomad Visa: Targets remote workers earning over 3,500 euros per month, with an annual quota of 500 visas, renewable twice.

5. Indirect Residency: Obtain residency in another EU country and then move to Cyprus.

Most short-term residence permits in Cyprus can be renewed indefinitely under the same conditions (except for the Digital Nomad Visa, which can only be renewed twice) until you leave Cyprus or get permanent residency.

During the visa application process, the primary applicant’s spouse and children under 18 can also settle as dependents.

After legally residing in Cyprus for five years, foreign nationals can apply for permanent residency. Those who have lived legally for seven years (2,555 days) and continuously for one year before applying, are over 21, and have no criminal record, may apply for citizenship.

This period can be reduced to five years (1,825 days) for applicants with Cypriot immediate relatives or holders of the Golden Visa.

Citizenship applicants need a basic understanding of the local language, history, and culture.

Golden Visa:

Who is eligible for a Cyprus Golden Visa?

The Cyprus Golden Visa program allows third-country nationals (non-EU residents) to quickly obtain permanent residency through investment. Following the latest revision to the permanent residency regulations on May 2, 2023, applicants must invest at least 300,000 euros in one of the following sectors:

1. Investing in New Residential Properties: Applicants can purchase one or more properties from different companies, ensuring the total value (excluding VAT) meets or exceeds 300,000 euros. Only new properties qualify; second-hand real estate purchases are not permitted.

2. Investing in Commercial Real Estate: Eligible investments include offices, shops, or hotels, and may involve second-hand properties.

3. Purchasing Shares or Starting a Company: The investment must be in a company that is based and operational in Cyprus, creating employment opportunities for at least five local staff.

4. Investing in Cypriot Collective Investment Funds (AIF, ALFLNP, or RAIF).

Main applicants must also meet the following income requirements (The income of the spouse, if any, may be included in the income calculation):

Single applicant: An annual income of at least 50,000 euros.

Couple applying together: A combined annual income of at least 65,000 euros.

For each additional minor dependent: An increase in the annual income requirement of 10,000 euros.

Dependents eligible under the Cyprus Golden Visa program include the spouse, children under 18, and unmarried children aged 18 to 25 who are still in education.

Applicants must also have no criminal record, be in good health, and pledge not to compete for local employment opportunities outside their own business operations.

How to apply for a Cyprus Golden Visa?

The application process for the Cyprus Golden Visa generally follows these steps:

1. Complete the Investment: Choose your investment route and transfer the funds to Cyprus. Complete the investment on the island before submitting your application.

2. Submit the Application: Once the investment is complete, gather all necessary documents and submit your application to the Cyprus Ministry of Interior and Civil Affairs.

Required documents include: passport; resume of the main applicant; marital and birth certificates to demonstrate relationships between main and dependent applicants; criminal record certificate; a declaration of non-engagement in paid employment in Cyprus; income proof and related tax documents; evidence of completed investment; proof of local health insurance; and an endorsement from an intermediary.

All documents not in English must be translated into English, and every document must be notarized either by the Hague Apostille or by a Cypriot consulate.

The review process for the Cyprus Golden Visa typically takes about two months. The application fee is 500 euros, with an additional 70 euros per dependent.

Visa Duration:

The Cyprus Golden Visa grants permanent residency. Holders can apply for citizenship after residing in Cyprus for five years, subject to meeting additional requirements.

If you are not seeking citizenship, the following requirements must be met to maintain the Golden Visa:

1. Visit Cyprus at least once every two years.

2. Submit an annual report confirming that you continue to maintain your investment and have purchased health insurance covering all primary and secondary applicants.

3. Every three years, provide an updated criminal record for all primary and secondary applicants.

4. You must not hold permanent residency status in any other country, according to legal requirements.

Start-up Visa:

What is Cyprus start-up visa?

The Cyprus Start-up Visa is an initiative by the local government aimed at boosting the country’s business potential by supporting foreign entrepreneurs with innovative ideas. This visa allows Non-EU citizens to establish businesses and live and work in Cyprus.

The program typically spans two years and is subject to quota restrictions. For instance, from May 2022 to May 2024, the total quota for the Cyprus Start-up Visa is capped at 150.

Holders of the Start-up Visa enjoy several privileges:

1. They are allowed to operate their business in Cyprus for two years, with the option to renew for at least one additional year. If the business proves successful, it may lead to a long-term visa, enabling permanent residency in Cyprus.

2.They can employ foreign workers in Cyprus without restrictions and apply for work visas for them. The only condition is that the ratio of Cypriot to foreign employees in the company must be at least 7:3.

3. Visa holders and employees with an annual salary exceeding 55,000 euros are eligible for a 50% tax reduction.

Who is eligible for a Cyprus start-up visa?

The Cyprus Start-up Visa can be applied for by individuals or teams of up to five members.

To qualify, applicants must meet several criteria: they should have at least a university degree, be proficient in English or Greek, and have access to startup capital of at least 20,000 euros.

If applying as an individual, you must be a key figure in the start-up. If applying as a team, the team must own more than 50% of the start-up’s shares.

One of the primary challenges for obtaining the Start-up Visa involves the business itself: you need to prove that your start-up is innovative and supported by a credible and promising business plan.

How to apply for a Cyprus start-up visa?

You can submit your Cyprus Start-up Visa application from either abroad or within Cyprus. Initially, all relevant documents should be emailed to startupvisa@dmrid.gov.cy.

Required documents include: your resume; proof of proficiency in English or Greek; a detailed business plan; evidence of at least 20,000 euros in bank deposits; a passport valid for more than two years; and if the company is already established, previous tax returns.

All documents not in English must be translated into English, and all documents need to be notarized by the Hague Apostille or by a Cypriot consulate.

The application will be evaluated by the Deputy Ministry of Research, Innovation, and Digital Policy of Cyprus, generally within a five-week timeframe.

Evaluation is based on five criteria: significant international market with upward trends, high-growth business with an innovative and expandable business model, clear and sustainable competitive advantage, management team, and intellectual property protection. Each criterion is scored out of three points, and a project must score at least 11 out of 15 points and have remaining quota space to be approved. If you are in the market for superclone, https://www.fakewatch.is/product-category/richard-mille/rm-53-01/ Super Clone Rolex is the place to go! The largest collection of fake Rolex watches online!

Once approved, the applicant will receive a preliminary acceptance notice. Subsequently, you must formally submit your start-up visa application to a Cypriot consulate abroad or the Department of Civil Registry and Migration in Cyprus within six months of this notification.

The processing time for the Start-up Visa usually takes about three weeks.

Pink Slip:

What is Cyprus Pink Slip?

In Cyprus, the temporary residence permit is commonly referred to as the “Pink Slip,” named for its distinctive pink-colored card.

This permit functions primarily as an income visa, allowing non-EU citizens who have adequate financial resources and who pledge not to engage in local employment to reside in Cyprus for more than a year.

The Pink Slip can be renewed annually provided the original conditions are met. Foreign nationals who comply with the requirements and legally reside in Cyprus for five years are eligible to apply for permanent residency, and after seven years, they can apply for citizenship.

It is crucial to note that if the holder of the Pink Slip departs Cyprus for a period exceeding three months at any one time, the permit will automatically be canceled.

Who is eligible for a Cyprus pink slip?

To apply for a temporary residence card in Cyprus, applicants need to fulfill the following financial criteria:

1. Stable Annual Income: Applicants must demonstrate a stable annual income of more than 24,000 euros. If accompanied by a spouse, the required income increases by 20%, and by 15% for each child accompanying them. It is advisable to exceed these minimums, ideally having an income between 25,000 and 30,000 euros.

This income can come from passive sources or remote work, as long as it doesn’t require employment in Cyprus.

2. Housing Requirement: Applicants must either purchase or rent a residence in Cyprus, with a lease agreement for at least one year.

3. Bank Deposits: Applicants should have a deposit of 24,000 euros in a local bank. This amount increases by 20% if a spouse is included and by 15% for each child.

4. Health Insurance: Obtain health insurance that covers services in Cyprus, with a minimum annual cost of 175 euros per person as of 2024.

In addition to these financial requirements, applicants must also pass a medical examination to prove they are in good health, commit to not engaging in employment within Cyprus, and ensure that any exit from Cyprus does not exceed three months at a time after the visa is granted.

How to apply for a Cyprus pink slip?

To apply for a pink slip in Cyprus, applicants must first secure a valid visa, enter the country, complete necessary financial deposits, arrange for local accommodation, and gather all necessary documents.

Required documents include: a valid passport, proof of relationship between the primary applicant and dependents, a contract for purchasing property or a rental agreement lasting at least one year, proof of income, local bank deposit evidence, medical examination results, and proof of health insurance that covers services in Cyprus.

All documents not in English must be translated into English and must be notarized by the Hague Apostille or by a Cypriot consulate.

Once all preparatory steps are completed, you can submit your visa application in person at an immigration office located in one of five designated cities across Cyprus.

The Department of Civil Registry and Migration processes all pink slip applications, with a typical processing time of three months. The application fee is 70 euros per person.

Digital Noma Visa:

Who is eligible for a Cyprus digital nomad visa?

How to apply for a Cyprus digital nomad visa?

The application process for the Cyprus Digital Nomad Visa involves the following steps:

1. Entry: Initially, you must obtain a visa to enter Cyprus, after which you can apply for the Digital Nomad Visa while within the country.

2. Preparation: Gather all necessary documents, secure a confirmed address in Cyprus, and draft an application letter.

3. Submission: Take your application to the Department of Civil Registry and Migration in Nicosia, along with a visa fee of 70 euros.

Required documents include: an application form, a passport with at least three months’ validity remaining, two passport-sized photos, a resume, evidence of sufficient financial resources, a criminal record certificate, proof of residence in Cyprus, valid health insurance, blood tests (including for HIV and hepatitis), a declaration of not engaging in local employment, a letter detailing the reasons for your visa application and your work process in Cyprus, and proof of self-employment or remote work.

All documents not in English must be translated into English, and all must be notarized either by the Hague Apostille or by a Cypriot consulate.

4. Visa Issuance: The review and processing time for the visa typically ranges from 5 to 7 weeks.

Work Visa:

Foreign nationals possessing an EU Blue Card have the legal right to reside and work in Cyprus. Additionally, Cyprus facilitates the application process for work visas for foreign individuals who have secured employment contracts with local companies.

Overseas work visa holders must apply to convert their visa at the nearest police station or the Department of Civil and Migration Affairs in Nicosia within seven working days of their first entry into Cyprus.

Taxation:

Once a foreign individual has lawfully resided in Cyprus for a minimum of 183 days within a year, they become tax residents of the country.

Cyprus boasts one of the most favourable tax structures within the European Union. This includes an 8.3% social security tax, a 19% value-added tax (VAT), a 0.4% real estate tax, and a 12.5% corporate tax. The personal income tax operates on a progressive system: no tax is levied on incomes under 19,500 euros, incomes ranging from 19,501 to 28,000 euros are taxed at 20%, those from 28,001 to 36,300 euros at 25%, incomes from 36,301 to 60,000 euros are taxed at 30%, and any income exceeding 60,001 euros is subject to a 35% tax rate.

Passport Power:

Cyprus recognizes dual citizenship and is one of the European Union members. Its passport is ranked 12th globally. Passport holders enjoy the freedom to travel (either visa-free or visa upon arrival) to 182 countries and regions worldwide (May 9, 2024).

Useful Links:

Cyprus Civil Registry and Migration department：http://www.moi.gov.cy/moi/crmd/crmd.nsf/home_en/home_en?openform

Cyprus Startup Visa: https://www.dmrid.gov.cy/dmrid/research.nsf/startupvisa_en/startupvisa_en?OpenDocument