by developer@enigmaVisitor’s Residence Permit (‘Pink Slip’)
VISITOR’S RESIDENCE PERMIT (‘Pink Slip’)
OVERVIEW
The Cyprus Pink Slip, also known as a temporary residence permit, or Visitor Visa, allows non-European Union passport holders to stay in Cyprus for more than 90 days or three months. Its validity is one year and it is renewable.
THE PROS
• It is considered the simplest option to acquire a permit in Cyprus for a third-country national, with the amount of 10,000 as an investment.
• It can cover family members (spouse & minor children), provided that the necessary criteria are fulfilled.
• It might be a flexible option for applicants that wish to spend some time in Cyprus to find out which permit of a more permanent nature, would be suitable for them.
TO KEEP IN MIND
• No right to work in Cyprus with this kind of permit. However, the holders are not prohibited from being directors in a Cyprus company and receive dividends.
• A holder cannot stay outside of Cyprus for more than three months continuously as the permit will be automatically cancelled
CHECKLIST FOR A FIRST-TIME APPLICATION (Sole Applicants)
✓ Valid passport & page showing the last arrival in Cyprus from LARNAKA or PAPHOS airport
✓ Clean Criminal Record- translated & apostilled
Important! This document takes some time to be issued (approx. 2 months) and thus we recommend to order it well in advance, and before your arrival to Cyprus.
✓ Title deed or Rental Agreement of the residence in Cyprus, originally signed with certified signatures and stamps (certification and stamps will be arranged by us)
✓ Health insurance named ‘Plan A’ covering inpatient treatment, outpatient treatment, and transportation of corpse back to the country of origin (we can assist with this)
✓ A bank account in Cyprus (our firm may arrange this at an agreed fee)
✓ Bank guarantee covering 10 years
✓ BANK SWIFT showing the transfer of the amount of 10,000 euros from abroad OR alternatively, a cash declaration at the airport.
Note! If you choose the cash declaration option, do not forget to deposit the money into your bank account once you are in Cyprus!
✓ Bank statement of account in Cyprus, starting from the day of opening of the bank account
✓ Original medical exams conducted in Cyprus (blood tests and x-ray) for tuberculosis, HIV, syphilis and Hepatitis B and C. The results need to be signed AND stamped personally by a doctor in Cyprus (not merely from the lab that took the exams)
Tip! For the purpose of the Migration application, the medical exams are considered expired after 3 months from the date they were conducted. Thus, we recommend to arrange this only after you have received the criminal record and have opened the bank account, to ensure that by the time we go to the Migration Department for submission of the application, the exams are not expired.
✓ Proof of sufficient funds of EUR 2000 per month at least (e.g. payslips, tax declaration, bank statements from abroad, dividends, pension, rent income etc)
Note! Documents provided in language other than Greek and/or English must be officially translated by a sworn translator. (we shall arrange this and let you know of the translator’s expenses)
by developer@enigmaCyprus Relocation Option – Companies of Foreign Interest
Work and Residency Permit in Cyprus for Israeli Nationals
Lyssiotis Law Firm is an organization that specializes in Tailor-Made Company Relocation services and to its employees from Israel to Cyprus. We believe that our services can be of significant value to your esteemed organization, especially given our strong experience in assisting Israelis relocating to Cyprus, doing business and investing in real estate Our approach is personalized and extensive.
Our one-stop-shop approach streamlines the process. With Our dedicated team of experts which includes corporate and immigration lawyers, accountants, architects, engineers, real estate agents, and valuators.
Why Cyprus?
Individuals and families who decide to make Cyprus their new home, can enjoy multiple benefits, including the very favourable tax regime both for companies and individuals, as well as the advantage of English language in all business deals, a family-friendly Israeli environment, and a high-level education system for children.
According to the recent strategy that the Government has adopted in order to attract investors and highly-skilled individuals, the establishment of a company of foreign interests is a very appealing option for third country nationals that seek to relocate their business in Cyprus, as it provides them with the right to live and work in Cyprus with preferential treatments and advantages.
The fact that there are currently 20,028 valid permits based on the Scheme for companies of foreign interests showcases how popular and advantageous this route is.
The Benefits
- No limit to the duration of stay in Cyprus for employment purposes.
- Accelerated response times regarding the application examination by a specialised department of the Migration Department.and the Ministry Of Commerce
- Each permit duration up to three (3) years, renewable.
- Access to family reunification that covers the dependent family members of the main applicant, including their parents and parents in law.
- Free access to employment for spouses.
- Eligibility for registration at GESY (the national health system) for the family.
- Faster procedure for obtaining Cypriot citizenship after 4 or 5 years of residence in Cyprus, instead of 8 years, provided that certain requirements are met, including Greek language knowledge.
- No limit as to the number of third-country nationals that can be employed by the company of foreign interests.
No need to obtain a special approval for the employment of a non EU citizen by the Ministry of Labour, which is normally a basic long and cumbersome requirement of other procedures for the employment of non EU citizens
The Main Requirements
- The majority of the shareholders need to be third country nationals.
- The UBO (Ultimate Beneficial Owner/shareholder ) of the company must invest an amount of at least Euros 200,000 in the bank account of that company. This money can be used for any expenses of the company immediately.
- Alternatively, evidence can be submitted of an investment made for the purpose of operation of the business of the Company, such as proof of office purchase, office equipment purchase etc.
- It is clarified that the investment of Euros 200,000 must derive from abroad.
- The registered address of the business of the company needs to be of a physical place where the actual business is conducted. Thus, this place needs to be either purchased or leased. Our firm provides a co-working space for rental upon request.
- Academic qualification and at least 2 (two) year of relevant professional experience as to the employee(s).
- A monthly salary of at least Euros 2,500.
The Procedure in a Nutshell
1) Formation of a company with the Registrar of Companies.
2) Registration of the Company with the Social Insurances Service and Tax Department so that it can become a legal employer.
3) Registration of the Company with the Business Facilitation Unit (the ‘BFU’). Upon success of the relevant application, the company is provided with a certificate of its registration with the BFU.
4) Preparing and submitting employee’s application for residence and employment under the Scheme, with the Migration Department.
Our experienced team will provide you with high quality advice that is tailored to your special needs and circumstances, and will guide you through every step of the procedure of relocating in Cyprus.
We’re committed to making your transition to Cyprus easy and efficient