New rules for new arrivals for residency

Last activity 09 June 2022 by shotokan101

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ToonCyprus Expert27 May 2022 18:38:53

9838

Foreign nationals can work or stay in Cyprus if they have an income of 40,000 euros annually, a privately-owned house of 250,000, when they are investors or self-employed or employees under certain conditions:

The above is provided in rules that the Cabinet has approved, according to which residence permit may be granted to foreign nationals who fall under the following categories:

Self-employed foreign nationals who intend to work in a business in the Republic of Cyprus provided that they have the qualifications to exercise this profession, have the necessary permits for the job, have sufficient funds, have settled any dues to Social Insurance and Income Tax, and the specific job will benefit the Republic.

Foreign nationals employed provided they will not constitute unjustified competition in their sector. The employer and the employee must have signed a relevant agreement, duly certified and the employer must satisfy the preconditions to employ foreign nationals and have settled any dues to Social Insurance and Income Tax.

Foreign nationals who are investors, meaning persons who have proceeded with an important investment in the Republic, with funds coming from legal sources.

Self-supported foreign nationals, meaning people who intend to live in Cyprus without exercising any profession but who have a secured income of 40,000 euros annually, increased by 10,000 euros for every additional member of the family, as well as a privately-owned house valued at 250,000.

Additionally the foreign nationals must have a valid passport or other travel document and will not constitute threat to national security or public order or public health.

shotokan101Serial expat27 May 2022 19:29:15

288

Ouch €40,000 now !!!

Jim

ToonCyprus Expert28 May 2022 03:59:16

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Fraid so... That's a shocker ... And FWIW... I think they will regret that decision.

Kevin ThompsonActive member28 May 2022 06:51:48

I assume this will apply to retirees too?

ToonCyprus Expert28 May 2022 07:08:51

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All new arrivals i think

Kevin ThompsonActive member28 May 2022 07:20:21

Thanks Toon. We plan to rent for a year on a pink slip (?) and then go for residency. Can you re supply link to government residency page please as I keep finding old info 😀?

ToonCyprus Expert28 May 2022 07:57:15

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This is the link to the appointments pages http://www.moi.gov.cy/moi/crmd/crmd.nsf … enDocument

ToonCyprus Expert28 May 2022 07:58:20

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And the link to the news item

https://in-cyprus.philenews.com/legal-f … 000-euros/

ToonCyprus Expert28 May 2022 08:06:21

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And pink slip details as was before but not sure how the latest news impacts on it. If at all.

https://gk-lawfirm.com/practice-areas/i … ce-permit/

Kevin ThompsonActive member28 May 2022 08:15:27

#10

@Toon cheers. Again 😀

shotokan101Serial expat28 May 2022 13:36:48

#11

288

@Toon Absolutely agree and if it does apply to pensioners then it completely torpedoes all our plans

Jim

shotokan101Serial expat28 May 2022 13:57:05

#12

288

@Toon what am I doing wrony?

Category F from Govt. Site via your link...

http://www.moi.gov.cy/moi/CRMD/crmd.nsf … enDocument

ToonCyprus Expert28 May 2022 14:13:03

#13

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The latest rules came out yesterday the site has not as yet been updated to reflect the changes..

ToonCyprus Expert28 May 2022 14:14:32

#14

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I would suggest that if in doubt about impacts then like me I would get in touch with the immigration dept for clarity

ToonCyprus Expert28 May 2022 14:20:44

#15

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The link Jim was for the appointments pages nothing more ...the rules to me seem to be pretty clear ...the only thing I think that needs clarity is if the new rules impact on the pink slip mechanism by way of the financials if it doesn't then it's not an issue .. however the pink slip mechanism has its own restrictions so it may be route to take for 5 years and may well be more manageable / affordable

shotokan101Serial expat28 May 2022 14:27:05

#16

288

@Toon Thanks Toon - apart from the IMHO ridiculously high income requirements it looks like you now need to buy a reasonably expensive home which would also appear to rule out the possibility of renting - completely bizarre if true

Jim

ToonCyprus Expert28 May 2022 14:32:22

#17

9838

I agree

Kevin ThompsonActive member28 May 2022 16:18:10

#18

Does seem strange. Hopefully all will become clear soon, otherwise it will prevent a lot of people retiring there. I could, sort of, understand if it was focussed on people who want to work in live and work Cyprus and are from a non Eu country, but even then the buying vs renting seems strange and would you have to buy in your first 90 days?

ToonCyprus Expert28 May 2022 16:32:22

#19

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I think it's geared towards irregular migrants.. Am hoping so anyway.

Having rented here for 7 years we bit the bullet to buy last year mainly due to financials and the rising rents . Hedged my bets a little and it's paid off ....

I suspect the pink slip may become the route most non EU retirees will be guided down which is not a bad thing as it gives time to find out what you want where you want to be and if in fact Cyprus is still the place you want to be as holidaying here is very different from living here

I have written to the immigration dept so will see what I get by way of an answer

ToonCyprus Expert28 May 2022 16:42:49

#20

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It does seem a strange policy decision if it applies across the board .....just when the economy here needs the extra boost from property sales and tourism... As tourism sometimes turns to immigration with more money being spent here

The one fear is that they may have decided that they want more targeted immigration and then residency not dissimilar to that which UK has followed ...am thinking the minimum financials for migrants being 26k sterling currently equating to a little over 30k euro... But 40k euro seems a tad excessive which would disallow many .. and the purchase of a home @€250k on top ... Mind it didn't say that it just says a property worth that it didn't say in Cyprus .. lol but maybe I am selectively reading .. another item maybe needing clarity

Kevin ThompsonActive member28 May 2022 18:33:24

#21

@Toon appreciated

shotokan101Serial expat29 May 2022 02:33:29

#22

288

Even €20,000 without the home purchase requirement would be a substantial bump...

Jim

ridata2001Active member29 May 2022 14:46:14

#23

@Toon

Well, if that's correct, that's a horrendous change,

ToonCyprus Expert29 May 2022 15:06:13

#24

9838

Its correct for sure... It's been in both local papers ... I shall report back with inmigration depts reply asap

ridata2001Active member30 May 2022 11:29:52

#25

The more i think about this, the more i cant make sense of it.. It would surely put a stop too ALL sales and purchases of property's under 250k, no-one is going to be able too buy a holiday home, knock on would be, no-one would be able too sell their property, long term rentals would cease, Can anyone follow my thinking..?>

Steve.

ToonCyprus Expert30 May 2022 13:05:00

#26

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A far as I can see ... sales under €250k.will still continue as residency is not a requirement to buy .. .however you raise a valid point if at some later stage a buyer then wishes to be resident.. what do they do even if they can fulfil the other financial requirements..... As the new criteria seems to say " as well as property valued at €250k"...

Am sure there ae more holes in this plan than there are in my old socks

ridata2001Active member30 May 2022 13:14:32

#27

I just dont see people paying 250k+ for a holiday home, and there must be 10's of thousands of property's well under that 250k now, Who is gonna purchase them, As for rentals, i would suspect most long term rentals done as a pre-cursor too buying property, I,m sure there are more negatives too the policy and knock ons etc.. Whilst personally i was lookin too purchase around 220k... it'll force me into 250k, and then 50k per year in bank, Not best pleased..

ridata2001Active member30 May 2022 13:49:01

#28

@Toon As i read it.... requirement too buy, is a requirement of residency....?

shotokan101Serial expat30 May 2022 15:23:22

#29

288

This actually looks more like a revised version of this to me...?

http://www.moi.gov.cy/moi/crmd/crmd.nsf … enDocument

ToonCyprus Expert30 May 2022 15:33:16

#30

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March 24 th to 7th April so this is the one before the latest announcement issued last week....

ridata2001Active member30 May 2022 15:35:05

#31

@shotokan101 I suspect like me, you have spent an age trawling the net for more info on this...

.. i saw it yesterday for first time, aint had the plums too tell the missus yet, she still mentally decoratin a house we found

Steve.

shotokan101Serial expat30 May 2022 21:15:26

#32

288

@shotokan101 I suspect like me, you have spent an age trawling the net for more info on this... .. i saw it yesterday for first time, aint had the plums too tell the missus yet, she still mentally decoratin a house we found

Steve.
- @ridata2001

Yep I thought there would be more of an "impact" online...

Jim

ToonCyprus Expert31 May 2022 02:10:18

#33

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I don't think many have realised what's happening Jim ...

MacGeorge8035Serial expat31 May 2022 10:01:02

#34

344

I have found this article which says much the same as the original that Toon posted.

https://www.financialmirror.com/2022/05 … e-permits/

It states it still needs to be approved by parliament. I have no idea how long that will take or whether we can get in before the new rules become law or whether the law will be retrospective. I have contacted the Cyprus UK consulate to see if they can clarify the situation. I have just let my wife know that we may need to accelerate our plans, she is not impressed.

MacGeorge8035Serial expat31 May 2022 10:32:57

#35

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I got a reply from the High Commission and it was just a boiler plate response dealing with Brexit and nothing on the new rule changes. So the wait for clarification goes on …….. and on ….. and on. This has really thrown my plans up in the Air. My wife has suggested we make the move as soon as possible. What do you all think.

ToonCyprus Expert31 May 2022 10:43:50

#36

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I agree .. unless your plans can cope with the new criteria... Sounds like there is a window of opportunity to be considered.. let's hope so ....

ToonCyprus Expert31 May 2022 10:52:21

#37

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@MacGeorge8035 the British High Commission here is useless....

MacGeorge8035Serial expat31 May 2022 10:53:03

#38

344

Toon, the earliest we could move would be September. My plans could just about cope with the new criteria but it means selling our UK home and burning all our bridges. We have been to Cyprus many times on holiday and I had two tours when in the military one with the UN. But, I think that is different to living there. I really wanted to rent for a year or two and keeping my UK home in case it all went pear shaped.

MacGeorge8035Serial expat31 May 2022 10:59:37

#39

344

In the words of Captain Darling in Black Adder “Bugger”. Portugal looks nice

MacGeorge8035Serial expat31 May 2022 12:19:47

#40

344

I have today contact Cyprus Immigration to try and get some clarity around the rule and they may affect. If I get response I will let everyone know.

Here is what I wrote.

Hello

I am hoping you can help me. Me and my wife are planning to move to Cyprus from the UK, we are both UK Nationals. The move is for November 2022 and we were planing to register for temporary residency then after 5 years apply for permanent residency. It has been brought to our attention that the council of ministers has indicated a rule change which may impact our plans.

Could you let me know whether the proposed rule changes will impact on my ability to apply for temporary residency when I arrive in November? When will the new rules come into force?

If I arrive before the new rules come into affect will I be able to apply for temporary residency under the old rules. How will these new rules affect my ability to renew my temporary residency?

Kind Regards

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