Cyprus Residency – Realsubstance

Cyprus Residency for UK Nationals after Brexit

Cyprus has taken the decision that UK nationals and their family members who have not applied for residence during the transitional period (1st of February – 31st of December 2020) stipulated by the Withdrawal Agreement, will still be eligible to apply in 2021.

Provisions applicable to UK nationals who wish to reside permanently in Cyprus:

UK nationals and their family members who have been residing in Cyprus continuously for 5 years are eligible to apply for permanent residency;

UK nationals and their family members who have not been residing for 5 years continuously will be considered as temporary residents, they will need to reach the 5-year threshold in order to apply for permanent residence;

UK nationals and their family members who have already exercised their free movement rights in Cyprus before the 1st of January 2021 will still be able to live in Cyprus without any new restrictions and with the same benefits they received before the Withdrawal Agreement, those benefits could be access to work, study or use public services.

Interested in Moving to Cyprus After Brexit?

The 60 days rule

You have to remain in Cyprus for at least 60 days in the tax year but do not stay in any other country for a period exceeding 183 days and not be a tax resident in any other country for the same year. You will also have to:

exercise a business and/or be employed in Cyprus and/or hold an office with a Cyprus tax resident company at any time during the tax year;
maintain (by owning or leasing) a permanent home in Cyprus.

Permanent Residency by Investment

Fast Track route: you will be required to purchase a new property with a minimum market value of €300.000.

Category F route: you will have to purchase a new or used property with an approximate market value of €150.000.

If you are interested in relocating to Cyprus, please contact us so that we can discuss the best options for your needs.

For information on the Cyprus non-domiciled tax status and its benefits, please see our relevant article (link).