Cyprus Golden Visa – The Ultimate Guide By Experts

Cyprus is a Mediterranean land of incredible charm and history. Thousands of tourists flock to the Republic each year to enjoy its Mediterranean cuisine, world-renowned beaches, and excellent weather. But how do expats actually uproot their lives here? The Cyprus Golden Visa program enables non-EU, non-EEA, and non-Swiss nationals who buy property or set up a business in the Republic to acquire legal permanent residency, and increases their eligibility for European citizenship and a Cyprus passport.

In this guide to the Cyprus Golden Visa, you’ll learn all about:

• A Brief About Cyprus Golden Visa Program
• Benefits of Cyprus Golden Visa Program
• Cyprus Investor Immigration Permit
• Investment options for the Investor Immigration Permit
• How to Qualify for the Cyprus Golden Visa
• Cyprus Golden Visa Application Processing Time
• Step-by-Step Guide to Cypriot Citizenship
• How to Obtain Cyprus Citizenship
• Document Checklist for the Golden Visa

Can Family Members Be Added in a Golden Visa Application?

Family members can apply with the main applicant, including your spouse, children under 18, and children who are dependents up to the age of 25. Note that, following the revisions, effective from 3 May 2023, parents and/or in-laws of the applicant are no longer eligible.

What is the Cost of the Cypriot Golden Visa?

Qualifying individuals who apply for the permanent residence permit – or the Investor Immigration Permit – under the Cyprus Golden Visa scheme will have to invest a minimum of €300,000 in the Republic’s economy. This investment sum will have to be placed in appropriate investment options stipulated by the Cypriot government.

Benefits of the Cyprus Golden Visa

Why Consider Cyprus?

While there are many citizenship by investment programs to consider across the world, including the Luxembourg Investor Visa, the Investor Visa Belgium, and Malta Citizenship By Investment, Cyprus offers a unique combination of attractive benefits that make it one of the best investment schemes to consider.

Not only is it strategically located for international business investors, it offers excellent living standards, a low cost of living, leading education institutions, quality healthcare systems, and tax-friendly initiatives (for example, the nation has no inheritance tax) – all of which makes the program so attractive.

Buy a Residential Property

To qualify with a property investment, an investor needs to buy either a residential property or a commercial property. For the former route, the foreign investor must buy a property for residential purposes with a minimum value of €300,000 – excluding VAT. The first €200,000 plus VAT must be invested before the application is lodged. To successfully secure the property, the applicant must prove the funds have been transferred to the Republic from abroad, and that the money hasn’t been borrowed from within the Republic. Moreover, the funds need to be deposited in a Cypriot financial institution and must be sitting in the vendor’s bank account.

Buy a Commercial Property

To qualify with this kind of property investment, the investor must buy a property such as an office, shop, hotel, or a similar development with a minimum value of € 300,000 – excluding VAT. The property or properties purchased can be resold.

Invest in a Share Capital of a Cypriot Company

The investor must make an investment worth at least €300,000 in the share capital of a company registered in the Republic, that generates employment for at least five people.

Invest in Units of a Cyprus Collective Investment Organization

The applicant must invest in units that are part of a Cyprus Collective Investment Organization. The respective funds are regulated by the Cyprus Securities and Exchange Commission and professional fund managers.

By having a fund manager on their side, applicants can rest assured that their fund investments are managed effectively, particularly in Cypriot start-ups or medium-sized projects that have great growth potential. Nevertheless, there are other investment funds which also qualify for the program, specifically in the sectors of energy, industry, technology, and real estate.

New revisions came into play, effective from 3 May 2023.

The requirements for the Cyprus Golden Visa are now the following.

• Parents and/or in-laws of the applicant are no longer eligible.
• Proof of a clean criminal background without posing a threat to public security or public order
• Complete a declaration of intention not to work in the Republic, with the exception of being a Director in a company
• Visit the Republic every two years with proof of your physical presence
• Required annual income (generated abroad) of €50,000 per applicant and a further €15,000 for the applicants’ spouse, and a further €10,000 for each of the applicants’ dependents (previously, the required annual income was €30,000 per applicant).
• Introduction of mechanism introducing stricter compliance requirements, namely that the applicant must, on an annual basis, submit to the Civil Registry and Migration Department such evidence proving that (i) the investment is maintained, (ii) that he/she maintains the same required income that is defined for him/her and his/her dependents, (iii) that he/she still retains an active insurance policy for him/her and his/her dependents and (iv) the applicant must submit a clean criminal record certificate from himself/herself and dependents from their country of origin and from the Republic of Cyprus.

1. Invest

Pick your investment route to permanent residency and place your investment.

2. Submit Residency Application

Once you collect all the paperwork, lodge your application and wait about two months for your application to be approved.

3. Biometrics Visit

When you obtain your Letter of Approval, attend a biometrics collection session and present your personal data in person.

4. Receive the Permit

After your biometrics appointment, pay the government permit fee and expect to receive your permit for Cyprus permanent residency within a week. The permit is renewable for up to a period of five years, after which you can apply for permanent residence.

5. Apply for citizenship

After procuring your permanent residence permit and status, and after seven years of holding it, you can apply for citizenship, provided you have resided in the country for a consistent year prior to your application.

Golden Visa Document Checklist

The documents required when submitting your application to the migration department will vary depending on your investment route to permanent residence.

In general, the following documents are needed:

• Proof of investment
• Proof of legitimacy of funds
• Your CV, detailing your professional and/or academic accomplishments
• Civil documents, such a birth and marriage certificates
• Passport sized pictures
• Certified copies of your passport
• Clean criminal record, showing no previous criminal history
• If dependent children are included, proof they are undergoing studies, or other reasons of their dependency
• Title of ownership or contract of sale and proof of payment of the property or rental agreement – original or true copy
• Official Statements by the applicant and his/her spouse that they do not intent to undertake any sort of employment in Cyprus, with the exception of their employment as a Director in a company

Additional documents may be required at the discretion of the relevant authorities. It is best to seek professional advice from an immigration service, as qualified advisors can inform you of the full program criteria.

Legalizing Documents

All documents must be legalized and translated into Greek or English by a certified translator. The documents can be legalized by the Cyprus Consulate or by the Apostille of the Hague Convention. When it comes to translating the documents, only certified translations can be accepted.

Application Fees

Single applicants must pay €500 for their application. Dependents younger than 18 years old can be included in the application, free of charge. For dependents aged 18 and older, an extra fee of €500 applies.

Frequently Asked Questions About the Cyprus Golden Visa