Pink slip options for 3rd country nationals

This are the pink slip options for 3rd country nationals:

Visitor pink slip:

1-year renewable permit that requires a local bank account with at least €10.000,00 transferred from abroad plus monthly income of at least €3.600,00 (€2.000,00 + 20% for each dependent family member) coming to a local bank account from abroad.

Strictly speaking, a company in Cyprus is not permitted under this permit. Can be done with a rented property as well.

Investment permanent residence permit:

Requires the purchase of a new property for at least €300.000,00 + VAT and ability to show income from abroad through their latest tax declarations.

Timeframe for processing is around 8-9 months and if they wish to remain in Cyprus in the meantime they must apply for a visitor pink slip. A visitor pink slip is advisable as their PR application will be examined relatively shortly after and it is the lowest effort permit in comparison to others, therefore not worth applying for something else.

Allows to have a Cyprus company as director and shareholder, but no salary.

Permanent residence permit under Category F:

While not strictly legally required, a purchase of a property whether new or resale, of any value, is required, plus ability to show income from abroad.

Time for processing is currently around 5 years (!) and if they wish to remain in Cyprus in the meantime, they must apply for another type of residence permit of any kind.

Does not allow at all for a Cyprus company.

Work permit (incl. fast track Passport):

3-year renewable permit requiring the formation of a Cyprus company and bringing into its local bank account €200.000,00 from abroad. This amount can be used for any company purpose. The company must be registered on the basis of this investment with the Business Facilitation Unit of the Ministry of Commerce to become an eligible employer of non-EU citizens.

The minimum monthly salary for the employee is €2.500,00 gross but the spouse of the employee has the right to find work in any Cyprus company, regardless of the company status as an eligible employer or not, and for the national minimum wage instead of the €2.500,00.

The family permits are given for 2 years but with a slightly higher salary can be extended to parents and parents in law, which is not the case for other permits.

The biggest advantage of this permit is that it gives fast track to citizenship.

Unlike with other permits, holders of work permits can apply for citizenship as below (after passing language exams of the Government):

- with 3 years of residence with knowledge of Greek at level B1, or

- with 4 years of residence with knowledge of Greek at level A2.

None of the permits allow for visa free travel to the EU unfortunately under current regulations, however as you mention, if they are Australian passport holders they do not require a visa to enter the EU in any case and can remain in the EU/Schengen area for up to 90 days every 183 without a visa.