The Civil Registry and Migration Department (“CRMD”) has recently announced numerous changes in the policy regarding the issuance of the first and the renewal of visitor’s permits concerning third-country nationals. The recent changes introduced, affect mainly the financial criteria that should be satisfied by the interested individuals for the submission of the relevant application.
According to Aliens and Immigration Regulations, third- country nationals are allowed to travel and enter Cyprus with a tourist visa for a maximum period of 90 days within 180 days.
It is important to stressed out that according to the terms of issuance of the temporary residence permit for visitors (“Visitor’s permit”), the holder is not allowed to carry out any economic activity in Cyprus. Also, the terms and condition of relevant permit indicates that the individual should not reside outside Cyprus for more than three consecutive months, otherwise the permit shall be cancelled and / or revoked.
The validity period of the Visitor’s permit is one (1) year and it can be renewed on an annual basis, provided that certain criteria are met.
Changes for first-time applications
The applicant should have sufficient financial resources, derived from stable, adequate or satisfactory sources of income from abroad. Specifically, based to the amendment policy, such “income” may include salary, pension, foreign bank deposits, rental income, dividends, interest, etc.
In addition to the above criterion, it is acceptable the income to derive from sources within Cyprus, such as dividends from a Cyprus company, rental income from a Cyprus immovable property or even from Cyprus bank deposits originated from salaries in connection with the previous employment of the applicant in Cyprus in a company of foreign interests.
As per the amended policy, the relevant income should not be less than €2.000 per month or €24.000 per year which increases by 20% for the spouse and by 15% for each child of the main applicant.
The applicant should have a Bank account in Cyprus and present relevant bank statement from the date of opening where inward payments from abroad must be shown with relevant bank swift receipts.
During the first permit, a cash transfer or deposit of at least €10,000 is also accepted. In the case of a cash deposit, the cash declaration at customs must be submitted
Addition requirements as per the revised policy
As per the revised policy, the below requirements apply to individuals submitting an application for a Visitor’s permit for the first time:
– Recent clean criminal record certificate from the country of origin (or the country of residence), duly certified and translated;
– Medical results certificate for specific exams undertaken in Cyprus, after the arrival of the individual in Cyprus.
Changes affecting applications’ renewals
Revised financial criteria
As per the amended policy, for any applications regarding the renewal of Visitor’s permits, a detailed bank statement (of a Cypriot Bank) must be submitted for the most recent 12-month period, showing foreign remittances in the name of the applicant based on the above-mentioned criteria (not less than €2.000 per month or €24.000 per year).
It is essential that when submitting the application for the renewal of the visitor’s permit, the balance in the account must, in any case, not be less than €6,000, which corresponds to three months’ income, regardless of the size of the family.
Entry into force
The amended policy in relation to first-time Visitor’s permit applications enters into force on 1 January 2023.
The amended policy in relation to applications for renewals of Visitor’s permits enters into force on 1 May 2023. In this respect, any renewal applications which will be submitted prior to 1 May 2023, will be examined based on the financial criteria that applied prior to the policy amendment.
Antonis K. Karas L.L.C is a reputable corporate and commercial law firm with a vast client base, international experience and proficiency in a wide range of business areas.
Our consulting service extents on formation, acquisition and dissolution of companies and partnerships in Cyprus, management and domiciliation services and assistance with day-to-day commercial matters, and assistance and support with all corporate, mergers and acquisitions and securities matters.
Source: Amendment of the policy for granting a temporary residence permit in Cyprus for Visitors – ANTONIS K. KARAS L.L.C. (karas-law.com)