Apply for Temporary Residence Permit / Pink Slip

The following documents are required upon the application:

1.   Rental Agreement or Title Deed or Contract of Sale ( duly certified, countersigned and stamped duty if needed);
2. Bank Guarantee with the amount depending on the nationality;
3.   Medical Insurance for immigration purposes;
4. Marriage and Children Certificates if applicable;
5.   Proof of income from abroad

As from 01.01.2023, the amendments to the immigration policy came into force, noting that the additional requirements became applicable:

1. Detailed statement of bank account transactions in a financial institution in the Republic of Cyprus, for the last 12 months in case of a renewal or from the date of opening the account in the case of a first permit, showing the foreign remittances in the name of the applicant which in total should not it is less than €2,000 per month or €24,000 per year for one person. This amount increases by 20% for the spouse and by 15% for each child. For the purposes of calculating the amount, transfers abroad or to third parties will not be taken into account. Therefore, in order to apply for the permit, the applicant needs to show the statement of his bank account, containing the information regarding their monthly financial transactions, which will eventually be equal to 24,000 per year for one person. During the first permit, a cash transfer or deposit of at least €10,000 is also accepted. In the case of a cash deposit, the cash declaration at customs must be submitted.
2. Original medical examination certificate of blood tests, proving that the third-country national does not suffer from hepatitis B, and C, HIV, syphilis, as well as a chest X-ray for tuberculosis with a doctor’s opinion, stamped by a specialist doctor from the Republic of Cyprus ONLY for the 1st Permit. For children under 15 years old no x-ray is required and a Mantoux Skin Test is required instead. For children who are under 6 years of age, no medical examinations are required.

The residential permit necessitates annual renewal.

Investment permanent residency permit ( Category 6.2) is granted to all third country nationals, who wish to obtain a permanent residency in the Republic of Cyprus on the basis of investment.

In order to be eligible for it, the applicant is required to invest at least €300.000, in one of the following categories:

1. Investment in residential property/ies (excluding re-sale of the property): An amount of at least €300,000 (plus VAT) should be invested and should be deriving from abroad. Proof of the payment of at least €200,000 (excluding VAT) should be submitted as part of the application.
2. Investment in other property (including re-sale of properties), excluding residential properties: An amount of at least €300,000 (plus VAT, if applicable) might be invested in purchase of shops and/or offices and/or hotels and/or developments of identical nature
3. Investment in the share capital of a company registered in Cyprus, with activities and personnel located in Cyprus: An amount of at least €300,000 to be invested in the share capital of a company, registered in the Republic of Cyprus, based and operating in the Republic. However, the company should have a proven physical presence (substance) in Cyprus and should be employing at least five (5) individuals.
4. Investment in shares of a Cyprus Collective Investment Organisation (forms of AIF, AIFLNP, RAIF): An amount of at least €300,000 to be invested in shares of a Cyprus Collective Investment Organisation, in the form of AIF, AIFLNP and/or RAIF.

As from 2nd of May 2023, the new requirements have been added and the previous one replaced, particularly with the emphasis on the following:

•         The annual income of the applicant, which should be evidenced to be at least €50,000 per year, increased from the previous €30,000. The annual income is increased by 15,000 euros for the spouse and 10,000 euros for each minor child of the applicant and/or his/her spouse;
•         It is not allowed to include in the application anyone, except for the minor children or spouses or those children below 25 years, who can prove the dependency on the applicant;
•         The proof of the annual income of the applicant. The guaranteed annual income of the main applicant can only be confirmed by a  tax return from the country of previous residence;
•         .The property that will be used as an investment when applying and will be declared as a permanent residence of the family must have enough bedrooms to meet the needs of the main applicant and his/her dependent family.

Usually, it takes around 3-4 months for the residency to be granted, however, in a practical way it could extend up to 6 months.

Once it is granted, it does not need to be renewed. 

Acquiring the residency generally spans 3-4 months but can stretch up to 6 months. Once granted, there’s no renewal required.

At IBCCS TAX, we are dedicated to facilitating your journey to secure a comfortable life in Cyprus. Our experienced team is ready to guide you step-by-step, ensuring a stress-free application process. Trust us to handle your residency needs as you prepare to enjoy the serene environment that Cyprus offers.