Cyprus Residency Permit: The Gateway to the EU for the British
Subscribe to our newsletter for the latest expatriate news, views & analysis. No spam, unsubscribe anytime.
The appeal of living and working in the European Union (EU) remains strong among UK expatriates and Cyprus has emerged as a compelling choice with warm weather, great food & low taxes.
Cyprus offers a unique blend of EU benefits and additional flexibility for UK expats. In addition, Cyprus is expected to join the Schengen Area by the middle of 2025 which will offer additional benefits for travelling.
Here's what you need to know about securing a residency permit in Cyprus.
Understanding Residency Permits in Cyprus
Cyprus, an EU member, offers significant freedom of movement within the EU. While not currently in the Schengen zone, it is anticipated to join soon, further enhancing travel conveniences. For UK expats, who are not classified as EU nationals post-Brexit, Cyprus extends a more lenient approach to residency applications.
Key Requirements for a Cyprus Residency Permit
Financial Stability: Applicants must demonstrate financial independence. This includes having a minimum deposit of €10,000 in a Cypriot bank account—potentially more for families—and a monthly income of about €2,000, with an additional 20% per family member.
Visa Types: Whether seeking a one-year visitor’s visa for longer or frequent stays for leisure, family, or business reasons, proof of income or substantial savings is crucial.
Repatriation Insurance: Given the cultural and religious nuances in Cyprus, expats are advised to have repatriation insurance. This covers scenarios like death, where current regulations and religious practices limit cremation options and non-orthodox Christians face challenges in burial spaces.
Working in Cyprus as a UK Expat
While a residency permit does not automatically allow UK expats to work as locals in Cyprus, it does open doors to remote work or business opportunities:
Remote Work: With a residency permit, you can work remotely for companies outside Cyprus without needing a local work permit.
Starting a Business: Cyprus’s corporate tax rate stands at an attractive 12.5%. Setting up a business could provide a pathway to a work permit, assuming you meet local requirements.
Specialist Employment: If your job requires specific skills not readily available in Cyprus, such as language expertise or unique vocational skills (e.g., elephant training), local employers must first seek these skills within the EU before hiring externally.
Summary
For UK expats looking to move to Cyprus, understanding the local legal and cultural landscape is key to a smooth transition. Cyprus offers an attractive option for those seeking a better lifestyle, lower taxes and benefits of living in the EU, with additional considerations for financial preparedness and compliance with local norms.
For more detailed guidance on relocation and obtaining an EU residency permit in Cyprus, potential expats can contact us for tailored advice and assistance. Our blend of local insight and professional advice has ensured that the journeys of expats to Cyprus have been smooth & successful for more than 20 years.
Take the stress out of tax with our annual tax return service, buy here. Still got questions? Contact us.
