Visitor Permit Visa in Cyprus in 2024
Temporary residency in Cyprus, known as “Visitor” or “Pink Slip,” provides citizens from non-European Union countries with the opportunity to reside on the island without the right to employment. This residency status is often referred to as a Temporary Residence Permit (Pink Slip) for financially independent individuals, as stable financial resources from abroad are required for its acquisition.
Process for obtaining a Visitor Permit Visa in Cyprus in 2024
To successfully confirm a Visitor Permit Visa in Cyprus, compliance with the following conditions is required:
- Sufficient financial status
The applicant must possess a stable and adequate income from abroad to cover the living expenses in Cyprus.
Minimum monthly income: €2,000 for the main applicant + 20% for the spouse + 15% for each child.
- Presence of a bank account in Cyprus
It is necessary to have a bank account in a Cypriot bank to apply for the visa. At the time of application, the account must have a balance of at least €10,000 for the main applicant and €5,000 for each additional family member. A bank guarantee letter is also mandatory, with a minimum amount of €550 per family member.
- Real estate in Cyprus
Confirmation of residence in Cyprus is required, whether it be leased or purchased property of any value. In the case of leased property, the lease agreement must be valid for a minimum of one year and properly notarized.
Documents on criminal record and health status
A certificate of no criminal record from the country of origin or permanent residence is required, translated into English, notarized, and apostilled. Original blood test results confirming the absence of HIV, hepatitis B and C, as well as a tuberculosis X-ray certified by a specialist doctor, are also required.
The Visitor Permit Visa in Cyprus for financially independent individuals with a Pink Slip has both advantages and some limitations that may not be suitable for everyone.
Advantages of the Visitor Permit Visa in Cyprus
- Right to reside in Cyprus year-round without restrictions.
- Possibility of obtaining a Permanent Residency Permit (Pink Slip) for spouse and children.
- No obligation to purchase real estate or make investments; renting a property is sufficient.
- No language proficiency requirements for obtaining and renewing the residency permit.
- Opportunity for legal tax optimization due to favorable tax rates in Cyprus.
- Eligibility for naturalization and obtaining citizenship after residing in Cyprus for seven years.
Disadvantages of the Visitor Permit Visa in Cyprus
✔️ Annual renewal of the visa, requiring the collection of new documents.
✔️ Restriction on consecutive absence for more than 90 days.
✔️ Inability to include parents in the application.
✔️ Prohibition on working for a Cypriot employer and lack of the right to employment for the spouse of the visa holder.
Alternatives for obtaining Permanent Residency in Cyprus
✅ Digital Nomad Visa
A new visa category designed for digital nomads who can work remotely for foreign clients or companies. The main difference from the “Visitor” visa lies in the requirement for confirmed income specifically from employment or providing services to foreign clients. The monthly income should be at least €3,500 after deductions for contributions and taxes.
✅ Permanent Residency through Property Purchase or Investments
The “Fast Track” Residency Program allows for obtaining indefinite residency by purchasing real estate starting from €100,000 (Category F) or investing from €300,000 in real estate, businesses, and funds. Permanent Residency in Cyprus is granted immediately for 10 years and does not require annual renewal. Physical presence in Cyprus is not mandatory; visiting the country once a year after application approval and then once every two years is sufficient.
✅ Visa for Entrepreneurs and Company Owners
Company owners can obtain a visa by registering a company in Cyprus. This option is available only to residents with stable income, a local bank account, and proof of residence. Learn how to register a company in Cyprus.
✅ Work Visa in an International Company
Employment in an international company in Cyprus provides the opportunity to obtain a work visa for qualified employees. Key conditions include a minimum salary of €2,500 per month (before tax deductions) and the company having permission to employ third-country nationals. The visa is issued for 2 years with the possibility of extension, and family members have the right to work in Cyprus.
In conclusion, there are various alternatives for those considering living and working in Cyprus, taking into account diverse visa programs and residency permits.
You can receive a consultation from an experienced immigration lawyer at our office in Larnaca or online
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FAQ
To obtain a Permanent Residency Permit (Pink Slip) in Cyprus, the following essential documents are required:
- Personal documents of the applicant and family members included in the application (passport copies, birth certificates, marriage certificates, etc.).
- Proof of residence in Cyprus (a lease agreement for 12 months or a real estate purchase agreement).
- Documents confirming income from abroad (bank deposits, pension, rental income from properties, etc.).
- Bank guarantee in a Cypriot bank, one for each family member.
- Private health insurance.
- Certificate of no criminal record.
- Health statement and chest X-ray.
These documents are the primary requirements for successfully obtaining a Visitor Permit Visa in Cyprus, and their submission is necessary for the issuance of a residency permit in accordance with Cyprus legislation.
The Pink Slip allows residence in Cyprus for one year with the possibility of subsequent renewal.
To renew the Visitor visa, it is necessary to confirm income from abroad at a minimum of €24,000 per year; provide a statement from a local bank account confirming expenses in Cyprus for the previous year; submit a bank guarantee; provide a certificate of no criminal record; present blood test and chest X-ray results; and obtain medical insurance.
When residing for more than 183 days in a year, you become a tax resident of Cyprus and are obligated to file a tax return, paying tax on income from all sources. The income tax rates for individuals in Cyprus vary on a progressive scale from 0% to 35%, with the first €19,500 exempt from taxation. More detailed information can be found in the “Taxes for Individuals in Cyprus” section.
Opportunities for obtaining residency without investments are available in several European Union countries, including Austria, Portugal, Spain, Italy, Greece, and France.
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