New Residency Rules for Cyprus

The Cyprus press reported last week that according to the new rules approved by the Cabinet, an immigration permit may be granted to foreign nationals who fall under certain categories.

 Such foreign nationals are required to have a valid passport or other travel document. Furthermore, they will not constitute a threat to national security, public order, or public health.

The categories are:

1. Self-supported foreign nationals - individuals who intend to live in Cyprus without exercising any profession but who have a secured annual income of €40 0000 plus an additional €10 000 for every additional member of the family. These individuals should also own a private house for the minimum value of €250 000.
2. Foreign nationals who are investors - these individuals proceeded with an important investment in Cyprus and their funds are coming from legal sources outside of Cyprus.
3. Self-employed foreign nationals – individuals who intend to work in a business in Cyprus provided they have the qualifications to exercise this profession and the specific job benefits Cyprus. Furthermore, they should have the necessary permits for the job and have sufficient funds available. All and any dues to Social Insurance and Income Tax must be settled in full.
4. Foreign nationals employed by registered companies in Cyprus - the employer and the employee must sign a relevant agreement, duly certified. The employer must satisfy the preconditions to employ foreign nationals and the employee will not constitute unjustified competition in their sector. All and any dues to Social Insurance and Income Tax must be settled by the employer.