Upgrading your permit to long-term residency status will enable you to enjoy similar rights to EU citizens, including the ability to work and operate a company.
According to article 18H of the Aliens and Immigration Law, Cap.105 implementing Directive 2003/109/AC, non- EU nationals who live in a EU Member State for a period of more than 5 years are entitled to apply for long-term residency. This European Directive aims to provide permit holders with a set of uniform rights which are as near as possible to the rights which European citizens enjoy. These rights include the ability to work or operate a company, to benefit from the prevailing tax laws and to - access the same educational and professional opportunities offered to Cypriot and EU citizens, including scholarships. Long-term residency status is permanent and available to all non-EU nationals that have resided in Cyprus for over 5 years. The key criterion is that the applicant must not have been absent for more than six consecutive months or more than 10 cumulative months within the 5-year period.