The Cyprus Golden Visa is a residency by-investment program that allows non-EU citizens to obtain permanent residence and eventually citizenship in Cyprus by making a significant investment of €300,000 in one of the appropriate investment options.
Without a doubt, Cyprus Golden Visa is emerging as an option for investors looking to invest in EU residency. With stunning Mediterranean beaches, warm weather, and a rich winemaking tradition, Cyprus offers a quality of life that few other places can match. And with real GDP growth exceeding 6%, accompanied by rising employment and wages, it is a country on the rise.
Indeed, Investing in Cyprus Permanent Residency (PR) offers numerous benefits for investors and their families. Two investment routes are available with varying investment amounts, allowing you to obtain residency in the European Union and, if interested, apply for second citizenship.
This guide will explore the advantages of the Cyprus Golden Visa, the requirements for obtaining one, investment options and costs, and answer common questions that investors may have. By reading this guide, you can make an informed decision on whether this program is right for you.
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.
To obtain a Cyprus Golden Visa, the applicant must meet the required investment amount and be prepared to cover application and administrative fees. The total cost can vary depending on factors such as the investment option chosen, the number of family members included in the application, and the fees charged by consultancy service providers.
Individual applicants must pay a €500 application fee, including any dependents under 18. However, if any dependents are 18 years or older, an additional fee of €500 must be paid for each. Additionally, there is a governmental issuance fee of €70 per applicant for the residence permit card.
It is important to note that the abovementioned fees are accurate as of 2023 and subject to change. It is recommended to check for any fee updates or changes before beginning the application process.
The Final Word
Cyprus Residency by Investment Program is a pathway to Europe that is both affordable and packed with benefits. With its low investment threshold and unbeatable perks, the Cypriot PR is the clear winner for high-net-worth individuals seeking to establish themselves in Europe.
Ready to explore your options and embark on this exciting journey? Contact us at High Net Worth Immigration today, and our expert team will be delighted to guide you through every step of the process.
To become a permanent resident of the Republic of Cyprus, you must obtain a permanent resident status. You have two options to consider: You can invest a minimum of €300,000 in real estate, a Cypriot business, or funds to pursue the fast-track option, or apply for a Category F Visa, which is the slow-track option.
With a Cyprus Residence Permit, you can visit other European Union member states (EU), European Economic Area (EEA), and Switzerland. Since Cyprus is not yet a member of the Schengen Area yet, you will need to apply for a visa. However, the process is relatively straightforward and quick.
The processing time for Cyprus Golden Visa (fast-track) is between 2 to 5 months, depending on the applicant's individual circumstances and possible delays. The waiting time for the slow-track Category F visa is currently more than two years; therefore, this option is not recommended for those who want to acquire Cypriot residency fast.
One of the most significant advantages of holding a Cypriot PR is that there is no physical requirement to reside in the country. You only need to visit Cyprus once every two years to maintain your residency status. However, if you wish to acquire Cypriot citizenship, you must live in the country for up to 7 years before submitting your application.
If you are considering other European Residency by Investment (RBI) or Citizenship by Investment (CBI) programs, you should check out Bulgaria Golden Visa, Greece Golden Visa, and Spain Digital Nomad Visa. You should also weigh in on other alternatives, such as the UAE Golden Visa via Property Investment, which is gaining popularity among investors.
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.”