Relocating to Cyprus: A Comprehensive Guide
Cyprus, with its strategic location, favourable climate, and advantageous tax regime, has become an increasingly popular relocation destination. Whether you’re an individual looking for a new home or a business seeking to establish operations, relocating to Cyprus can be a beneficial move. Here’s a comprehensive guide to help you understand the legal and procedural aspects of relocating to Cyprus.
- Residency Options
Cyprus offers several residency options, including temporary and permanent residency permits. Temporary residency typically requires proof of stable income, while permanent Residency might necessitate investment in real estate or other significant financial commitments.
New Criteria exist since 2023 where The Cypriot government has made it easier for Non – EU citizens who want to invest in Cyprus to get a Permanent Residency Permit by using the Cyprus Regulation 6(2).
- Visa Requirements
Non-EU nationals might require a visa to enter Cyprus. Types of visas include short-stay visas, long-stay visas, and employment visas. Consult us to ascertain the suitable visa type based on your circumstances and ensure proper documentation and compliance with visa conditions. Below each category is described separately:
- Digital Nomad Visa: This visa is concerning mainly individuals who work outside Cyprus but want to reside in Cyprus.
- Cyprus Student Visa: This Visa is only for students who want to study in Cyprus Universities.
- Pink Slip – Temporary Residence Permit: This visa is valid for one year and is concerning people who want to stay in Cyprus as visitors but their income derives from a source outside Cyprus or they get dividends from Cyprus Companies.
- Yellow Slip – Registration Certificate for EU Citizens: This visa is concerning European Citizens who wants to reside and work in Cyprus, or family members of a European citizen as specified above and in the article.
- Cyprus Employment Visa for Foreign Interest Companies: This visa is a working visa but also members of the family of the employee can accompany him/her.
- Civil Marriage
- Work and Employment
EU citizens have the right to work in Cyprus without a work permit. However, non-EU nationals usually require employment permits, obtained by prospective employers on behalf of the employee. The availability of work permits is subject to various conditions.
Cyprus offers a favourable taxation system, with competitive corporate tax rates and double tax treaties with several countries. Individuals taking up residency in Cyprus might benefit from the island’s attractive personal tax regime, which includes exemptions for new residents on certain types of income.
- Legal Considerations
Understanding Cypriot law is crucial when relocating. This includes laws related to property, employment, business operations, and family law. Legal advice should be sought to navigate contracts, property purchases, business establishment, and any disputes that may arise governed by the Common Law.
- Healthcare System
Cyprus has a robust healthcare system comprising public and private healthcare providers. Understanding the healthcare system and obtaining suitable health insurance are essential steps in the relocation process.
Cyprus offers a range of educational institutions/Universities catering to different needs and curriculums, including public, private, and international schools, ensuring diverse options for families relocating with children. Multilingual Schools exists in almost every city.
- Real Estate and Accommodation
The real estate market in Cyprus is diverse, offering a range of properties for rent or purchase. Engage always with a reputable licensed Real Estate Agent and a Legal Advisor to ensure smooth property transactions and compliance with local property laws. Furthermore it is always advisable before purchasing to proceed in doing a property survey from a local Chartered Surveyor.
Relocating to Cyprus can be a fruitful endeavour, offering a host of benefits including a strategic location, attractive tax regime, and high quality of life. However, relocation involves navigating a new legal and procedural landscape. Engaging with experienced legal counsel can help in ensuring that the transition is smooth, lawful, and tailored to meet individual needs and preferences.
For personalized advice and legal support regarding relocation to Cyprus, Michalaki, Pitsillidou & Co LLC stands ready to assist you every step of the way. With our extensive knowledge and expertise in Cypriot law, we are committed to delivering comprehensive legal solutions to meet your relocation needs.