Cyprus is an island EU member state, uses euro as official currency, expecting to join schengen area in the near future. The Golden Visa program is an excellent opportunity for investors to secure a long term immigration permit in Cyprus. Cyprus has a large international community with excellent schooling and university facilities, healthcare and infrastructure.
- Lifetime Residency: Only European residency scheme that is indefinite without any renewals needed.
- Minimum Stay Requirements: Applicants only have to come to Cyprus once every 2 years
- Live in Cyprus: One of the safest countries in the world, Cyprus boasts a large international community, excellent education, health, infrastructure, and over 300 days of sunshine a year.
- Residency for the whole family: The Cyprus Immigration permit for Investors is granted to the investor and also their family members including their spouse/civil partner and children. Access to free public services such as excellent healthcare and high-level education.
- Processing time – it takes approximately two to six months following the submission.
- Tax advantages – A number of tax benefits available for HNWI investors.
- EU Citizenship: Apply for Cypriot nationality and become EU citizen after 5 years of living in Cyprus. EU citizenship rights have ability to live, work and study anywhere in the EU and travel to over 170 countries visa free!
Eligibility
- Be a non-EU national, non-EEA and non-Swiss
- Be over 18 years old
- Have a clear criminal record from their country of residence and from their country of origin
- Possess a secure annual income of at least €50,000. This increases by €15,000 for their spouse and by €10,000 for each additional dependent person. This income needs to be derived from abroad, apart from in specific circumstances. In calculating the total amount of income, the spouse’s income may also be taken into account.
List of Golden Visa Investments
The applicant has to invest at least €300,000 in either of the below alternative categories:
1.Residential Real estate – house or apartment
Purchase of a house or apartment of at least €300,000 (plus VAT). The applicant may purchase up to two units (apartments or houses). These must be purchased as a first-time sale directly from a Developer. The applicant may purchase up to two (2) housing units (apartments or houses), provided that the total market value meets the provisions
The applicant should submit, along with his/her application, the title deed or a sale contract in his/her name and/or the name of the spouse, which has been officially filed at the Department of Lands and Surveys for a house or any other real estate. The total market value of at least €300,000 (plus VAT, if applicable) and the official payment receipts should be at least €300,000 (excluding VAT), regardless of the property’s delivery date.
2. Commercial real estate (excluding houses/apartments)
Purchase of other types of real estate such as offices, shops, hotels or related estate developments or a combination of these with a total value of €300,000 either new or resale).
3. Cyprus Company’s share capital
Investment worth €300,000 in the share capital of a company registered in the Republic of Cyprus. The company needs to be based and operating in the Cyprus with a proven physical presence and with at least five (5) employees.
4. Cyprus Investment Organization of Collective Investment Units (such as AIF, AIFLNP, RAIF)
Investment worth €300,000 in units of Cyprus Investment Organization of Collective Investments.
The Immigration Permit is issued to the applicant and it covers his/her spouse and their children under the age of 18 as dependent persons.
Applications, accompanied by the required documents, must be submitted in person to the Civil Registry and Migration Department (CRMD) or via an authorised representative, after arranging an appointment or any other way decided. A fee of €500 is charged upon application submission, as well as a fee of €70 for each person included in the application for issuing the Alien Registration Certificate (ARC), where it does not already exist.
Applications submitted through authorised representatives must be accompanied by a certified authorisation letter signed by the applicant and stating the particulars, full address and contact number of the representative.
From the date of obtaining the Immigration Permit, the applicant is obligated to provide the Civil Registry and Migration Department, annually, evidence of maintaining the investment, the required income for him/her and his/her family, and proof of holding a health insurance policy certificate if they no longer benefit from GESY. In addition, the applicant and his/her adult family members must annually provide a clean criminal record certificate from their country of origin and country of residence.