As of January 1, 2023, the Cypriot government introduced several changes to temporary residence permit policies, including revised financial criteria and adjusted health/good character requirements. Initial temporary residence permit applicants must now evidence sufficient financial resources, meeting a minimum threshold income of at least EUR 2,000 per month, with 20% additional income for spouses and 15% for each accompanying child. Income sourced from within Cyprus, such as dividends from a Cyprus company or rental income, may be included in the application as proof of the minimum stipulated income. Moreover, applicants must transfer and provide proof of at least EUR 10,000 in their personal bank account in Cyprus. With effect as of May 1, 2023, applicants renewing existing temporary residence permits must provide their banking history from the past 12 months, evidencing at least EUR 24,000 in foreign remittances and a current bank statement with a balance of at least EUR 6,000. As such any applications submitted prior to May 1, 2023, will be examined based on the current policy for renewal applications. Previously, temporary residence permit applicants were not subject to specific financial thresholds. As for amendments made to health and good character requirements, permit holders and their dependents now require a clean criminal record (duly apostilled or legalized) from their country of origin or residence, where previously no criminal record was required. A medical certificate for HIV, venereal diseases, hepatitis B and C and a chest x-ray for tuberculosis is also required for permit holders and all dependents age six and over after they arrive in Cyprus. Previously, temporary residency permit holders did not require a medical test.
This alert is for informational purposes only. If you have any questions, please contact the global immigration professional with whom you work at Fragomen or send an email to [email protected].
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