Welcome to this ultimate guide on residence permit options for non-EU nationals who want to live, work or retire in Cyprus. Whether your plans are short term, remote work, retirement or employment in the Republic, this guide will walk you through the options.
Residence Permits for Remote Workers and Retirees with Income Outside Cyprus
If your income is outside Cyprus, you may be eligible for the following:
a) Digital Nomad Visa
Purpose: For remote workers who want to live in Cyprus while working for clients or employers outside the Republic.
Eligibility Requirements:
- · Employed by a company or serving clients outside Cyprus.
- · Proof of income from foreign sources.
Income Requirement: €3,500 net monthly income.
Availability: The cap of 500 permits for the Digital Nomad Visa has been reached. Check the Digital Nomad Visa Guide for future updates.
b) Visitor Permit
Purpose: This is for retirees, business owners, high-net-worth individuals or remote workers earning income outside Cyprus. It gives residency in Cyprus for you without employment rights for you and your dependents. It’s for those with reliable income sources outside Cyprus, offering solutions for various lifestyles and professional needs.
Eligibility Requirements:
- · €2,000 net monthly income (€24,000 annually) from foreign sources.
Acceptable income sources:
- Pensions
- Salaries earned abroad
- Dividends
- Interest
- Rental income from properties outside Cyprus.
- Exception: Income from dividends of a Cyprus company if no salary is drawn from the company. Rental income from properties in Cyprus is also acceptable.
Work Restrictions:
- No employment in Cyprus.
- Online work for foreign employers or clients allowed.
Permit Duration: 1 year and renewable indefinitely if requirements are met. Holders of this permit cannot be absent from Cyprus for more than 3 consecutive months.
For application steps see Visitor Permit Guide.
Residence Permits for Employment in Cyprus
If you will be working in Cyprus, a work permit is required unless you are an EU/EEA citizen.
a) Work Permit for General Employment
Eligibility and Process:
- The Cypriot employer must prove that the position cannot be filled by a local or EU/EEA national, a decision made by the Labour Office of Cyprus. The Labour Office of Cyprus will issue an approval, then the employer can hire you for the specific position.
- The employer submits the application to the Civil Registry and Migration Department after approval from the Department of Labour.
Permit Duration:· Up to 4 years, except for agriculture (6 years).
b) Work Permits for High-Skilled Employees
Purpose: For professionals employed by companies that contribute to the Cypriot economy.
Eligibility Requirements:
- Relevant academic qualifications or professional experience.
- €2,500 gross monthly salary.
- Employed by a Foreign Interest Company registered with the Business Facilitation Unit of Cyprus.
Process: Your employer sponsors the application, with fast track and less bureaucracy.
Family Reunification Regulation:
- Family members can also apply for residence permits under FR process.
- In some cases spouses can work.
Final Recommendations
- Visitor Permit: For remote workers, retirees, business owners, high-net-worth individuals and expatriates with foreign income.
- Work Permits: For non-EU nationals working in Cyprus, with options for high-skilled professionals. For business owners a flexible way to get a work permit is to move the business to Cyprus and hire non-EU specialized personnel as long as the business meets the requirements and conditions.
Conclusion
Cyprus is not only a beautiful place to visit, live or retire but also offers great financial incentives for those who are considering to relocate. The country’s tax residency regime is attractive for both individuals and corporate entities. Individuals can benefit from non-domiciled status which means tax exemptions on foreign income, including dividends and interest, for up to 17 years. Corporate entities enjoy one of the lowest corporate tax rates in the European Union at 12.5% and additional benefits such as exemptions for capital gains, dividends and income from intellectual property. These tax incentives make Cyprus a prime location for investment and wealth management whether you are looking to retire, run a business or simply optimize your financial position. With the tax system and the island’s lifestyle Cyprus offers more than a place to live – it’s an opportunity to thrive financially in a stable and warm environment.
Need Help? At Polycarpos Philippou & Associates LLC, we specialize in simplifying the complexities of residency and work permits in Cyprus. Whether you need assistance selecting the right permit or completing the application process, our team is ready to guide you.
Contact Us Today to get started on your journey to living and working in Cyprus.
