The Golden Visa Program in Cyprus offers a Permanent Residence option, appealing to non-EU investors who seek a stable long-term residency solution, along with a potential route to citizenship after a period of 5 years.
The Cyprus Golden Visa Program was launched in 2013 to promote foreign direct investment in the real estate sector of the Republic of Cyprus. This residency-by-investment program allows third-party investors to acquire Cypriot residency by making a qualifying investment in local real estate, company shares, or an investment fund.
This Golden Visa program is recognized as one of the fastest and most efficient options available in Europe. Residency permits are typically issued within just two months. To retain their residency status under the Cyprus Golden Visa, investors must make a single visit to Cyprus every two years. The Cyprus Permanent Residency Permit is under the stipulations outlined in Regulation 6(2) of the Aliens and Immigration Regulations.
Benefits of Cyprus Investment Visa
Numerous advantages accompany the advantages of residency via the Golden Visa program:
Investors and their families gain access to healthcare and educational systems that meet EU standards.
Applicants will enjoy the benefits of Cyprus's favorable tax regime and its double taxation agreements.
For many investors, the Golden Visa program serves as a route to obtaining Cypriot citizenship and a Cypriot passport.
It is important to highlight that those intending to apply for citizenship must reside in the country for seven years and maintain continuous residence for 365 days before their application.
Eligibility Criteria
To qualify for the Cyprus Golden Visa program, applicants must satisfy the following requirements for obtaining a residency permit:
Make sure to be at least 18 years of age
You must be a non-EU/EFTA/EEA/Swiss national
Ensure to have a Police Clearance Certificate
Must have a clear history of property ownership, meaning no property assets should have been frozen by the EU due to sanctions
Make sure to demonstrate an annual income of no less than €50,000. This requirement increases by an additional €15,000 for a spouse and by €10,000 for each eligible dependent child.
Ensure to possess health insurance that covers themselves and any eligible dependents.
Must confirm that you do not intend to engage in any paid employment in Cyprus, except for roles as Directors in a company in which they are investing as part of the Golden Visa program.
Make sure to provide evidence that you can sustain the initial qualifying investment and meet the income requirements for themselves and their dependents.
Gather all necessary documentation for the Golden Visa application process.
Must prove that all funds utilized for the Golden Visa program were obtained through lawful means
Investment Opportunities
The Cyprus Golden Visa program provides various avenues for investors to fulfill their real estate investment requirements. You may choose to invest in newly built residential properties, newly developed non-residential properties, or existing non-residential properties. We have the flexibility to either occupy the property with their family or lease it out for supplementary passive income. Additionally, investors are permitted to distribute the investment amount across a maximum of two properties, provided the total investment exceeds €300,000. Ownership of the properties can be held solely by the main applicant, jointly with their spouse, or through a company in which the main applicant and/or their spouse are shareholders.
Investors are required to invest a minimum of €300,000 in one of the following categories:
Acquire a house or apartment from a development company, with the initial sale priced at no less than €300,000 plus VAT.
Purchase other types of real estate, such as a shop, restaurant, hotel, office building, or any other real estate development, with a total value of €300,000. This can also include properties acquired through resale.
Invest in the share capital of a Cyprus-based company engaged in local business activities and employing personnel. This can be achieved through:
A €300,000 investment in a newly established company in Cyprus, or
An increase in the share capital of an existing company in Cyprus, valued at €300,000, which must operate within the Republic of Cyprus and employ at least five individuals.
Invest a minimum of €300,000 in a unit of the Cyprus Investment Organization of Collective Investments, with the stipulation that investments must remain within the territory of Cyprus.
Application Procedure
The process of applying for the Cyprus Golden Visa program involves several clear steps. Below is an outline of the procedure that applicants must follow to submit their application:
➢ Complete the necessary application forms
Applicants are required to fill out various mandatory forms, all of which can be accessed on the website of the Civil Registry and Migration Department (CRMD).
➢ Collect all essential documents
Before initiating the application process, applicants must gather all necessary documents. These include a valid passport, proof of health insurance, a clean criminal record, among others.
➢ Submit the application
Applications, along with all required documents, must be submitted in person at the CRMD. Alternatively, applicants may choose to submit their application through an authorized representative. In both scenarios, it is essential to schedule an appointment in advance. If a representative is submitting the application, a letter of authorization must accompany it.
➢ Pay the application fees
A fee of €500 is required at the time of application submission. Additionally, there is a fee of €70 for each individual included in the main application for the issuance of the Alien Registration Certificate (ARC).
The CRMD processes Golden Visa applications, and if they are complete and fulfill all criteria, they are forwarded to the Minister of Interior via the Permanent Secretary of the Ministry of Interior. The anticipated processing duration for the application is approximately two months.
➢ Receive the Golden Visa
After the application has been submitted and the qualifying investment completed, investors and your dependents will be granted their new residency permit. This permit enables them to reside in Cyprus for a period of ten (10) years, contingent upon their continued adherence to the eligibility criteria.
Conclusion
You need to uphold their qualifying investment and fulfill all other annual requirements to remain eligible for renewal. It is recommended that applicants begin preparations for renewal well ahead of the actual process with the assistance of an immigration consultant; Go-Global Immigration Services (GGIMS). This approach will allow sufficient time to gather all necessary documentation and submit it before the expiration date of the Golden Visa.
