The Cypriot government has raised the bar for residence permits, both permanent and temporary, which will largely affect those considering relocating or retiring to Cyprus.
These changes come following an increase in foreign retirees live out their golden years in Cyprus. The retirees primarily come from the UK, Germany and Israel.
Those working in immigration law had been expecting changes to the permanent residency law but were taken aback when new regulations would also affect temporary residency permits.
According to the Aliens and Immigration Regulations, non-EU passport holders can extend their stay in Cyprus to exceed 90 days for the following purposes:
- Entering the Republic of Cyprus for short or long-term holidays
- Investing the possibility of settling in the Republic of Cyprus, if so they can apply for the ‘pink slip’ temporary residence permit
Once awarded, the temporary residence permit allows an individual to live in the Republic for one year as a visitor but cannot be economically active.
To be eligible, you mainly need to show the following…
- Adequate income from abroad to cover living expenses
- They have health insurance or valid medical care for Cyprus
- They are renting or have bought a home in Cyprus
However, from January 2023, this will change.
In addition to the documents required above, new requirements have been added.
- An original clear criminal record certificate
- Original medical examination certificate
- Original letter of guarantee from a banking institution in Cyprus
- Evidence of sufficient and stable resources
- Detailed statements of account transactions
- A cash transfer or deposit of at least €10,000
Financial changes to the residency requirements
The Interior Ministry is the department that institutes the changes and just last week it presented tightening requirements which allow non-EU residents to extend their stay in Cyprus for more than 90 days.
Under new requirements, applicants must provide detailed statements of bank account transactions in a financial institution in Cyprus. They’re looking for an income of €2,000+ per month or €24,000 annually as an individual.
This amount increases for the spouse by 20% and 15% for each child.
This is a considerable increase from the current annual income needed for retirees, which is €10,000.
If you’re planning on relocating or retiring to Cyprus, you can get legal advice and guidance from our trusted partners.