Lifestyle

Requirements and Criteria for Different Types of Residence in Cyprus

Published

4 years ago

November 26, 2021

Cyprus has been famous as a welcoming country for international investors. If you prefer to live in Cyprus, as a non-resident, you should first apply for a residency permit. As per the new regulations, people purchasing property in Cyprus are legally allowed to acquire a residence permit. Because Cyprus is an EU member, European residents do not need to apply for the permit, but non-European residents definitely need to apply for the residence permit. However, there are two choices available- temporary residence in Cyprus and permanent residence in Cyprus.

Temporary Residence Cyprus

The non-European citizens who want to apply for temporary residence Cyprus should file an application with the Civil Registry as well as the Migration department and the residence license will be with a validity of one to four years. To get a residence permit, you should submit the following documents:

Passport
Your bank statement copy
Documents to prove income
Four passport size pictures
Copy of the contract of property acquisition
Health insurance
Deposit of EUR 550

Permanent Residence Cyprus

The non-European citizens who want to apply for permanent residence Cyprus should prove that they can earn for themselves and their spouse and kids and if they have been in Cyprus for 5 consistent years. There are some basic requirements for permanent residence permits in Cyprus:

The person should have a bank account in Cyprus bank, a real estate contract and a yearly earning of at least EUR 9,600 for every individual member of the family.
Or, the person should be interested in setting up a company here.
Or, the person should want to open a business sub-division in Cyprus with a minimum capital of EUR 255,000.
Or, the person should be employed in Cyprus

The documents needed for a permanent residence permit in Cyprus are:

Your passport
Copy of the contract of property acquisition
Copy of the payment made to the seller
Bank statement copy
Documents to prove income
Four passport-size pictures
Guarantee letter from your Cyprian bank

Long-term residence permit

Non-European citizens can get a long-term residence permit if they have lived in Cyprus for 5 years consistently. It is valid for five years and will get renewed. Documents needed for the permit are:

Copy of the contract of the purchased or leased property
Passport
Bank statement
Proofs of payment done in the last 5 years for tax returns
Certificate offered by the tax authorities

Why should you shift to Cyprus in 2021?

Cyprus is a European destination open for all foreign citizens and investors. Those who are planning to move to Cyprus can apply for any permit they want through simple procedures.

If you wish to apply for Cypriot residency, then you can rely on us. At Fine Life Limassol, we work on behalf of our clients to file for their residency applications. We offer a high success rate and a consistent customer-centric method. So, what are you waiting for? Be it temporary residence Cyprus or permanent residence Cyprus, we will handle it all for you.

Lifestyle

Why Derik Fay Is Becoming a Case Study in Long-Haul Entrepreneurship

Published

1 week ago

July 2, 2025

Michelle Langton

Entrepreneurship today is often framed in extremes — overnight exits or public flameouts. But a small cohort of operators is being studied for something far less viral: consistency. Among them, Derik Fay has quietly surfaced as a long-term figure whose name appears frequently across sectors, interviews, and editorial mentions — yet whose personal visibility remains relatively limited.

Fay’s career spans more than 20 years and includes work in private investment, business operations, and emerging entertainment ventures. Though many of his companies are not household names, the volume and duration of his activity have made him a subject of interest among business media outlets and founders who study entrepreneurial longevity over fame.

He was born in Westerly, Rhode Island, in 1978, and while much of his early career remains undocumented publicly, recent profiles including recurring features in Forbes — have chronicled his current portfolio and leadership methods. These accounts often emphasize his pattern of working behind the scenes, embedding within businesses rather than leading from a distance. His style is often described by peers as “operational first, media last.”

Fay has also become recognizable for his consistency in leadership approach: focus on internal systems, low public profile, and long-term strategy over short-term visibility. At 46 years old, his posture in business remains one of longevity rather than disruption a contrast to many of the more heavily publicized entrepreneurs of the post-2010 era.

While Fay has never publicly confirmed his net worth, independent analysis based on documented real estate holdings, corporate exits, and investment activity suggests a conservative floor of $100 million, with several credible indicators placing the figure at well over $250 million. The exact number may remain private but the scale is increasingly difficult to overlook.

He is also involved in creative sectors, including film and media, and maintains a presence on social platforms, though not at the scale or tone of many personal-brand-driven CEOs. He lives with his long-term partner, Shandra Phillips, and is the father of two daughters — both occasionally referenced in interviews, though rarely centered.

While not an outspoken figure, Fay’s work continues to gain media attention. The reason may lie in the contrast he presents: in a climate of rapid rises and equally rapid burnout, his profile reflects something less dramatic but increasingly valuable — steadiness.

There are no viral speeches. No Twitter threads drawing blueprints. Just a track record that’s building its own momentum over time.

Whether that style becomes the norm for the next wave of founders is unknown. But it does offer something more enduring than buzz: a model of entrepreneurship where attention isn’t the currency — results are.