Cyprus is known for its high quality of life, with a pleasant Mediterranean climate, a relaxed and friendly culture, and a range of amenities and services that make it an attractive destination for both residents and visitors.
Furthermore, the Republic of Cyprus is a highly safe destination with low crime rates. It is also politically stable, with a functioning democratic government and a peaceful political environment.
Cyprus is part of the European Union; thus, holding Cypriot PR allows you easy access to Europe. The country is strategically located at the intersection of Europe and Asia, making it an ideal location for travel around these continents.
Cyprus immigration law focuses on preserving family unity; this principle applies to all Cyprus residency by investment applicants. The government facilitates family application under the Cyprus citizenship program, allowing the following dependents to apply as well:
Likewise, financially dependent children aged 18-25 and parents of the principal applicant are also eligible to apply for Cypriot PR.
Cyprus has many attractive tax initiatives, which is another reason why it is an excellent destination for investment. It has a 12.5% corporate tax rate, double taxation agreements with over 60 countries, low progressive income tax rates, and much more.
Cyprus boasts a growing economy and offers a wealth of business opportunities for investors and entrepreneurs. The country's low corporate tax rate (currently set at 12.5%), excellent infrastructure, highly qualified bilingual workforce, and numerous government initiatives make it an ideal destination for operating a company.
There is no requirement to reside in Cyprus to maintain the Golden Visa. This means you can continue living in your home country and use the permit whenever you need to travel to Cyprus. In fact, one visit every two years is sufficient to maintain your status.
An additional benefit of living in Cyprus as a foreign national is the widespread use of English among the local population. Statistics suggest that around 73% of locals speak English, making life for expatriates significantly easier to navigate.
While Cyprus no longer offers direct citizenship by investment program, it is still possible to obtain Cypriot citizenship. After acquiring Cyprus PR, you must continuously reside in the country for seven years to be eligible to apply for citizenship. If your application is approved, you can enjoy all the benefits that come with holding an EU passport.
To be eligible for Cypriot PR, there are a few requirements you need to meet. Firstly, you must be at least 18 years old and hold a nationality that is not from the EU, EEA, or Switzerland. Additionally, you must have enough legal funds and a clean criminal record.
Aside from meeting those basic criteria, there is another financial aspect you need to consider. You'll need to generate an annual income of at least €30,000 from sources outside of Cyprus. Your earnings can be derived from your salary, pension, dividends, or rental income.
Note: You cannot be employed by a Cypriot company, which would make you ineligible for Cyprus Golden Visa. You will be asked to sign paperwork proving this as part of your application.
Currently, there are two investment options available – fast-track under Regulation 6.2 and slow-track under Category F. The main difference between the two is the time it takes to obtain residency and the required investment amount.
Let’s analyze both options below.
For the fast-track investment pathway, the applicant is required to invest at least €300,000 in one of the four options:
The processing time for the applications typically ranges from 2 to 5 months.
Under the slow-track Category F option, third-country nationals who possess a sufficient annual income capable of supporting a comfortable standard of living in Cyprus are eligible to apply for and receive an Immigration Permit for themselves and their spouse and/or children (below 18 years old).
There is no requirement to purchase property or invest in a business. However, applicants must provide proof of secure annual foreign income of at least €10,000, increased by €5,000 for every dependent person.
Besides, to be eligible, applicants are required to hold a bank deposit in a Cyprus bank account that is not pledged. While there is no mandatory minimum amount, a deposit of EUR 20,000-30,000 is generally deemed satisfactory to sustain the living costs of the applicant's family in Cyprus.
It is essential to know that Category F applications are experiencing severe delays of more than two years during the examination process. Although the program is anticipated to undergo changes, no official announcements have been made at present.
Ultimately, the choice between fast-track and slow-track Category F depends on an investor's specific needs and circumstances. The fast-track option may be preferable for those seeking a quicker path to residency.
You must follow this process to obtain a Golden Visa for Cyprus.
Vicky Katsarova, CEO
“My world travels and my own immigration experiences have given me a deep understanding and clear insight into each of our clients’ specific requirements, aspirations and concerns. It is this intense personal association with client expectations and needs that helps to set our company and our service apart.”
