Major Benefits:
✅ Temporary residency with no right to work, renewable annually✅ Switch to a PR in 5 years
✅ Apply for citizenship after 7 years of legal physical presence in Cyprus
✅ Modest financial & documentary requirements
✅ Full access to the local medical & education system
Major Requirements:
✅ Existing bank account in Cyprus✅ Bank deposit in Cyprus received from a 3rd country
✅ Stable & adequate personal annual income derived from a 3rd country
✅ Amount for potential repatriation expenses to the country of origin guaranteed for 10 years
✅ Accommodation
Process:
Arrive in Cyprus on a tourist visa Rent / purchase accommodation at least for 1 yearThe hardest immigration program to open a bank account due to no initial connection to Cyprus. Expect delays and requests for additional documents.
✅ Application form
✅ KYC form
✅ Sources of wealth (personal, business tax declarations, employment contract, pay slips, etc. notarized copy, apostile, notarized English translation, apostile on translation)
✅ Tax ID (notarized copy, apostile, notarized English translation, apostile on translation)
✅ Original criminal record from the country of residence not older than 6 months (apostile, notarized English translation, apostile on translation)
✅ Utility bill for address in Cyprus
✅ CV
✅ Recommendation letter from your current personal bank
All in English, scanned, originals will be required upon bank’s request
Online (Webex) or in-person interview with the bank
Applications are submitted for each person individually within 3 months since arrival to Cyprus:
✅ Passport* valid for >1 year (notarized copy, apostile)
✅ Copy of the passport page stamped with the latest arrival in Cyprus and visa
✅ Original Cyprus bank guarantee covering potential repatriation expenses to the country of origin valid for 10 years - €340 for Middle East, €515 for Eastern Europe, €855 for Asia/Americas
✅ Stable annual income derived from a 3rd country - €10,000 for 1 person, €15,000 for a couple, €20,000 for a family of three
✅ Proof of adequate funds in the Cyprus bank transferred in from abroad (bank certificate, SWIFTs, bank statement) - €10,000 per person
✅ Health insurance
✅ Marriage, birth certificates for children* (notarized copy, apostile, notarized English translation, apostile on translation)
✅ Rental agreement
✅ Utility bill for the address in Cyprus
✅ School enrollment confirmation for children
May remain in Cyprus once the application is submitted
The documents with (*) require to be translated in English and bear the «APOSTILLE» stamp. OR be certified by the Ministry of foreign affairs of the country that will issue them and by the Cyprus Embassy of that Country.