Cyprus Golden Visa Program
The fast track Cyprus Permanent Residency Permit was launched in 2013 to attract foreign direct investment into the country. By investing in property on the island, foreign nationals can obtain Permanent Resident Permits (PRP) without the lengthy process required for normal immigration. Permits can be obtained in just two months, making this one of the fastest and simplest investor visa programs in Europe. Applicants are required to purchase a new-build property for a minimum value of €300,000 + VAT, which can be rented to provide income. Investors also need to deposit a minimum of €30,000 into a Cypriot bank, which will be held as a form of bond for three years. An additional €5,000 needs to be added to the deposit per dependent. Cyprus does not require investors to permanently live in the country, and the permit can be maintained by visiting at least once every two years. However, applicants that want to apply for citizenship will need to reside in Cyprus for at least seven years and will need to spend a full 365 days in the country before applying.
Which Family Members Can Be Added in the Same Cyprus Golden Visa Application?
Dependent children under the age of 18
Unmarried children between the ages of 18 and 25 that are financially dependent on the investor and have a minimum of six months remaining study
Dependent parents and parents in law
Cyprus Golden Visa Benefits
One of the advantages of obtaining residency in Cyprus is the ease of obtaining a Schengen visa.
Investors and their dependents can live, work, and study in Cyprus
Investors are not required to permanently reside in the country
Permanent residency processing is very fast, taking only two months.
Taxation is low, and Cyprus has international double taxation agreements.
Cyprus Real Estate Investment
The Cyprus residency-by-investment-program allows individuals and family dependents to secure permanent residency in Cyprus through real estate investment. Applicants are required to invest €300,000 into brand new real estate bought directly from the developer, which can either be lived in by the investor and his family or rented out. The investment can be split into a maximum of two properties, but the combined value should reach or exceed €300,000. The properties can be individually owned by the main applicant, jointly owned by the applicant and spouse, or owned by a company where the applicant and spouse are the beneficial owners.
Cyprus Golden Visa Cost
How to Qualify for the Cyprus Golden Visa
Applicants must be 18 years of age or older
Investors must be a third-country national – not an EU/EFTA citizen
Applicants must have no criminal record and must not have had property frozen by the EU as a result of sanctions
Applicants must have a have an annual income of at least €30,000 (plus €5,000 per dependent) from outside of Cyprus
Investors must be in possession of adequate health insurance
Cyprus Citizenship and Passport
Citizens of Cyprus enjoy excellent advantages. The country enjoys the warmest weather in the Mediterranean part of the EU, and the locals are friendly and speak English. It has excellent infrastructure and a high standard of educational institutions and healthcare facilities. It also offers a favourable tax regime, and investors can benefit from a growing economy and excellent business opportunities. Permanent residency applicants can apply for citizenship after seven years on the condition that they reside in Cyprus and spend a full 365 days in the country before applying for citizenship.
FAQs About Cyprus Golden Visa
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