Further to the expanded opportunities announced at the end of 2021 for relocation of third country nationals to Cyprus, the Council of Ministers recently approved new regulations permitting the issuance of immigration permits in the following cases:
Self-employed Person
- has the qualifications to practice the specific profession or science or to operate the particular enterprise for which he/she is applying for a permit;
- holds a license for practicing a particular profession in case this is required;
- has sufficient funds for this purpose, as determined by the Council of Ministers;
- has any liabilities settled with the Social Insurance Department and the Tax Department; and
- the approval of the permit will benefit the Republic of Cyprus and will not adversely affect its general economy and/or create undue competition in the domestic labour market.
Employed Person
- the person and the employer have entered into an employment contract, duly ratified by the competent authority, where applicable; and
- the employer meets the criteria and conditions for employment of third country nationals and has settled any obligations to the Social Insurance Department and the Tax Department, in relation to taxes and contributions.
Foreign Investor
Refers to a person who has made a significant investment in the Republic of Cyprus, the amount and type of which is determined by a decision of the Council of Ministers, with funds coming from legitimate sources outside the country.
Self-supported Person
A person who intends to reside in Cyprus, without pursuing any employment or other economic activity in the country and has at his/her disposal an insured annual income of € 40,000, increased by € 10,000 for each additional family member, as well as a private residence worth at least € 250,000.
The regulations also provide for the granting of an immigration permit to a third country national when the following conditions are cumulatively met:
- the person holds a valid passport or other travel document; and
- he/she does not pose a threat to the national security, public order, or public health in the Republic of Cyprus in any way.
