Changes to the Cyprus Temporary Residency Program
The government of the Republic of Cyprus has in place a temporary residency permit applicable to third country nationals. The temporary residency permit, (subject to fulfilling the applicable criteria) is issued for one year and it is subject to renewal, provided that the applicants continue to fulfil the applicable criteria.
Generally speaking individuals who avail themselves of the temporary residency permit are pensioners, families whose children are attending private schools in Cyprus but where the main income earner is not working in Cyprus because one of the conditions of the program is that holders of a temporary residency shall not carry out any economic activity.
The government of the Republic of Cyprus has introduced changes to the temporary residency permit
Revised financial criteria
I. The applicant should have sufficient financial resources emanating from overseas sources, such as annual salary, pensions, foreign bank deposits, rental income, dividends, interest, etc.
II. Any income which the applicant derives from sources within the Republic of Cyprus, such as dividends from a Cyprus company, rental income from immovable property in Cyprus.
III. Bank deposits emanated from salaries in connection with the previous employment of the applicant in Cyprus in a company of foreign interests.
It is to be noted that the threshold income has been set to the amount of €2.000 per month or €24.000 per annum with the requirement that any applicant should have an additional income of 20% of his annual income for the spouse and 15% for each child of the applicant.
Moreover applicants must demonstrate that they have made a minimum bank transfer of the amount of €10.000 into their personal bank accounts in the Republic of Cyprus. bank
I. Recent clean criminal record certificate from the country of origin (or the country of residence), duly apostilled or legalized.
II. Medical results certificate for HIV, Venereal Diseases, Hepatises B and C and Chest Xray for tuberculosis after the arrival of the individual in Cyprus.
Renewal of Existing Temporary Permits
I. Applicant should furnish a detailed bank statement of their Cyprus bank account Bank) for the past twelve months, showing foreign remittances in the name of the applicant which are not less than €24.000.
II. The applicant should provide a bank statement showing a balance of not less than €6.000
The amended policy in relation to applications for renewals of Visitor's permits enters into force on 1 May 2023. In this respect, any renewal applications which will be submitted prior to 1 May 2023, will be examined based on the financial criteria that applied prior to the policy amendment.