Program Quick Facts
Fees and Expenses
From €2,000
Income Requirement
€15,000/year
Residency (Visa) Length
1 year
Time to Obtain
1-3 months
Complexity
Simple
The Cyprus Visitors Visa provides applicants with temporary residency, subject to annual renewal.
Each applicant must demonstrate income from outside of Cyprus of around 12,000-15,000 euros. Additional fees, including government and legal fees, total approximately €2,000.
An annual income of €15,000 is required to qualify for the visa.
Restrictions include a prohibition on employment within Cyprus. Access to the public health system is not provided.
To maintain the visa, applicants must visit Cyprus at least once every 90 days.
Permanent residency and citizenship eligibility require a continuous stay of seven years each under the program or 2555 days total.
Dependents can be included in the application. Remote applications are not permitted, and one visit to the immigration office is required to complete the process.
The Cyprus Visitors Visa is ideal for retirees and persons of independent means seeking flexible temporary residency in Cyprus. It's worth noting that you can legally reside in Cyprus upon applying.
Who can apply for Cyprus Pink Slip?
Eligibility and requirements for the main applicant and family members.
Main Applicant Requirements
- Non EU National
- Adequate income from abroad to cover living expenses while residing in Cyprus (estimated about €25,000 – €30,000 for a three-member family)
- Either rent a house or apartment for a minimum of one year or purchase a property
- Hold valid health insurance
- Open a bank account in Cyprus
- Provide a bank guarantee - 500 eur per person
Spouse/Partner Requirements
- Spouse is included in the application
Children Requirements
Under 18:
- Children under 18 are included in the application
Over 18:
- —
Special Cases (Any Age):
- —
Other Family Members Requirements
- Parents or Grandparents:
- Can be included if the main applicant can support them with an additional €12,000 – €15,000 per person
Program Options, Fees and Requirements
Option 1: Pink Slip Application
Requirements:
Adequate Income
Minimum annual income of €25,000 for the main applicant, with an additional €5,000 for each dependent. The income must be earned abroad.
Amount: €25,000
Accommodation
Proof of rental or purchased accommodation. An average apartment would be €12,000 per year.
Amount: €12,000
Health Insurance
Valid health insurance for the main applicant and dependents.
Amount: €120
Bank Guarantee
A bank guarantee of €500 as a locked amount in your Cyprus bank.
Amount: €500
Fees:
Application Fee
Fixed fee for submitting the residency application.
Amount: €70
Residency Card Fee
Fixed fee for issuing the residency card for each applicant and dependent.
Amount: €70
Legal Services
Legal services are around €1,000 depending on family size.
Amount: €1,000
Main Applicant | Spouse (additional) | Child (additional) | |
|---|---|---|---|
| Requirements | |||
Adequate Income* | €25,000 (not included in total) | €5,000 (not included in total) | €5,000 (not included in total) |
Accommodation* | €12,000 (not included in total) | €0 (not included in total) | €0 (not included in total) |
Health Insurance | €120 | €120 | €120 |
Bank Guarantee | €500 | €500 | €500 |
| Fees and Expenses | |||
Application Fee | €70 | €70 | €70 |
Residency Card Fee | €70 | €70 | €70 |
Legal Services | €1,000 | €0 | €0 |
| Total Cost | €1,760 for main applicant | €2,520 for married couple | €3,280 for family of 3 |
| * Items marked with an asterisk are not included in the total cost calculation | |||
Benefits & Restrictions
Benefits | Restrictions and Drawbacks |
|---|---|
Warm climateCyprus offers a year-round warm Mediterranean climate, making it a paradise for those who appreciate sunny days and mild winters, ideal for outdoor enthusiasts and beach lovers. | Not allowed to work in the countryThis visa does not grant employment rights within Cyprus, making it suitable primarily for retirees, entrepreneurs, and individuals with passive income sources. |
High quality of lifeWith modern amenities, excellent healthcare options, and a peaceful environment, Cyprus provides a high quality of life that is especially attractive to retirees and entrepreneurs seeking a balanced lifestyle. | No access to public health systemResidents under this program are required to secure private health insurance, as access to the public health system is not available, emphasizing the need for alternative healthcare arrangements. |
Path to citizenshipThis residency program offers a pathway to citizenship after seven years, allowing expats to enjoy the full benefits of Cyprus as both residents and eventual citizens. | |
Fast processingWith a processing time of approximately 180 days, this visa allows you to establish residency in Cyprus relatively quickly, making it an attractive option for those looking to settle sooner. | |
Family members includedThe program extends to immediate family members, ensuring that spouses and dependents can also benefit from living in Cyprus under the same residency conditions. | |
Low tax jurisdictionCyprus is a tax-friendly destination, particularly for foreign residents, with a variety of incentives designed to minimize tax burdens on income and investments. | |
No capital gains taxAs a resident of Cyprus, you can benefit from zero capital gains tax, allowing you to invest freely without the concern of extra taxes on your investment returns. | |
No income taxFor those eligible, Cyprus offers no income tax, providing a substantial financial advantage to retirees and entrepreneurs alike who seek tax efficiency in their income streams. |
Pink Slip vs other programs in Cyprus
| Criteria | Visitors Visa | Companies of foreign interest> | Permanent Residency> | Yellow Slip> |
|---|---|---|---|---|
| Investment Amount | €0 | €200,000 | €300,000 | €0 |
| Residency Type | Temporary Residency | Temporary Residency | Permanent Residency | Temporary Residency |
| Application Fees | €2,000 | €8,100 | €18,000 | €840 |
| Annual Income Requirement | €15,000 | €30,000 | €40,000 | €15,000 |
| Annual Presence Requirement | 183 days | 183 days | 0 days | 0 days |
| Key Perks | Simple Setup | Fast Tax Residency | Instant Permanent ResidencyNo Presence RequiredFast Tax Residency | Simple SetupLow Cost Program |
| Ideal For | RetireesPerson of independent means | EntrepreneursInvestors | Investors | EU nationals |
How to apply for Pink Slip - Timeline
Collect and Complete Required Documents
Gather and fill out all necessary application forms and supporting documents for the visa application.
Apply for a Bank Account
Visit a local bank in Cyprus to submit an application for a bank account, ideally in person for faster processing.
Bank Account Processing
Wait for the bank account application to be processed, which can typically take up to a month.
Deposit Required Funds
Deposit the necessary amount into your bank account, calculated based on the number of applicants and dependents.
Submit Documents at Immigration Office
Visit the immigration office to submit the application. Using a lawyer for assistance can reduce wait times.
Application Processing
The application undergoes a review process, taking approximately 6 months. Residency is granted upon acceptance, but the physical ID takes 4-6 months.
Cyprus Taxation at a glance
Key Information
Taxation Type: Residence based
Special Regime: Non-Domiciled (Non-Dom) Regime
Normal Tax Residency: 183 days
Special Residency: 60 day rule
Income Tax Rate: 35
