Cyprus Golden Visa

Cyprus has attractive golden visa scheme in Europe through real estate investment. It is one of the cheapest route to acquire Cypriot citizenship and passport after 7 years of legal residence. The Cyprus PR program offers non-EU nationals guaranteed immediate permanent residency within 2 months with a single, secure, real estate investment of €300,000 with a path to citizenship after seven years of living.

Why Cyprus?

• EU member state with euro as currency
• Modern banking & legal system
• English is official language along with Greek
• Excellent healthcare with good education systems
• Access to single EU market
• Low corporate tax of 12.5%
• Stable political & business environment

Legal framework

The Criteria related to the expedited process of issuing an Immigration Permit to applicants who are third country nationals and invest in Cyprus – 3rd Revision of Criteria on March 24, 2021

Eligible Investments

• €300,000 in Residential properties plus VAT
• €300,000 in commercial properties Hotels, shops, offices
• €300,000 in Share capital of a company with activities in Cyprus.
• €300,000 in Collective investments (AIF, AIFLNP, RAIF)

Stricter Rules

The Decision of the Council of Ministers revised the program May 2023, with stricter criteria aim of streamlining it and limiting its potential abuse.

1. Applicants are required to provide evidence on an annual basis that proves that the beneficiary still maintains the original investment and the required income. In cases where the necessary information is not provided, the immigration permit for investor and his family is cancelled.

2. A clean criminal record from the investor’s country of origin is required every three years.

3. It is necessary to present evidence that confirms that the money for the investment comes exclusively from the applicants themselves and/or their spouse and not from third parties, thus ending the phenomena of abuse that were observed, mainly to the sanctions imposed because of the war in Ukraine are avoided.

4. Funds used for the investment must be proved to have been transferred to Cyprus from abroad, from the applicant’s or/and his/her spouses bank account, provided the spouse will be included as a dependent person in the application. The investment amount should be paid from the applicant’s bank account to the seller’s account in a Cyprus financial institution.

5. Evidence must be provided that the investment money has derived from abroad and is not the result of domestic borrowing (remittances, foreign card payment receipts, bank certificate) and should be linked to the corresponding investments.

6. In addition to the above investment, applicant must be able to prove that he has at his disposal a personal secure annual income of at least €50,000. This annual income increases by €15,000 for his/her spouse and by €10,000 for each of his/her or his/her spouse’s dependent minor child. This income should derive from abroad and may include salaries or wages, pensions, dividends from shares, bank deposits interest, rents, etc.

7. Applicant and his/her spouse shall confirm that they do not intend to undertake any form of employment in the Republic, with the exception of their employment as Directors in a Company in which they have chosen to invest

Real Estate

Real Estate: €300,000 investment in new residential real estate (single or two properties). Investor, their spouse and dependent children up to age 25 can apply for PR status (parents are no longer included).

The applicant must submit the application form accompanied with a contract of sale and proof of payment of at least €200,000 (excluding vat). Legal entities or companies can also buy the property can also be put on a company name provided that the company is registered in the name of the applicant and/or the applicant and spouse, and that he/they are the sole shareholders with full ownership.

The applicant may purchase up to 2 residential properties (apartments/houses), or one residential unit and one shop (with a maximum area of 100sqm), or one housing unit and one office (with a maximum area of 250sqm), provided that the combined value exceeds €300,000.

The holders of the Permanent residence permit cannot work in Cyprus.

Permanent Residence Conditions

The permanent residence permit is issued for an unlimited period; holders must visit Cyprus at least once every two years to keep it.

• Purchase of a new immovable properties with a value of €300,000 or more (excluding vat)
• Fixed deposit in a bank account showing a €30,000 minimum deposit in a Cypriot bank account of the applicant, which will be locked for a period of 3 years.
• Applicant must prove a secured annual income of at least €50,000, plus €15,000 for a spouse and €10,000 for each dependent child.

Physical Residence

You must visit Cyprus for one day every two years. There is no requirement to live permanently in cyprus

Citizenship

Naturalisation for citizenship is possible after 7 years of legal residence in Cyprus.

Schengen Area

Cyprus currently does not participate in schengen area. The visa free travel to Schengen area will be possible if Cyprus joins schengen in the future.