New Foreign National Residence Permit Categories Have Been Approved By The Cabinet

Foreign nationals with an annual income of 40,000 euros, a privately owned house worth at least 250,000 euros, and who are investors, self-employed, or employees under certain conditions can work or stay in Cyprus.

The above is stipulated in rules approved by the Cabinet, according to which foreign nationals who fall into the following categories may be granted a residence permit:

1. Self-employed foreign nationals who intend to work in a business in the Republic of Cyprus if they have the necessary qualifications, have the necessary permits for the job, have sufficient funds, have paid any Social Insurance and Income Tax dues, and the specific job will benefit the Republic.

2. Employing foreign nationals as long as they do not create unjustified competition in their sector. The employer and the employee must have signed a relevant agreement that has been duly certified, and the employer must meet the requirements for employing foreign nationals, including paying any Social Security and Income Tax dues.

3. Foreign nationals who are investors, i.e., those who have made a significant investment in the Republic with funds obtained legally.

4. Self-supporting foreign nationals, defined as people who intend to live in Cyprus without working and who have a guaranteed annual income of 40,000 euros, increased by 10,000 euros for each additional family member, as well as a privately owned house worth 250,000 euros.

Foreign nationals must also possess a valid passport or other travel document and pose no threat to national security, public order, or public health.

*DISCLAIMER: This article and its publication are intended to provide a brief introduction and act as a general guide. This is provided for information purposes only and cannot be utilized as a substitute for professional advice. This document does not represent a legal opinion and one must not rely on it without receiving independent advice based on the particular facts of its own case. No responsibility is accepted by the author or the publishers for any loss suffered from acting or refraining from acting based on the contents of this publication.

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