An overview of the requirements for obtaining a visitor residence permit in Cyprus
Since the beginning of 2023, the rules for issuing a visitor residence permit in Cyprus have changed. The authorities have revised a number of criteria, among them – the financial status of the person wishing to reside in the country and his health.
Under the new rules, to get a residence permit, the applicant must have the equivalent of the minimum income taken in Cyprus. It is a monthly amount of 2 thousand euros, plus the need to have an additional income for each spouse, which is 20%. For children, the amount must be at least 15% of the designated threshold. And this may include income that a resident receives in Cyprus, for example, from the rental of real estate or in the form of dividends from local companies. In addition, those wishing to obtain a residence permit must open an account in a Cypriot bank and transfer to it the amount of 10 thousand euros.
Beginning May 1, 2023 there will also be changes to the procedure for extending the residence permit. Applicants will be required to have a bank statement for the last 12 months with money transfers from other countries. The total amount must be at least 24 thousand euros. In addition, at the time of renewal of residence permits must have a local account balance of 6 thousand euros.
In order to obtain a residence permit, applicants and their families must provide certificates of no criminal record. In terms of health information, all applicants for a residence permit in Cyprus must present medical certificates of the absence of HIV, venereal diseases, and hepatitis. In addition, X-rays confirming the absence of tuberculosis must be presented.
A visitor residence permit is a popular option for a legal stay in Cyprus, which can be extended for 90 days or more. Most often it is used by people who have permanent income in other countries and like to vacation for a long time in Cyprus. And at the time of a visitor residence permit non-residents are not allowed to get a job in the country. The document is valid for 1 year, after which it must be renewed. It applies to spouses and children under the age of 18 years. A residence permit requires that its owners must be in Cyprus almost continuously. If an absence is recorded for more than 3 months, the document is canceled.
Changing the rules of residence permits due to pressure from the European Union. As you know, the European Parliament has for a long time called for the elimination of the program “Golden Visa” and tightening the mechanisms for obtaining a residence permit. The position of the EU authorities in connection with a large number of situations where such programs were used for money laundering and permits to stay in European countries have people in possession of illegally earned money.