According to Regulation 6(2) of the Aliens and Immigration Law, a residence permit is issued to a private individuals in possession of an adequate income which may provide a decent standard of living in Cyprus without engagement in any business or professional duties. To obtain a residence permit, such obligations, along with a number of other conditions (see below), are to be documented and submitted to the Department of Civil Registry and Immigration together with a relevant questionnaire application form and set of documents.
List of mandatory documents submitted for the issue of a residence permit:
- Documented verification of a steady annual income from abroad of at least €30,000 from sources outside of Cyprus. For instance: savings, remuneration or retirement benefit, rent, certificates of dividends, term deposit contracts, etc. Compulsory income increases by €5,000 per dependant.
- A letter from a Cypriot bank with the confirmation of a minimum deposit of €30,000 for the period of at least 3 years. Such amount should be transferred to a bank in Cyprus from abroad.
- Property title deeds or a sale agreement for residential property in the name of the applicant. The minimum market value of the property must be €300,000 plus VAT, provided that a payment of €200,000, net of VAT, has been documented.
List of additional documents for the issue of a residence permit:
- A notarised statement of income of the applicant.
- A statement that the applicant does not intend to engage in any business or employment in Cyprus;
- An apostilled certificate of good character issued in the country of origin.
- A certificate of medical insurance covering the costs of in-patient and out-patient treatment.
- An apostilled certificate of birth.
- A copy of the applicant’s passport.
- A resumé.
- Documents pertaining to dependants (if any).
The applicant must have visited Cyprus at least once in the previous two years.
Applications for the issue of residence permits are reviewed within around three months from the date of submission of the required set of documents.