Cyprus Golden Visa 2024: Expert Insights and Comprehensive Guide
Table of Contents
Cyprus Golden Visa: Your Comprehensive Guide
Each year, Cyprus attracts countless visitors with its stunning Mediterranean cuisine, beautiful beaches, and delightful climate. But what does it take for expatriates to make Cyprus their new home?
The Cyprus Golden Visa program offers non-EU, non-EEA, and non-Swiss nationals the chance to secure legal permanent residency in Cyprus by investing in real estate or establishing a business. This program also paves the way toward European citizenship and a Cyprus passport through the naturalization process.
- An overview of the Cyprus Golden Visa Program
- The advantages of acquiring a Cyprus Golden Visa
- Details about the Cyprus Investor Immigration Permit
- Investment opportunities for the Golden Visa
- Eligibility criteria for the Cyprus Golden Visa
- Application processing time for the Cyprus Golden Visa
- Step-by-step application guide
- How to pursue Cyprus citizenship
- Document checklist for your application
The Cyprus Golden Visa is an investment-based residency scheme that grants individuals the right to live in Cyprus through a qualifying economic contribution. Eligible investments include purchasing real estate, acquiring shares in a business with at least five employees, or investing in units of a Cyprus Collective Investment Organization.
Previously, the program had two separate tracks: one for permanent residency and another for citizenship. While the citizenship by investment option was phased out in 2020, investors can still gain permanent residency and become eligible for citizenship after residing in Cyprus for seven years.
Cyprus stands out among global residency programs, including those in Luxembourg, Belgium, and Malta, by offering a distinct combination of benefits. Strategically located for international investors, Cyprus provides high living standards, affordable living costs, prestigious educational institutions, excellent healthcare, and favorable tax initiatives, such as no inheritance tax and a non-domiciled tax regime. These advantages make the Cyprus Golden Visa program an attractive choice for investors.
Benefits of the Cyprus Golden Visa
Fast Application Process
Quick processing, with approvals often granted within two months.
Full Residency Rights
Enjoy complete residency rights in Cyprus, making it your new home.
High Living Standards
Benefit from a superior quality of life with fantastic living conditions.
Access to Healthcare & Education
Top-notch healthcare and reputable educational institutions are available.
Visa-Free Travel in the EU
Travel freely across the EU and Schengen Zone without a visa.
Family Inclusion
Extend residency rights to immediate family members.
Tax Benefits
Enjoy advantageous tax incentives, including a favorable tax regime.
Profitable Investment
High potential for return on investment with Cyprus's growing economy.
Path to EU Citizenship
Become eligible for European citizenship and a Cypriot passport after seven years.
Dual Citizenship
Cyprus permits dual citizenship, allowing you to retain your current nationality.
Investment Options for the Cyprus Golden Visa
Purchase Residential Property
Secure permanent residency by investing in real estate. Acquire a residential property valued at a minimum of €300,000 (excluding VAT). The first €200,000 plus VAT must be paid before applying.
- Funds must originate from outside Cyprus.
- All funds need to be deposited into a Cypriot financial institution and transferred to the vendor’s bank account.
Acquire Commercial Property
Invest in commercial real estate, such as offices, retail spaces, or hotels. The investment must be valued at least €300,000 (excluding VAT), and the purchased property can later be sold.
Invest in a Cypriot Company
Establish or invest in a business in Cyprus. The company must have a physical presence and employ a minimum of five Cypriot or EU nationals.
- You or your spouse can serve as an unpaid director.
- Take advantage of management control and potential dividend income.
- Invest a minimum of €300,000 to meet the Golden Visa criteria.
Invest in the Cyprus Investment Fund Association
Qualify by investing in an approved local fund, such as an Alternative Investment Fund (AIF), Undertakings for Collective Investment in Transferable Securities (UCITS), or a Registered Alternative Investment Fund (RAIF).
- The fund must be registered with the Cyprus Securities and Exchange Commission (CySEC).
- Obtain a certificate from the fund to verify your investment.
How to Qualify for the Cyprus Golden Visa
Eligibility Requirements
The Cyprus Golden Visa program provides a route to permanent residency and eventual citizenship for non-EU investors who commit a minimum investment of €300,000. By participating in this residency-by-investment program, investors secure the opportunity to live in the EU while enjoying the benefits of Cyprus' lifestyle and economic advantages.
- Applicants must be non-EU, non-EEA, and non-Swiss nationals over 18 years of age.
- Funds for the investment must be legally obtained from outside of Cyprus.
- No criminal record, and not subject to any EU sanctions or travel restrictions.
Updated Requirements (Effective 3 May 2023)
New amendments to the program have introduced stricter compliance criteria. To qualify, applicants must meet the following additional requirements:
- Parents and in-laws of the applicant are no longer eligible for residency through this program.
- Applicants must provide a clean criminal record from their home country and Cyprus.
- A declaration is required stating that the applicant will not seek employment in Cyprus, except for directorship roles in a registered company.
- Proof of annual income generated outside Cyprus: €50,000 for the primary applicant, €15,000 for the spouse, and €10,000 for each dependent.
- Applicants are required to visit Cyprus at least once every two years.
Ongoing Compliance Obligations
To maintain their residency status, applicants must annually submit evidence to the Civil Registry and Migration Department showing:
- That the original investment is still in place.
- Proof of maintained annual income meeting the specified requirements.
- Active health insurance coverage for the applicant and dependents.
Document Checklist
Below are the required documents when submitting an application for the Cyprus Golden Visa:
- Completed application form for the Golden Visa program.
- Valid passport copy for the applicant and dependents.
- Curriculum vitae (CV) highlighting professional and academic qualifications.
- Proof of investment and source of funds.
- Documentation confirming annual income (€50,000+), such as tax returns or bank statements.
- Original criminal record certificate from the country of residence, with an official English translation.
- Certified marriage and birth certificates for dependents, where applicable.
- Health insurance covering all family members.
- Passport-sized photos for all applicants.
- Statement confirming no intention to work in Cyprus, aside from directorship duties.
Additional documents may be requested by the authorities. Professional guidance is recommended to ensure a smooth application process.
Document Legalization and Translation
All documents must be legalized and translated into Greek or English by a certified translator. Legalization can be done via the Apostille or through the Cyprus Consulate. Only certified translations will be accepted.
Application Process for the Cyprus Golden Visa
Month 1
Submit your application to the Cypriot authorities.
Month 2
Make your investment and get the approval from the government.
Month 3
Receive your Cyprus residence permit.
Year 7
Apply for Cyprus citizenship and get your passport.
Steps to the Cyprus Golden Visa
1. Make the Investment
Fulfill the investment requirements for the Golden Visa.
2. Submit Application
Submit your completed application to start the process.
3. Biometrics Visit
Attend the biometric appointment for your residency permit.
4. Golden Visa Issuance
Receive your Golden Visa and start your new life in Cyprus.
Step-By-Step Guide to the Cyprus Golden Visa
1. Choose Your Investment
Identify the type of investment that best aligns with your goals. Ensure it meets the criteria for residency in Cyprus.
2. Make the Required Investment
Invest a minimum of €200,000 before submitting your application. The total minimum investment required is €300,000 (excluding VAT).
3. Prepare Your Documents
Collect all the necessary documents to support your application. Ensure that all documentation is complete and meets the application requirements.
4. Complete the Application Form
Fill out the official application form accurately to avoid any delays. Double-check for completeness before submission.
5. Open a Local Bank Account
Set up a bank account in Cyprus to facilitate your investment and manage financial transactions.
6. Submit Your Application
Submit the completed application, along with all required documents, to the Civil Registry and Migration Department.
7. Pay the Application Fee
Ensure that the application fee is paid as part of the submission process.
8. Await Approval
Wait for the official approval notification. This step is critical to proceed with your investment.
9. Receive Confirmation
Upon approval, you will receive a letter confirming your investment route. Proceed accordingly with the approved plan.
10. Complete Biometric Requirements
Visit Cyprus to fulfill biometric requirements and obtain your 10-year permanent residence permit.
11. Maintain Your Residency
To retain your residency status, visit Cyprus at least once every two years.
How to Obtain Cyprus Citizenship
Requirements
Golden Visa holders can apply for citizenship after seven years, provided they have maintained their residency and stayed in Cyprus for at least one continuous year before applying.
Cyprus Golden Visa Application Fees
Fee Type | Amount |
---|---|
Application Fee (per applicant over 18) | €500 |
Value Added Tax (VAT) | 5% for eligible residential properties; otherwise, 19% |
Other Costs | Stamp duty (0.15-0.2%), transfer fees (3-8%), legal fees, etc. |
How Can World of Citizen Help You?
Expertise Tailored to Your Needs
World of Citizen is a boutique consultancy specializing in bespoke residence and citizenship solutions for global investors and their families. With years of experience in the migration industry, we offer a comprehensive and personalized approach to guide you every step of the way.
Global Reach, Local Knowledge
Our team operates from multiple locations worldwide, providing you with direct access to a dedicated, hands-on team that understands the unique requirements of each region. We have successfully assisted hundreds of clients in acquiring residency, citizenship, and property, while also helping them diversify their investment portfolios.
End-to-End Guidance
From the initial consultation to the final acquisition of your residency or citizenship, we manage every aspect of the process for you. We go beyond standard services to ensure that your transition is smooth, providing ongoing support even after your residency or citizenship application is complete.
Transparency and Trust
Our clear and straightforward approach ensures that all costs are transparent, with no hidden fees. We work closely with you to ensure that you are fully informed about each step in the process, making your journey to a new life as stress-free as possible.
Comprehensive Support
Whether you are looking to secure a Cyprus Golden Visa, diversify your investments, or find the perfect property, World of Citizen offers a tailored solution that meets your goals. Our commitment to excellence ensures that you receive the best possible service throughout your journey.
Choose World of Citizen for a seamless and successful pathway to residency or citizenship in Cyprus. Our experienced team is here to assist you at every step, from initial consultation to post-approval support.
Frequently Asked Questions About the Cyprus Golden Visa
What is the Cyprus Investor Immigration Permit?
The Cyprus Investor Immigration Permit allows investors to obtain a permanent residency permit by making a qualifying investment in Cyprus. To retain the permit, the investor must visit Cyprus at least once every two years.
How much investment is required for the Cyprus Golden Visa?
The Cyprus Golden Visa requires a minimum investment of €300,000 in approved assets. This investment grants non-EU citizens the opportunity to secure permanent residency, with a pathway to citizenship after meeting specific conditions.
Can family members be included in my Cyprus Golden Visa application?
Yes, family members can be included, such as your spouse and children under 18. Dependent children up to 25 years old can also be added, but as of May 3, 2023, parents and in-laws are no longer eligible.
What are the benefits of acquiring a Cyprus Golden Visa?
Obtaining a Cyprus Golden Visa provides numerous advantages, including the right to reside in Cyprus, visa-free travel across Europe, and potential EU citizenship after seven years. You are also eligible for Cyprus’s healthcare system, which offers free services to residents.
Is it possible to obtain Cyprus citizenship?
Yes, you can apply for Cyprus citizenship after maintaining your investment and residing in Cyprus for seven years, with at least one year of continuous residence before applying.
How long does it take to get a Cyprus Golden Visa?
The process typically takes around two months, making it one of the fastest programs for obtaining a permanent residence permit in Europe.
Do I need to visit Cyprus to maintain my Golden Visa?
Yes, you must visit Cyprus at least once every two years to keep your residency permit valid.
Are there other popular Golden Visa programs?
Yes, some other popular options include Greece, Portugal, and Spain's Golden Visa programs, each offering unique benefits and requirements.
What is the Cyprus Golden Passport?
The term "Cyprus Golden Passport" refers to the residency status granted through the Golden Visa program. After maintaining the investment and residency for seven years, applicants become eligible for citizenship and a Cypriot passport.
What are the requirements for the Cyprus Golden Visa?
Applicants must be non-EU, non-EEA, or non-Swiss nationals over 18, have sufficient funds, and make a qualifying investment of at least €300,000. This program opens the door to living in Cyprus and enjoying the benefits of the European Union.
Can I work in Cyprus with a Golden Visa?
No, the Golden Visa does not grant the right to work in Cyprus. However, you must demonstrate sufficient income to support yourself and your family.
Is the Cyprus Golden Visa better than the Greece Golden Visa?
While both programs offer residency pathways, Cyprus may be more attractive due to its quicker process and lower investment requirements. However, each program has unique advantages that may suit different long-term goals.