An immigration permit is granted to third country nationals who invest in Cyprus, pursuant to the provisions of Regulation 6 (2) of the Aliens and Immigration Regulations. The investment amount must be at least €300.000,00 (Euro Three Hundred Thousand) while must be investment in any of the following:

1. Investment in a house/apartment by purchasing a NEW (first installation) house or apartment from a land development company of at least €300.000 (plus VAT); the funds to be used must be derived from sources outside the Republic of Cyprus.
2. Investment in real estate (excluding houses/apartments) by purchasing of other kind of immovable properties (new or second-hand) such as offices, shops, hotels or similar developments (or a combination) with a total value of at least €300.000,00; all or part of the funds to be used must be derived from sources inside or outside the Republic of Cyprus.
3. Investment of at least €300.000,00 in the share capital of a company incorporated under the laws of the Republic of Cyprus, which (company) had its headquarters and operated in the Republic of Cyprus, has (proven) physical presence in Cyprus and employs at least five (5) employees; all or part of the funds to be used must be derived from sources inside or outside the Republic of Cyprus.
4. Investment of at least €300.000,00 in securities of Cyprus Collective Investment Funds (eg AIF, AIFLNP, RAIF); all or part of the funds to be used must be derived from sources inside or outside the Republic of Cyprus.

The Ministry of Interior, by its decision on 21 April 2023 has implemented from May 2^nd the revised criteria by which the specific immigration permit is granted, aiming at the institutionalization of a control mechanism of the investors who are granted citizenship. In order to shield the process and eliminate weaknesses that were observed in the previous years in the PR policy, in the Ministerial decision, differentiated investment and quality criteria are defined, with stricter parameters regarding the required controls for the granting of an immigration permit, while control and verification mechanisms are defined.

In particular, contrary to the abovementioned investment of the €300.000,00 in which the investor could secure an Immigration permit for his non-dependant adult children, parents and in-laws, the revised criteria mention that no permanent residence permit is granted to any other adult persons, if an investment of a €300.000,00 has not been made. There is an exception though, to the unmarried children between the age of 18 to 25, provided specific evidence (university purposes). In other words, with this revision, citizenship will not be granted with one investment/license to parents, parents in-law and adult children.

Following the revised PR policy, although the amount of the investment does not change, a control mechanism is instituted to maintain the investment, while at the same time the income criteria were revised. Furthermore, the applicant will be required, among other things, to provide on an annual basis, evidence proving that he still maintains the initial investment and the required income determined for him and his family. Consequently, for each person applying for citizenship the income should be €50,000, instead of €30,000, while for each minor child it should be €10,000, instead of €5,000, and €15,000 for spouses. In cases where the holder of the immigration permit fails to provide the documents required, the immigration permit of himself and his family will be cancelled.

The revised criteria follow the aim of the Cyprus Government, to control and verify that the foreign investors maintain the initial investment, for which were granted the permanent residence permit in the Republic of Cyprus.

The pandemic has taught businesses of all sizes that remote work works. As a result, the governments around the world have created schemes to welcome in their countries digital nomads. Digital nomad can be any one, even self-employed, who is willing to work remotely in a country other than the country where his business and/or his clients are located. By this way, digital nomads enjoy both the financial benefits and the natural benefits of exploring and working in a particular country.

Hence, the Council of Ministers in the Republic of Cyprus has recently introduced a new strategy for attracting businesses and talents from abroad. One of the main incentives of the new strategy is the Digital Nomad Visa Scheme, which -in an attempt to adapt to the new era- enables a third country national to apply for a residence permit which will enable him to also work remotely.

Who can apply?

Any non-European Union or non-European Economic Area nationals who satisfy the below elements:

• They can work remotely using telecommunications technology, and
• They are employed in a company registered outside of the Republic of Cyprus, for which they can work remotely, or are self – employed providing services remotely for customers located outside of the Republic of Cyprus, and
• They can prove that they have sufficient and stable monthly net income of at least €3500 in order to finance their living in the Republic of Cyprus.  It must be noted that the latter amount is increased by 20% for the spouse or partner and by 15% for each child.

Procedure to be followed

Applicants who meet the above requirements and wish to apply for the Digital Nomad visa have to take all appropriate steps for receiving an entry permit and/or visa in order to be able to enter the Republic of Cyprus and, then, proceed with the submission of their Application before the expiration of their entry permit / visa. In case that the applicant already lives legally in Cyprus, he has the right to submit application for the Digital Nomad visa in order to change his status.

Benefits to third country nationals holding Digital Nomad visa

Individuals that are granted with a Digital Nomad visa will gain the following benefits:

• They will have right of residence for one (1) year in the Republic of Cyprus with a possibility of renewal for further two (2) years.
• They have the right for family reunification, which means that spouses and minor children of the digital nomad have right of receiving a residence permit to legally reside in the Republic of Cyprus for the same duration as the main applicant. However, the family members of the digital nomad will not have the right to be employed or to perform any economic activity in the Republic of Cyprus.
• If they reside in the Republic of Cyprus for one of more periods that in total exceed 183 days within the same tax year, then they are going to be considered as Cyprus tax residents, as long as they are not tax residents in any other country. This means that the digital nomad will have tax benefits due to their status as non-domiciled in Cyprus.

Conclusion To sum up, the Digital Nomad visa scheme introduces a new category of residence and work permit, which creates an opportunity for digital nomads to reside in the Republic of Cyprus and work remotely from here as well as to enjoy the benefits that the Republic of Cyprus offers. However, it is important to note that, in an attempt to limit the rampant use of the Digital Nomad Visa Scheme, a limit in the number of digital nomad visa that can be issued has been introduced; the number of such visas is limited to 500. This means that only 500 applicants can successfully submit their applications. It must be noted that the examination procedure duration by competent department is between 5 to 7 weeks, which is quite fast

The Minister of Interior, by its decision taken on March 2021, revised the existing framework relating to the (fast track) Investors Immigration Permit (Permanent Residence) in the Republic of Cyprus (the “Revised PR Policy”).

In the Revised PR Policy, the INVESTMENT CRITERIA have been changed; in particular, retrieving from the provisions of the Revised PR Policy, the investment amount must be at least €300.000,00 (Euro Three Hundred Thousand) while must be investment in any of the following:

1. Investment in a house/apartment by purchasing a NEW (first installation) house or apartment from a land development company of at least €300.000 (plus VAT); the funds to be used must be derived from sources outside the Republic of Cyprus.
2. Investment in real estate (excluding houses/apartments) by purchasing of other kind of immovable properties (new or second-hand) such as offices, shops, hotels or similar developments (or a combination) with a total value of at least €300.000,00; all or part of the funds to be used must be derived from sources inside or outside the Republic of Cyprus.
3. Investment of at least €300.000,00 in the share capital of a company incorporated under the laws of the Republic of Cyprus, which (company) had its headquarters and operated in the Republic of Cyprus, has (proven) physical presence in Cyprus and employs at least five (5) employees; all or part of the funds to be used must be derived from sources inside or outside the Republic of Cyprus.
4. Investment of at least €300.000,00 in securities of Cyprus Collective Investment Funds (eg AIF, AIFLNP, RAIF); all or part of the funds to be used must be derived from sources inside or outside the Republic of Cyprus.

!!IMPORTANT NOTE: In case of alienation and/or disposal of the whole or part of the investment, if not immediately replaced by an equal or higher qualified investment (which investment must meet the conditions set out in the present procedure), the mechanism for the cancellation of the Permanent Residence Permit shall be triggered (pursuant to the provisions of Regulation 6 of the Aliens and Immigration Regulations).

The applicant must, in addition to the investment (explained above), be able to prove that he/she has at his disposal an secured annual income of at least €30.000,00 (Euro Thirty Thousand) and not to deposit and pledge this amount at the Bank – we have confirmed with the Migration Office that it is not a pre-requisite that the applicant maintains a bank account in the Republic of Cyprus (however, in case he/she maintains a bank account, it would be good to present a statement of the said bank account). The required amount of the annual income increases by €5.000,00 (Euro Five Thousand) for each dependent family member and by €8.000,00 (Euro Eight Thousand) for each dependent parent (of the applicant and/or his/her spouse). As a side note, please note that such annual income may come from salaries, pensions, dividends on shares, permanent deposits, rents, etc. coming from abroad for the cases that the applicant chooses to invest as in Category (A). In calculating the total income, the income of the applicant’s spouse can also be taken into account.

For the purposes of obtaining a permanent residence permit, the following standard / basic documents must be filed in support to the Application of the main applicant – investor:

1. Copy of valid passport of the Applicant and his/her dependants. Brief Curriculum Vitae – CV (including copies of academic qualifications and or relevant professional experience of at least one year).
2. Original Certificate of Criminal Record from the country of origin (if the applicant resides in a country other than the country of origin, the certificate should be issued from the country of residence) accompanied by official translation thereof in the Greek / English language.
3. Statement(s) for non Employment in the Republic (only for investment types A, B and D)
4. Marriage certificate (if applicable) accompanied by official translation thereof in the Greek / English language.
5. Children’s Birth certificates (if applicable) accompanied by official translation thereof in the Greek / English language.
6. Supporting documents evidencing the secured annual income (original documents and affidavit / declaration).
7. Supporting documents evidencing the source of the investment funds.
8. Further documents depending on the type of investment (see below).

In light of the above, it is worth noting that the additional documentation to be requested to be filed in support to each application shall be determined in accordance to the investment type as well as the particulars of each applicant and his family members.

Furthermore, the Permanent Residence Permit will be issued in the name of the main applicant and will includes the applicant’s dependents (namely his/her spouse and their minor children up to the age of 18 years). In this regard, it is noted that unmarried children between the ages of 18 and 25 can only apply for a separate Permanent Residence Permit in case they can prove that they are studying at a higher education institute abroad and that they are financially dependent on the applicant (different rules apply for adult children of the applicant studying in Cyprus). In such a case the applicant and/or his/her spouce must present an additional secured annual income of €5.000,00 (Euro Five Thousand) for each such dependent adult child.

A Permanent Residence Permit may also be granted to an adult child of the applicant who is not financially dependent on a higher value investment; in such a case, the market value of the investment, namely €300.000,00 (Euro Three Hundred Thousand), should be multiplied by the number of adult children, who will invoke the same investment for the purpose of obtaining a Permanent Residence Permit. It is understood that, in such a case, each adult child shall be obliged to prove that he/she has at his/her disposal a secured annual income of at least €30.000,00 (Euro Thirty Thousand).

Lastly, as regards the time frame for the examination of an application under the Revised PR Policy may take approximately two (2) months from the date of submission. In this regards, it is of utmost importance to note that once the application is approved, the applicant and his/her family must acquire permanent residency in the Republic of Cyprus within one (1) year; it is made clear that in case any of the applicant and/or his/her family members remain out of the Republic of Cyprus for more than two (2) years, the mechanism for the cancellation of the Permanent Residence Permit shall be triggered (pursuant to the provisions of Regulation 6 of the Aliens and Immigration Regulations).

A scenic journey to the beauty of Cyprus!

Cyprus: an island ‘blessed’ with sandy shores, crystal-clear waters, magnificent beaches and golden sunsets! A piece of paradise that everyone can enjoy, while tasting its Mediterranean cuisine full of flavors! By visiting the island, you can discover even more idyllic scenes which you and your loved ones can explore. There are numerous fascinating journeys across the country with breathtaking green landscapes, picturesque vineyards and multiple winegrowing areas which you can discover either you live here or you came for holidays.

Cyprus is an ideal place for both adventure lovers and families who seek for unique experiences and views of nature’s best palette. Travel through charming little villages, winding roads and rugged coastlines and enjoy the scent of fresh air and bloomed flowers. The list below provides information of some of the greatest routes and outdoor spots of Cyprus, where you can uncover the beauty of its nature.

Cedar Valley, Paphos forest

Cedar Valley is a truly visual treat. Surrounded by lofty mountains and pine trees, the valley is the perfect location to enjoy tranquility, magnificent landscapes, wildlife and panoramic views. Located in Paphos district, the valley can serve a perfect spot for a quick picnic with friends or family, while its rich and unique beauty can complement your photo album of beautiful places across the world.

Avakas Gorge, Akamas district

One of the island’s most spectacular spots is Avakas Gorge! Located in Akamas breathtaking nature area, Avakas Gorge is a nature’s masterpiece which was created thousands of years ago by a river close to the area. It is nearly a 3-km gorge, covered out of limestone rocks up to 30-meters height and sheer rocks. If you are lucky enough, you may also have the chance to discover the in-danger-of-extinction plant, known as ‘centauria akamantis’, which can be found only in this area. The area is not only a wonder of natural architecture, but also a place rich in wildlife. At Akamas district you can come across many reptiles, hawks, rabbits, owls and foxes.

A note to remember: When visiting, assure you wear suitable shoes. The rocks can be very slippery!

 Winegrowing villages, Limassol-Paphos district

A trip to winegrowing villages of Cyprus can promises to be a gastronomic experience for every wine lover. In stone-wall architecture and picturesque streets in Limassol and Paphos you can find multiple villages where locals are practicing the art of wine tasting and production. Such villages are Vouni, Lofou, Omodos and Koilani, all gorgeous, sun-kissed and full of traditional flavors. 

Tzelefos Bridge, Paphos district

Tzelefos Bridge is a beautiful and captivating Venetian masterpiece located in Paphos district. Dressed in glorious nature, the bridge is the largest stone-bridge ever built in Cyprus which goes over river Diarizos. It stands as one of the most photographed attractions for both tourists and locals. Its rare beauty can magnetize each and every one. Make sure you visit the place at least once and you will fall in love!

Caledonia Falls, Troodos district

Last but not least, Caledonia Falls is a must-seen attraction in Cyprus. If you are attracted from beautiful waterfalls, this place will definitely steal your heart. It is located in the middle of the Caledonia nature trail, next to the village of Platres and Troodos square. When visiting the falls, you will have the opportunity to enjoy a truly dreamy nature scenery, accompanied with the sound of running water and nature’s wildlife. Once been there, take the chance to relax and enjoy a nice picnic.

If you are dreaming of such an ideal place to live, you can always contact our Immigration Department and learn everything you need to know for living in Cyprus. Here, at A. Karitzis & Associates, we can help you if you are interested either in migrating to Cyprus by means of acquiring the permanent residency status, and/or investors taking an interest in the Cyprus Citizenship Programme. Contact us for more

The principle of the freedom of movement of workers within the territory of the EU established by virtue of Article 45 TFEU now forms part of the Cyprus legal order following the enactment -for the purposes of harmonization with EU Directive 2004/38/EC- of Law L.7(I)/2007 (hereinafter ‘the Law’).

Pursuant to the provisions of the Law, European Union Citizens and their family members have the right to move and reside freely within the territory of the Republic of Cyprus (hereinafter “Republic”). The maximum period that a Union Citizen employed in Cyprus can reside in the Republic, without being registered, is three (3) months. European citizens who are employed in the Republic can stay in Cyprus therein for a period exceeding three (3) months provided they are registered with the Immigration Department within a further period of one (1) month from the expiration of the said three-month period.

For the issue of a Registration Certificate the European Union Citizen must submit the following documents: 

–          Application MEU1 fully completed and signed by the Applicant

–          Valid passports or identity cards for the applicant, his/her spouse and children (if any);

–          Two passport-sized photos for the applicant, his/her spouse and children (if any);

–          Recent Statement from the Social Insurance for the applicant (showing the name the respective employer and the salary);

–          Employment Contract of the applicant.

–          Recent letter from the Employer of the applicant confirming the employment and the salary;

–          An Employer’s Declaration (part of the Application) must be completed and signed by the Employer;

–          Marriage / Divorce Certificate (duly certified, apostilled and translated into Greek / English);

–          Birth Certificate of the children, if any (duly certified, apostilled and translated into Greek / English);

–          Duly certified and stamped Rental Agreement.

–          Bank statements showing that the applicant and his family have income in Cyprus.

In case the applicant is not employed in the Republic of Cyprus, kindly find below the list of documents required: 

–          Application MEU1 fully completed and signed by the Applicant

–          Valid passports or identity cards for the applicant, his/her spouse and children (if any);

–          Two passport-sized photos for the applicant, his/her spouse and children (if any);

–          Documents evidencing fixed or adequate income from employment outside the Republic or other legal sources;

–          Documents evidencing adequate deposits in Bank (bank statements for at least 3 months and abroad);

–          Certificate of comprehensive health insurance in the Republic.

–          Marriage / Divorce Certificate (duly certified, apostilled and translated into Greek / English);

–          Birth Certificate of the children, if any (duly certified, apostilled and translated into Greek / English);

–          Duly certified and stamped (at the Tax Department) valid Sales Agreement or Rental Agreement for the House.

–          Certificate of Custody (in case of divorce).

The Immigration Department of our law firm provides immigration services and undertakes the entire procedure for any application. Please feel free to contact us should you require any clarification and/or further information.

The regulatory framework with regards to the hiring of third country nationals for exchanges, career development, internships or other non-economic purposes that has only recently been re-formed by the adoption of the Law on Aliens and Immigration (Prerequisites for entrance and residence of Third Country nationals for the purpose of research, studies, training, voluntary work, exchange of pupils or education program) (Law 7(I)/2019), was adopted to align with the Directive (EU) 2016/801 of the European Parliament and of the Council of 11 May 2016 on the conditions of entry and residence of third-country nationals for the purposes of research, studies, training, voluntary service, pupil exchange schemes or educational projects and au pairing.

According to the aforesaid newly introduced legislation, entrance visas and residence permits are granted to third country nationals purporting to enter the Republic of Cyprus and temporarily reside thereat for the purpose of research, studies, training, voluntary work, educational projects or in the course of exchange of pupils programs. In this respect, it is worth to mention that it is up to the Council of Ministers of the Republic of Cyprus to determine the volumes of admission of third-country nationals (except so far as students are related), considering and/or relying on the proposal of the Minister of Labour, Welfare and Social Insurance and following consultation with the involved social partners.

In particular and subject to the specific rules and regulation governing each of the qualifying categories, the right to apply for such a permit is vested to persons falling under any of the following categories:

(a)    researchers holding a doctoral degree or a similar qualification are entitled to be granted access to doctoral programmes and/or research organizations for the purpose of conducting research activity associated with the researcher’s degree or title, for a period of at least 1 year (with a right to renew) or for the duration of the research, if shorter; in this regards, it should be stressed that researchers covered by community or multilateral programs containing mobility measures may be entitled to a longer permit.

 (b)   students admitted to a full-time academic course (researcher’s main activity) leading to a higher education qualification (duly recognized in the Republic of Cyprus), including any academic foundation programme and/or training course, are entitled to a permit for a period of at least 1 year (with a right to renew) or for the duration of the research, if shorter; in this regards, it should be stressed that students covered by community or multilateral programs containing mobility measures or by agreements concluded between higher education institutes may be entitled to a longer permit.

 (c)    pupils admitted to a state or regional programme of secondary education (duly recognized by the Republic of Cyprus) in the course of a recognized pupil exchange scheme or educational project are entitled to a permit for the duration of the program they attend or for a year at maximum (with a right to renew once for such additional period as required for the completion of the relevant program);

 (d)   trainees, holding a higher education degree or attending an academic course in a third country leading to a higher education qualification (duly recognized in the Republic of Cyprus), who aim to attend a training program and/or course for the purpose of gaining knowledge, practice and experience in a professional field are entitled to a permit for a year or for the duration of the training if shorter or for a period equal to the relevant agreement for training (with a right to renew once); and

 (e)   volunteers purporting to participate to a voluntary service program and/or scheme in the Republic of Cyprus, is entitled to a permit for the period of the relevant agreement.

In light of the above and in so far as the family members of third country nationals admitted to the Republic of Cyprus for the purpose of engaging in non-economic purposes are concerned, it is of utmost importance to clarify that, subject to the satisfaction of the criteria and/or exceptions set out in the Cyprus law, only researches holding a valid permit are entitled to apply for family reunification in order for their family members (irrespective of whether the family relations have been established prior or after the date the third country national entered the Republic) to enter and reside in the Republic of Cyprus. In case of approval of such an application, a residency permit is granted to the applicant’s family members for a period of a year with the right for such residence period to be renewed provided that its duration shall not exceed the expiry date of the applicant’s residence permit.

Subject to the specific provisions of the respective legislation, the notion of ‘family members’ includes the researcher’s spouse as well as his minor, unmarried and financially dependent children. In this regards, it is underlined that in order for the partner of such a third country national to be qualified as a family member of the latter, he/she must be married to the said third country national either by religious marriage or by way of a civil marriage or civil union, which -subject to the provisions of the Cyprus laws- are considered as legal marriages. Although the religious and civil marriage are only available to heterosexual couples, the civil union arrangement is available for homosexual couples as well; however, in so far as the notion of ‘family members’ is concerned, it should be stressed that the civil union arrangement does not give the spouses any of the rights granted under the Law on Adoption (Law 19(I)/1995) or the Law on the Application of Medically Assisted Human Reproduction (Law 69(I)/2015), the scope of which is in fact limited to heterosexual couples who have committed a legal marriage or the like or they are in a stable and lasting relationship.