The quality of living in Cyprus and the low taxes attract many expatriates, digital nomads, owners of holiday homes and retirees. Making the move to Cyprus however does come with a few matters to deal with before being able to enjoy your new home and lifestyle in the sun.
This article suggests 3 key steps to take when moving to Cyprus to make it easier and worry-free.
1.Find your ideal location :
Many people who decide to move to Cyprus start by looking for a place to live and there are in fact both cheap properties for sale in Cyprus and higher-priced ones. Some decide to buy a villa in Paphos or the outskirts while others prefer to buy an apartment in Limassol to use as a holiday home.
Local community matters so it would be a good idea to have a look at the various places you consider living in and decide which Cypriot lifestyle suits you better. For example, there are many British expats who live in Peyia and in Tala and this has led to the creation of pubs and restaurants that fit the lifestyle of English expats in Cyprus.
2. Find the right Cyprus residency permit to apply for:
There are a few different types of residency applications that allow you to get a temporary residence permit or a permanent residency permit in Cyprus. They all require you to have a place to live in Cyprus, whether renting out one or owning a property.
In summary, non-EU citizens (including British citizens that want to move to Cyprus after Brexit), must apply for a temporary residence permit or a permanent residency permit in Cyprus. As the name suggests, a temporary residence permit in Cyprus (so-called “pink-slip”), is temporary, being given to applicants and their families for 1 year. The applicant can re-apply for it without limitations as soon as this expires. (For more information, including the requirements, on temporary residence permits you can look at our article: https://philippoulaw.com/cyprus-pink-slip-the-visitors-visa/).
There are two types of permanent residency in Cyprus (which can be applied for immediately or after a temporary residence permit). The fast-track permanent residency (Category 6.2) and the slow-track permanent residency (Category F). The fast-track permanent residency in Cyprus (Category 6.2) is issued within 2-3 months from the date of application whereas the slow-track permanent residency (Category F) is issued in around 18-24 months (in the meantime one can apply for a temporary residence permit). Aside from time, the main difference between the two is that a fast-track permanent residency requires the purchase of a new property in Cyprus, an investment in a Cypriot business or commercial property, worth at least €300.000 plus VAT if applicable. (For more information on Cyprus permanent residency permits you can see our article: https://philippoulaw.com/cyprus-permanent-residence-scheme-pr-6-2-3rd-amendment/
EU citizens and their families (including non-EU spouses) also need to obtain a residency permit in Cyprus from the immigration authorities, however, as EU citizens, the process is easier, and they can have the right to work as well.
If you are a businessman or a digital nomad operating your business from Cyprus, it would be a good idea to become a tax resident in Cyprus too. For more information on becoming a tax-resident in Cyprus, you can see our article here: https://philippoulaw.com/cyprus-tax-residency-for-individuals-and-non-domiciled-status/
Once you decide on the proper residency permit for yourself and your family, you can start preparing the necessary documents for the application and the bank account opening.
3.Finding your property and managing finances
For the Cyprus residency permit applications, you can either rent or buy a home in any place in Cyprus. The exception to this is where the purchase of a property is the basis for a fast-track permanent residency application, for which one has to buy a new property worth at least €300.000 plus VAT. In all other cases, a rental agreement of at least 12 months allows you to get a residency permit provided you comply with the other criteria for residency permits.
There are many estate agents and developers who sell properties in Cyprus. In addition to them, banks in Cyprus sell repossessed properties through their subsidiaries. These are the leading websites for repossessed properties for sale in Cyprus:
You can also find estate agents that sell re-sale properties with a google search, including Rightmove and Zoopla, who advertise local properties (usually added by estate agents and developers in Cyprus):
You can find several properties with a varying price range, including apartments and villas for sale in Paphos, Peyia, Tala and other locations.
You do not have to find the property at this stage, and in fact, it would be best not to rush to any decision. However, it will be a good idea to review the properties to decide in what type of property you would prefer living and in fact, it might also be a good idea to rent first before buying if you are uncertain. This will allow you to decide both the location of preference and the type of property you would like to live in without any pressure.
At this stage, whether you decide to rent or buy, but especially if you are purchasing a property, it is advisable to manage the finances for your move to Cyprus.
Making the move to Cyprus and re-locating is an important decision and does not have to come with added stress. Following the three steps above will allow you to prepare for your move to make it as smooth as possible.
We can assist and guide you for anything related to your move to Cyprus, from obtaining a residency permit and opening accounts for you easily to renting or buying your home safely and setting up your business or tax residency quickly and worry-free.