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.