Temporary residence permit in Cyprus, Pink Slip, Long Term Visitor
Since 1992, Feod Group has been providing professional assistance at all stages of obtaining a residence permits in Cyprus
The Visitor residence permit (pink slip) is for those who wish to live in Cyprus for more than 3 months.
It should be noted that such a resident permit makes it possible not only to reside in Cyprus, but also greatly simplifies visa processing for trips to other countries of the world, given that applications for visas to other countries are issued by the embassies in Cyprus.
Feod Group has extensive practical experience working with immigration registration of resident permit, permanent residence and citizenship of Cyprus, working in a team of English and Cypriot lawyers, also working with leading property developers and real estate agencies, Cypriot banks and financial institutions.
Temporary residence permit in Cyprus is issued for a period of 1 year. The consideration period is approximately 3-6 months, however, the applicant can remain in Cyprus while the application is pending.
This residence permit allows the holder to remain in Cyprus for the duration of the permit. Residence permit can be renewed annually.
|Minimum monthly income||+||From 2,000 € for the main applicant|
+ from 400 € for the second applicant
|Bank account in Cyprus||+|| From 25,000 € for the main applicant|
+from 5,000 € for the second applicant
|Property in Cyprus||+||Lease (for the term of 12 months) or a real estate purchase for any amount|
children under 18 years old;
children over 18 years of age and parents who are fully supported by the applicant
|Validity of the residence permit||+||Residence Permit is issued for 1 year and is extended an unlimited number of times, after 5 years – Permanent Residence (Long Term Residence Permit)|
|Citizenship of Cyprus||+||After 7 years of Residence|
|Obtaining Term||3-5 months|
This visa category is suitable for:
1. Third-country nationals who are married to Cypriot citizens, as well as their children (under 18) from previous marriages. In this case, the application form MCYV2 is filed.
2. Third-country nationals who are going to apply to live in Cyprus without work, and can confirm a stable income from abroad, sufficient to live on the island (application form MVIS2).
3. Third country nationals who plan to marry a citizen of Cyprus or the EU (form MVIS2).
Thus, the Visitor category in Cyprus belongs to the residence permit for financially independent foreigners.
Foreigners with this status cannot work in Cyprus, but can conduct business as the owner of the company.
Documents required for registration Pink Slip in Cyprus
1. Copy of passport (international and domestic);
2. Proof of income and financial independence:
- Bank statements from a bank in Cyprus;
- Bank account statements from the country of residence;
- Proof of receipt of a stable monthly income from abroad (source of income);
3. Medical insurance;
4. Availability of residence (title or lease agreement);
5. Bank guarantee € 550 (per family member) for a period of 10 years;
6. Marriage certificate (duly translated with an apostille);
7. Birth certificate (duly translated with apostille).
Taking into account the practice of considering such applications, it is recommended that a monthly income from abroad in the amount of at least 1000 euros per applicant.
The law does not establish a minimum amount in an account with a Cypriot bank, but in our experience, a deposit of EUR 15–20 thousand significantly increases the applicant’s chances. These funds can be used in the future without any restrictions.
Long-term residence permit in Cyprus
After 5 years of legal residence in Cyprus, foreign citizens are entitled to a long term residence permit (Long Term Residence Permit). Holders of LTRP have equal rights with citizens of the Republic of Cyprus in everything except participation in elections. This resident permit is valid for 5 years, after which the document is automatically renewed for the same period.
Cyprus tax residency
Since July 2015, Cyprus has significantly changed the Tax Code, introducing significant benefits for “non domiciled residents”.
Foreigners who have received a residence permit in Cyprus makes part of this category.
Moreover, the use of the following privileges is enjoyed by citizens of any country who have not lived in Cyprus for the past 17 out of 20 years.
Advantages of Cyprus tax resident status (non domiciled resident):
- taxation is carried out ONLY subject to the Income Tax Act, exemption from Special Defense Contribution (SDC);
- 0%b tax on income from dividends, interest and rent, regardless of sources in Cyprus or abroad;
- 0% inheritance and wealth tax;
- 0% tax on income from the sale of shares, bonds and other financial instruments;
- 50% reduction in income tax for a period of 10 years for foreigners with a salary of more than 100,000 euros per year;
- 0% capital gains tax for properties located in Cyprus and acquired before December 31, 2016;
- 0% tax on capital gains on the sale of real estate located outside Cyprus.
In addition, from July 14, 2017, an individual who spends at least 60 days in Cyprus can be considered a tax resident of Cyprus, subject to the following requirements:
- The applicant must live in the country for at least 60 days during the tax (calendar) year;
- The applicant must maintain a permanent residence (real estate) in Cyprus, which may be in his possession or rented;
- The applicant must not be a tax resident of any other state or stay in any other state for a period or periods exceeding 183 days in relation to any year when the status of Cyprus tax resident is requested;
- The applicant must conduct business in Cyprus or be employed in Cyprus or be a director of a company registered in Cyprus at any time during the tax year. Such business, employment or management must be maintained until the end of each year in which the status of Cyprus tax resident is requested.
How can Feod Group support you in obtaining a resident permit in Cyprus?
Over the years, Feod Group has assembled a team of professionals who can assist and support you in obtaining a Cyprus residence permit or citizenship.
Our knowledge of Cypriot law and existing practice, as well as professional experience, is at your disposal.
The Feod Group provides its customers with a full range of services for obtaining any Cyprus residence permit, both at the stage of choosing real estate for purchase or rental, and at the stage of immigration applications to Cyprus Migration Department:
- Advising on the conditions of the programme by Cypriot advocate;
- selection of properties according to the client’s criteria, full legal due diligence: the seller / lessor has ownership rights to the property, no debts to the banks, compliance of building permits with the real state of the property;
- organization of real estate visits with an independent broker / appraiser of Feod Group;
- preparation of preliminary sale agreement and the final sale agreements;
- property transaction is guided by Cypriot advocate;
- signing a contract of sale and registration of contracts with the Cyprus authorities;
- advice on taxes, duty and other obligatory payments for property transaction;
- filing and obtaining permission of the Council of Ministers of the Republic of Cyprus to purchase real estate by a foreigner (in case of purchase);
- transfer of Property Title and obtaining Title Deeds for the client (in case of purchase);
- preparation of documents for submission to the immigration services of the Republic of Cyprus and other state and commercial authorities.
In addition, our Clients receive the following services:
- Tax solutions for real estate transactions;
- Source of funds due diligence and assistance in documents preparation;
- Representation of client’s interests in Cyprus by lawyers of Feod Group;
- Assistance in all matters during visits to Cyprus;
- Real estate management;
- Services of brokers, accountants, financial and tax experts, company registrars and trust services.
Cyprus is an island with its own specifics, where to solve all issues you will need qualified professionals with reliable relations with public and private institutions and an excellent reputation. The Feod Group guarantees and will provide you with this.
To receive more information about the program of obtaining a resident permit in Cyprus, please contact us for a consultation.