Cyprus Golden Visa

Explore European lifestyle with
Cyprus Golden Visa

The Cyprus Golden Visa Program, under Regulation 6(2) of the Aliens and Immigration Regulations, offers significant benefits to non-European investors aiming to support the country’s economic development. Key advantages include a streamlined application process with a high approval rate for eligible applicants. Residency extends to the main applicant’s spouse and children under 25 and dependents can access high-quality private education with English courses. While residency in Cyprus is not mandatory, visiting once every two years is required. The process can be managed remotely, except for biometric capturing and successful applicants may apply for Cyprus citizenship after five years of residence.

Table of Contents

  1. What is Cyprus Golden Visa Program ? 
  2. What is the eligibility criteria of Cyprus Golden Visa Program
  3. Application for the Cyprus Golden Visa Program with Immigrans Global
  4. What are the benefits of Cyprus Golden Visa Program ?
  5. Some information and fun facts about Cyprus
  6. What are the limitations of the Cyprus Golden Visa Program ?
  7. FAQs about Cyprus Golden Visa Program.

Eligibility Criteria for
Cyprus Golden Visa Program

To qualify for the Cyprus golden visa, applicants must meet specific investment and income criteria, along with other requirements to ensure compliance and eligibility. Here are the detailed eligibility criteria:

  1. Investment Requirements: Applicants must opt to invest either in a residential or non-residential property or in a Company or in a collective investment scheme. Following are the available investment options:
    • Residential Properties: Purchase up to two new immovable residential properties with a total market value of at least EUR 300,000 plus VAT. These properties can be bought from different developers.
    • Non-Residential Properties: Purchase up to two new or used immovable non-residential properties (such as offices, shops, hotels, or other developments) with a total market value of at least EUR 300,000 plus VAT.
    • Start a Business: Applicant need to invest EUR 300,000 in a company registered and operating in Cyprus. Also, the company must hire at least five people on the payroll.
    • Investments in AIF units: Applicant need to invest EUR 300,000 in the units of the government approved eligible Alternative Investment Fund of Cyprus Investment Funds Association’s collective investments.
  2. Income Requirements: Applicants must provide evidence of a secured annual income of at least EUR 50,000 derived from abroad. Additional income requirements include:
    • EUR 15,000 for a dependent spouse.
    • EUR 10,000 for each minor child.
  3. Criminal Record: Applicants, along with all adult dependents, must submit clear criminal record certificates from their country of origin and country of residence every three years.
  4. Non-Employment Declaration: Applicants must provide an official statement confirming non-employment in Cyprus. This requirement does not apply to those who are directors of a company in which they have invested.

These comprehensive eligibility criteria ensure that only those with substantial investments and stable income can qualify, aligning with the program’s goal to attract genuine investors who can contribute to Cyprus’s economic development.

Application Process for
Cyprus Golden Visa Program

The application procedure for the Cyprus Golden Visa Program is straightforward and efficient, designed to facilitate a smooth process for prospective investors. Here are the key steps and requirements for the procedure:

1. Application Submission:

Applicants must submit completed application forms along with the necessary fees and supporting documents. These documents typically include proof of investment, income verification, criminal record certificates, and a non-employment declaration (if applicable).

2. Supporting Documents

Essential documents required for submission include: Proof of the chosen investment (property purchase agreements, company share certificates, or investment fund documents). Evidence of secured annual income from abroad, such as salary slips, rental agreements, pension statements, interest certificates, and dividend statements. Clear criminal record certificates from the applicant’s country of origin and residence for all adult dependents. Health insurance documentation, particularly if not covered by the General Healthcare System in Cyprus.

3. Processing Time

The processing time for the application is approximately two months. This efficient timeframe ensures that applicants can receive their residence permits promptly, provided all criteria are met.

4. Investment and Health Insurance Maintenance

Successful applicants must provide annual evidence of maintaining their investment. This includes proof of ownership or ongoing investment in the specified properties or companies. Additionally, proof of health insurance must be provided annually if the applicant does not benefit from the General Healthcare System.

5. Biometric Capturing

Applicants are required to visit Cyprus for biometric capturing. This is the only step in the process that necessitates physical presence in the country

6. Ongoing Compliance

To maintain residency, applicants must visit Cyprus at least once every two years. They must also regularly submit criminal record certificates and provide evidence of their continued investment and secured income.

In summary, the Cyprus Golden Visa Program’s application procedure is designed to be efficient and investor-friendly, with a clear set of steps and requirements to ensure a smooth process from application to approval.

Benefits of the Cyprus Golden Visa Program

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1. Efficient Application Process

The program boasts a streamlined and highly efficient application process with a high approval rate, provided that all criteria are met. This ensures that eligible applicants can secure residency with relative ease

2. Minimal Residency Requirements

Unlike many other residency programs, it is not necessary to reside in Cyprus permanently. Instead, a visit once every two years suffices to maintain the residency status, offering flexibility to the investors.

3. Family Inclusion

The residence permit extends to the main applicant’s spouse and children under 25 years old. This family-friendly policy ensures that dependents can also benefit from the program

4. Education Opportunities

Dependents have access to high-quality private schools in Cyprus, many of which offer English language courses

5. Remote Application Management

The entire process can be arranged without the applicant needing to be present in Cyprus, except for the mandatory biometric capturing. This convenience simplifies the application process for international investors

6. Path to Citizenship

One of the most significant benefits is the eligibility to apply for Cypriot citizenship after five years of residence. This provides a pathway to full citizenship, offering greater stability and security for long-term investors.

Some Info and Fun Facts About
Cyprus

Cyprus, with its capital city Nicosia, has a population of approximately 1.2 million people. The official languages are Greek and Turkish, reflecting the island’s cultural diversity. The currency used is the Euro (EUR). Cyprus boasts a GDP per capita of around $28,000, highlighting its relatively high standard of living and economic development. Here are 10 fun facts about Cyprus:

  1. Birthplace of Aphrodite: According to Greek mythology, Cyprus is the birthplace of Aphrodite, the goddess of love and beauty. The famous rock formation known as Aphrodite’s Rock (Petra tou Romiou) is a popular tourist spot.
  2. Divided Capital: Nicosia, the capital of Cyprus, is the last divided capital in the world, with the northern part governed by Turkish Cypriots and the southern part by Greek Cypriots.
  3. UNESCO Heritage Sites: Cyprus boasts three UNESCO World Heritage Sites: The Painted Churches in the Troodos Region, the Archaeological Site of Kurian, and the Archaeological Site of Paphos.
  4. Ancient Wine: Cyprus is home to one of the oldest wine labels in the world, Command aria, a sweet dessert wine dating back to over 5,000 years.
  5. Natural Beauty: The island features a diverse landscape, from beautiful beaches and crystal-clear waters to lush forests and rugged mountains, making it a paradise for nature lovers.
  6. Halloumi Cheese: Halloumi, a unique cheese made from a mix of goat’s and sheep’s milk (and sometimes cow’s milk), originates from Cyprus and is a staple in Cypriot cuisine.
  7. Long History: Cyprus has a rich and varied history, having been ruled by numerous civilizations, including the Assyrians, Egyptians, Persians, Romans, Byzantines, and Ottomans.
  8. Copper Discovery: The island’s name, Cyprus, is derived from the Greek word for copper, “kypros,” due to the extensive ancient copper mines found on the island.
  9. Cats of Cyprus: Legend has it that St. Helena, the mother of Emperor Constantine, brought cats to Cyprus to control the snake population around 4th century AD. The island is still known for its large feline population.
  10. Mild Climate: Cyprus enjoys a Mediterranean climate with over 300 days of sunshine a year, making it an ideal destination for sun-seekers and outdoor enthusiasts.

Limitations of the
Cyprus Golden Visa

The Cyprus Golden Visa program offers numerous benefits, but it also comes with certain limitations that potential applicants should consider:

  1. High Financial Threshold: The program requires a significant financial investment, with a minimum of EUR 300,000 plus VAT for property investments or similar amounts for other eligible investments. This high entry cost can be a barrier for many potential applicants.
  2. Non-Employment Clause: Applicants must provide a statement confirming non-employment in Cyprus unless they are directors of the company they have invested in. This restriction limits the ability of residents to seek local employment opportunities.
  3. Visit Requirement: While residency does not require continuous physical presence in Cyprus, residents must visit at least once every two years. This could be inconvenient for those with busy schedules or those living far from Cyprus.
  4. Annual Maintenance: Residents must annually prove that they maintain their investment and provide evidence of health insurance if not covered by the General Healthcare System. This ongoing requirement can be seen as an administrative burden.
  5. Limited Path to Citizenship: Although the program offers a path to citizenship, it is only available after five years of residence. Additionally, meeting the criteria for citizenship can be complex and may not be guaranteed even after the residence period.
  6. Dependent Restrictions: The program allows residence for the main applicant’s spouse and children under 25, but other family members, such as parents or siblings, are not included unless separate applications are made.
  7. Property Purchase Restrictions: Investments in property must be new immovable residential properties or specific non-residential properties, which might limit options for those preferring other types of real estate investments.
  8. Criminal Record Requirement: Applicants and their adult dependents must submit clear criminal record certificates from their country of origin and residence every three years. Any issues with these records could jeopardize their residence status.
  9. Market Risks: Investments in property or businesses are subject to market risks. Economic downturns or changes in the property market could affect the value of the investments required for the residence permit.
  10. Policy Changes: Immigration policies can change, and future alterations to the program might impact current residents or new applicants. It’s essential to stay informed about any legislative changes that could affect residency status.

Considering these limitations, potential applicants should carefully assess their ability to meet the requirements and maintain compliance with the program’s conditions over the long term.

10 Frequently Asked Questions on
Cyprus Golden Visa Program

1. What is the minimum investment required to qualify for the Cyprus Golden Visa program?

The minimum investment required is EUR 300,000 plus VAT for purchasing new immovable residential properties or other eligible investment options such as non-residential properties, company shares, or investment funds.

2. Can I include my family members in my application for the Cyprus Golden Visa program?

Yes, the program allows you to include your spouse and children under 25 years old as dependents in your application.

3. Do I need to live in Cyprus permanently to maintain my residence status?

No, you do not need to reside in Cyprus permanently. However, you must visit Cyprus at least once every two years to maintain your residence status.

4. What are the annual maintenance requirements for the Cyprus Golden Visa program?

You must provide annual evidence of maintaining your investment and proof of health insurance if you are not covered by the General Healthcare System.

5. Can I work in Cyprus with a residence permit obtained through the investment program?

Generally, you cannot seek local employment in Cyprus. However, you can be a director of the company in which you have invested.

6. Is there a pathway to citizenship through the Cyprus Golden Visa program?

Yes, you can apply for Cypriot citizenship after five years of residence, provided you meet the necessary criteria.

7. What types of investments are eligible for the Cyprus Golden Visa program?

Eligible investments include purchasing up to two new immovable residential properties, acquiring up to two new or used non-residential properties, investing in the share capital of a Cyprus-registered company that would employing minimum five people, or investing in the government approved eligible AIF units of the Cyprus Investment Funds.

8. What documents are required to apply for the Cyprus Golden Visa program?

Required documents include completed application forms, proof of investment, evidence of secured annual income, clear criminal record certificates, health insurance documentation, and a non-employment declaration if applicable.

9. How long does it take to process an application for the Cyprus Golden Visa program?

The processing time for the application is approximately two months.

10. Are there any restrictions on the properties that can be purchased for the investment?

Yes, the properties must be new immovable residential properties or specific non-residential properties, and the total market value must be at least EUR 300,000 plus VAT

These FAQs cover the main aspects of the Cyprus Golden Visa program, providing a clear overview for potential applicants.