Located in the Eastern Mediterranean, Cyprus is a beautiful island nation near the coast of Turkey. It is the third largest island in the Mediterranean. Cyprus is a popular tourist destination for its beaches, ancient ruins, and vibrant nightlife. Many civilizations have ruled land in Cyprus, leaving behind ancient ruins and historical sites that are well-maintained and accessible. The country has a sunny climate, stunning beaches, and beautiful mountains, making it an excellent destination for anyone who loves the outdoors. Exciting urban centers like Larnaca and Limassol have thriving business sectors and plenty of diverting cultural activities.
Each year, thousands of people relocate to Cyprus to benefit from the island’s many favorable attributes and robust economy driven by tourism, finance, and real estate investments. One of the most popular ways to settle in Cyprus is by obtaining residency by investment through the Cyprus Golden Visa Program. Investors can obtain Cyprus residency by investment in as little as two months with a minimum investment amount of €300,000, making this one of the most efficient and cost-effective Golden Visa Programs available.
This residency-by-investment program was designed to attract foreign investment to the country and boost the local economy by creating jobs and promoting economic growth. The program has been successful in attracting investment from high-net-worth individuals, entrepreneurs, and families who are looking to diversify their portfolios, expand their business interests, or seek a higher quality of life.
Once the investment has been approved and completed, the investor and their dependents can obtain a Cypriot residency permit, which allows them to live in the country. After seven years, the investor and all eligible family members can apply for Cypriot citizenship, which gives them access to all the benefits of having citizenship in the European Union (EU) and allows them to work in Cyprus. This includes the right to live and work in any country within the EU, visa-free travel to over 175 countries, and access to high-quality healthcare, education, and social security systems.
The Cyprus Golden Visa program is a flexible and efficient way for individuals to obtain residency in Cyprus and, eventually, Cypriot citizenship and a passport by investing in a stable and growing economy. The Cypriot government supports the program and offers investors a safe and secure investment opportunity with a guaranteed return on investment.
Benefits of Cyprus Residency by Investment
Cyprus offers a high quality of life, a stable political environment, and a well-developed economy.
A Cypriot residency permit offers investors and eligible family members the right to reside legally in Cyprus and access the country’s excellent healthcare, education, and social security systems. The high-quality education particularly appeals to applicants with children looking to complete their schooling in Cyprus. After residing in Cyprus for seven years, Golden Visa holders who seek to apply for Cypriot citizenship will not have to renounce their original citizenship since Cyprus allows for dual citizenship. Those who obtain Cyprus citizenship by investment can maintain their original citizenship once even after they receive their Cypriot citizenship.
One significant benefit of applying for Cyprus residency by investment is that applicants may include eligible family members on the same Golden Visa application. The list of eligible dependents includes the applicant’s spouse, their parents or parents in law, children under the age of 18, and unmarried children between the ages of 18 and 25 who are still students and financially dependent on the applicant. The Golden Visa residency permit will remain valid even if the holders exceed 25 and do not remain unmarried, students, and/or financially dependent on their parents.
As a member of the EU, Cyprus offers its citizens visa-free travel to 176 and the right to live and work in any other country in the European Union. Obtaining Cyprus residency by investment and, eventually, a Cypriot passport gives individuals greater mobility and opportunities to work and travel throughout the EU and the world.
The Cypriote government is conscientious about investing in and maintaining the country’s infrastructure, making it a comfortable and modern place to live. Cyprus’s thriving real estate market allows investors to find the perfect residential or commercial property for their needs. Investors participating in the Cyprus Golden Visa Program will also benefit from a favorable tax regime, even if they don’t reside in Cyprus full-time. This allows investors to pay taxes only on foreign income.
Cyprus Golden Visa Investment Options
Investors looking to follow the path of Cyprus immigration by investment through the Golden Visa Program can choose from several different investment options. Each offers a unique set of benefits and requirements, so investors must consider each option carefully before deciding which one to pursue.
Applicants can invest a minimum amount of €300,000 through one of the following investment options:
- Investment in a residential property like a house or apartment bought directly from a development company.
- Investment in a commercial property like an office, service industry establishment, hotel, or shop. Investors can purchase one or more properties as long as the minimum investment amount totals €300,000.
- Investment in a company based in Cyprus by purchasing shares or establishing a new company. The company must maintain a physical presence in Cyprus and have at least five employees on payroll.
- Investment in the Cyprus Investment Organization of Collective Investments
Investors are strongly encouraged to consider their circumstances and financial goals when choosing an investment option. The Cyprus Residency by Investment Program is designed to be flexible and accommodate the needs of all investors, whether they are looking for a secure investment opportunity, a better quality of life, or a residency that offers more global mobility.
Cyprus Golden Visa Real Estate Option
One of the most popular means of obtaining Cyprus residency by investment is through the real estate investment option. This option requires investors to make a minimum investment of €300,000 in a piece of property. Investors can choose between residential, commercial, or mixed-use properties, depending on their unique needs. All real estate investments must be paid using funds from abroad and not using loans from a Cypriot financial institution.
Investors may even decide to purchase more than one property and enjoy the benefits of owning real estate in a country with a thriving economy and high standard of living. Purchased properties through the Cyprus Golden Visa Program can be used for personal reasons, like a summer home or vacation property, or rented out by other visitors when the primary resident is abroad for additional passive income.
If the applicant opts to purchase a house or apartment, the purchase must be a first-time offer from a registered development company.
Cyprus Golden Visa Program General Requirements and Documentation
To be eligible for the Cyprus Residency by Investment Program, applicants must meet some basic requirements. Applicants must be non-EU, non-EEA, and non-Swiss foreign nationals over 18 years of age and not under EU sanctions or restrictions. They should be able to maintain the qualifying investment for the duration of their Golden Visa residency permit and be able to visit Cyprus at least once every two years to meet the residency requirement.
They must also present the necessary documents. All applicants will be asked to submit personal and financial records and provide a detailed business plan for their proposed investment. The required documentation may vary depending on the investment option the investor chooses to pursue and the complexity of their application.
In general, however, most applicants will be asked to supply the following required documentation to receive Cyprus residency by investment:
- A valid passport or identity document for the main applicant and any eligible dependents
- The main investor’s curriculum vitae that shows their work experience and educational qualifications
- A clean criminal record or police clearance certificate
- Proof of secure annual income within Cyprus or abroad.
- The income must come from abroad if the applicant plans to invest in a house or apartment.
- Part or all of the income can come from within Cyprus in cases where the applicant opts to invest in a commercial property, capital shares of a company, or units of the Cyprus Investment Organization of Collective Investment.
(Note: For each dependent family member, the amount increases by €5,000. It increases to €8,000 for each dependent parent of the main applicant or their spouse.)
- The birth certificate of the main investor and any eligible dependents
- Proof of adequate funds to maintain the required investment amount, depending on the investment option chosen
- Documentation demonstrating a reliable and secure source of funds
- Proof of health insurance
- Marriage certificate (if applying with a spouse as a dependent)
- Birth certificates of any children dependents included in the application
- Any relevant tax returns (if applicable)
For different investment options, the required documentation is subject to vary. The following documents are specific to each investment option:
- Investment in residential property:
Investors must include the contract of sale, or the deed of the property they purchased, along with proof that the property is valued at a minimum amount of €300.000. Applicants must submit proof that the investment money comes from abroad and not from a domestic source.
If the investor has yet to receive the deed, they can submit a contract of sale stamped by the Stamps Commissioner and the Department of Lands & Surveys and proof they paid at least €200.000.
- Investment in commercial real estate:
Investors must include the contract of sale, or the deed of the property they purchased, along with proof that the property is valued at a minimum amount of €300.000.
If the investor has yet to receive the deed, they can submit a contract of sale stamped by the Stamps Commissioner and the Department of Lands & Surveys and proof they paid at least €200.000.
- Investment in a Cypriot business or company:
Investors must submit a Share Purchase Agreement showing a minimum investment amount of €300.000. They may also need to present a Shareholders Certificate and Certificate of Incorporation by the Registrar of Companies and Official Receiver.
They will be required to submit the business plan and profile of the company they are investing in, whether it be an existing one or one they are establishing. This should include proof of at least five employees.
- Investment in units of a Cyprus Investment Organization of Collective Investments (forms of AIF, AIFLNP, RAIF):
Investors should include proof of purchase, confirmation they have established a Fund, and a Memorandum of the Fund or the Investment Fund.
Additional documents may be required depending on the individual circumstances of the applicant. It’s always best to check the latest requirements from the Cypriot government before submitting the Cyprus Golden Visa Program application.
Cyprus Golden Visa Application and Renewal Process
All investors will start the application process by submitting the required documents and making their qualifying investment for their selected investment option. The minimum investment amount is €300,000.
Once the investor, and any eligible dependents, receive their Cyprus residency permits. It can be maintained indefinitely as long as the applicant and their dependents meet the investment and residency requirements for the duration of the permit’s validity. There is no renewal process, but investors and dependents must visit Cyprus at least once every two years to meet the residency requirement and maintain the qualifying investment.
Here are the steps for applying for the Cyprus Golden Visa:
Application process:
- Select the appropriate investment option and make the qualifying investment (minimum amount of €300,000).
- Organize all required documentation, such as passports, birth certificates, proof of funds, and more.
- Submit the application with all required documentation to the Civil Registry and Migration Department (CRMD) in person or through an authorized representative.
- Pay the application fee.
- Wait for approval or additional instructions.
- Receive the Cyprus residence permit.
Cyprus Golden Visa Processing Time and Fees
The processing time for the Cyprus Golden Visa Program is subject to change depending on the investment option the investor selected and the complexity of the application. However, on average, most Cyprus Golden Visa Program applications are processed in about two months.
All investors must pay a non-refundable processing fee of €500, a due diligence fee, and the cost of any required legal or professional services. In addition, a one-time qualifying investment of at least €30,000 must be deposited into a Cypriot bank.
These fees may be subject to change over time, so investors should be sure to check with an expert before proceeding with their application. Additionally, applicants should consider the cost of living in Cyprus, such as housing, transportation, schooling, and healthcare.
Investment Opportunities in Cyprus
Cyprus has a thriving tourism industry and robust real estate market, making it a hot spot for prospective investors. The island nation has plenty of opportunities for investment in hotels, resorts, and other related businesses. Additionally, Cyprus has a well-developed financial sector, offering investment opportunities in banks, insurance companies, and other financial institutions.
While the Cyprus Golden Visa Program provides a pathway to residency, it is also an opportunity to invest in a country known for its favorable business climate, attractive tax regime, and strong economic growth.
Benefits of Cypriot Citizenship and Passport
Holding a Cypriot passport offers a range of benefits, including visa-free travel to 176 countries. Cypriot citizens enjoy the right to live, work, and study in any country in the EU. Cyprus has a stable and well-developed economy, making it an attractive destination for businesses and investors. It is also known to have one of the lowest corporate tax rates in the EU and a favorable regime for offshore companies, making it favorable for foreign investors.
Citizenship in Cyprus provides access to world-class healthcare, education, and social security systems. Furthermore, citizenship can be passed down to future generations, providing a valuable legacy for families. With its combination of economic stability, favorable tax regime, and access to the EU, it’s easy to see why many people consider it a financially sound idea to invest in Cyprus for citizenship.
FAQ
Yes, investors looking to immigrate to Cyprus by investment can apply for the Cyprus Golden Visa Program. This program allows investors to obtain Cyprus residency by investment in as little as two months and then get citizenship in seven years.
The minimum investment amount for the Cyprus Residency by Investment Program is €300,000, making it one of the lowest investment thresholds of any Golden Visa program.
No, you can’t technically buy a Cyprus passport. Investors can, however, invest a minimum amount of €300,000 and receive permanent residency in the country. After seven years of legal residence in Cyprus, they can apply for Cyprus citizenship and a passport.
Cyprus residency by investment can be obtained through a straightforward application process, provided the investor has all the required funds and documentation, such as a valid passport, proof of income, and proof of adequate and secure funds.
The Cyprus Golden Visa Program is active and accepting new applicants who can meet the eligibility criteria and the qualifying investment amount.
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