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Author: Nikoletta Charalambous

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POSTS BY : Nikoletta Charalambous
12
Mar2025

Cyprus joins Europe’s Schengen zone

Cyprus is in the final stage of preparations to meet the technical and regulatory requirements for Schengen membership and becoming a member of the Schengen Zone, Europe’s free-travel area.  Cyprus is actively working towards this goal and is expected to join the Schengen Zone by end of 2025. This marks an important step in the country’s ongoing efforts to enhance its European integration and strengthen its position within the EU.

President Nicos Christodoulides has confirmed that Cyprus is on track to become a full member of the Schengen Zone by 2025. This move is highly significant for Cyprus, as it will align the country with 29 other nations, including most of the EU member states, Switzerland, Norway, Iceland, and Liechtenstein. Joining the Schengen Zone will bring Cyprus a range of benefits.

Key Benefits of Cyprus Joining the Schengen Zone:

Enhanced Mobility: Once Cyprus is fully integrated into the Schengen Zone, it’s likely that Cyprus (non-EU) permanent residents would enjoy simplified travel between Schengen states compared to non-residents. This increases convenience for residents, businesses, and tourists, fostering a more connected and mobile society.

Increased Tourism: Cyprus is already a popular tourist destination, and joining the Schengen Zone will likely make it even more attractive. With the ease of travel across multiple countries without border checks, tourists from Schengen countries will find it easier to visit Cyprus, potentially boosting the tourism sector and the economy.

Stronger Investment Opportunities: Schengen membership will improve Cyprus’ appeal as a destination for foreign investors. Investors, especially those interested in real estate, will be drawn to Cyprus due to the ease of access it offers to the entire Schengen Zone. This is likely to result in an increase in demand for property investments, particularly in areas like luxury real estate, resorts, and commercial properties.

Economic Growth: Cyprus’ alignment with the Schengen Zone could lead to increased foreign direct investment (FDI) and a boost to various sectors, including banking, finance, and technology. The removal of border controls simplifies trade and business relations with other Schengen countries, leading to a more competitive and thriving economy.

Increased Demand for Residency Through Property Investment: One of the most immediate effects of Cyprus joining the Schengen Zone is likely to be a significant rise in demand for property investments. Foreigners, especially those from non-Schengen countries, will be keen to invest in property in Cyprus. Moreover, Cyprus’ investment program, which allows non-EU citizens to obtain residency through property investment, is expected to become even more appealing.

In conclusion, Cyprus’ full integration into the Schengen Zone will provide significant advantages for residents, businesses, and foreign investors. This milestone will not only enhance the country’s mobility and economic potential but will also position Cyprus as a strategic hub within the European Union, driving growth and innovation in the years to come.

14
Dec2022

Temporary Residential Permit for third-country nationals: New criteria

The Civil Registry and Migration Department has announced new changes in the application of third country-nationals regarding the temporary resident permit (“Visitor”).

The new criteria will be in force by the 1st of January 2023. The following additional requirements should be satisfied:

  • Original Clear Criminal Record Certificate from the country of origin or residence, if the applicant resides in a country other than the country of origin, with a duly certified official translation in Greek or English ONLY for the first Permit.
  • Detailed statement of bank account transactions in a financial institution in the Republic of Cyprus, for the last 12 months in case of a renewal or from the date of opening the account in the case of a first permit, showing the foreign remittances in the name of the applicant which in total should not it is less than €2,000 per month or €24,000 per year for one person. This amount increases by 20% for the spouse and by 15% for each child. For the purposes of calculating the amount, transfers abroad or to third parties will not be taken into account. Therefore, in order to apply for the permit, the applicant needs to show the statement of his bank account, containing the information regarding their monthly financial transactions, which will eventually be equal to 24,000 per year for one person. 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.
  • Original medical examination certificate of blood tests, proving that the third-country national does not suffer from hepatitis B, and C, HIV, syphilis, as well as a chest X-ray for tuberculosis with a doctor’s opinion, stamped by a specialist doctor from the Republic of Cyprus ONLY for the first Permit. For children under 15 years old no x-ray is required and a Mantoux Skin Test is required instead. For children who are under 6 years of age, no medical examinations are required.
  • Evidence that the applicant has sufficient and stable resources, as analyzed below, derived from a stable or satisfactory income of the applicant outside the Republic. Specifically, income includes salary, pension, deposits in a bank account abroad, rents, dividends, interest on deposits or by exception from dividends from a company in the Republic (with certification by the Company’s Accountant that he does not receive any salary from his position) or rents in the Republic , or from income in his bank account in the Republic from a salary from his previous work in a company of foreign interests

It is worth mentioning that at the time of the submission of 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

For further enquiries, please do not hesitate to contact us.

Digital nomads
15
Apr2022

Cyprus Digital Nomads Visa Scheme

The “Cyprus Digital Nomad Visa Scheme” is part of the Government’s new plan, established on the 1st of January 2022, which aims to attract foreign businesses to establish their activities in Cyprus or even to expand them.

This scheme allows nationals of non-EU and non-EEA countries to temporarily reside in Cyprus to provide digital services for Companies / Clients outside of Cyprus, either by working – remotely – individually as self-employed or for an employer registered abroad using telecommunications technology.

Who is eligible to apply:

  1. Non-EU and non-EEA nationals who can work from home using telecoms technologies;
  2. Individuals who are employed by a firm registered in another country for which they may work remotely, or self-employed who can provide services remotely to clients in other countries;
  3. Professionals who may be able to demonstrate that they have a monthly net income of at least €3.500, after deduction of contributions and taxes.

Benefits for those who grant the residence permit:

  1. One-year permit to reside in Cyprus, with the option of renewal for a period of another two years. Note: Family members can also apply and obtain a residence permit.
  2. Applicants are considered as tax residences of Cyprus in case they exceed 183 days of residence in Cyprus, provided that they are not tax residences in another country.

For more information do not hesitate to contact us at: info@landaslaw.com

AIRBNB
23
Feb2022

Register of Self-serviced accommodations

By modification of the Law for Hotels and other Tourist Establishments of 2019 and 2020, a Register for the registration of “Self-Service Accommodation Establishments”, has been created and obligates any owner that wishes to use his/her accommodation as Self-serviced accommodation establishment, to submit the relevant application, for the registration to the mentioned Register.

According to the provisions of the Law, self-serviced accommodation is divided into 3 sub-categories:

  • Furnished Villas
  • Furnished houses
  • Flats

that will be used for touristic purposes, but do not constitute hotels or touristic accommodations established by the relevant Law.

The entire registration process of the self-service accommodations is done exclusively through an online platform on the website of the Ministry of Tourism.

It is noted that the owner(s) of the self-service accommodation, can advertise and/or rent the self-service accommodation, provided that it is registered in the Register of Self-service Accommodations and has received a special sign and registration number, which need to appear on the advertisement and/or in the promotion of the accommodation, as well as in all relevant transactions.

Further, it is crucial to mention that for the above-mentioned procedure the applicant(s) must be registered with the Tax Department, and the VAT Department (if applicable), and the accommodation needs to have a planning/building permit and to be insured.  

The applicant(s) are obliged to apply, separate applications for each self-service accommodation.

This registration is renewable every three (3) years.

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