The Golden Visa Program of Cyprus offers a fast-track to residency within a period of 2-3 months. The program requires a minimum investment of €300,000, which must be made in real estate. One of the benefits of the program is visa-free travel to Schengen countries.
The fast track Cyprus Permanent Residency Permit was launched in 2013 to attract foreign direct investment into the country. By investing in property on the island, foreign nationals can obtain Permanent Resident Permits (PRP) without the lengthy process required for normal immigration. Permits can be obtained in just two months, making this one of the fastest and simplest investor visa programs in Europe. Applicants are required to purchase a new-build property for a minimum value of €300,000 + VAT, which can be rented to provide income. Investors also need to deposit a minimum of €30,000 into a Cypriot bank, which will be held as a form of bond for three years. An additional €5,000 needs to be added to the deposit per dependent. Cyprus does not require investors to permanently live in the country, and the permit can be maintained by visiting at least once every two years. However, applicants that want to apply for citizenship will need to reside in Cyprus for at least seven years and will need to spend a full 365 days in the country before applying.
In 2013, the Cyprus Golden Visa Program was introduced to encourage foreign direct investment in the country. The program offers a fast-track option for obtaining a Permanent Residency Permit (PRP) through investment in real estate on the island, without the typical delays associated with standard immigration procedures. The process of obtaining a PRP can be completed in just two months, making it one of the quickest and easiest investor visa programs in Europe.
To be eligible for the program, investors must purchase a new-build property worth at least €300,000 plus VAT, which can be rented out for additional income. Additionally, a minimum deposit of €30,000 must be made in a Cypriot bank, serving as a form of bond for three years. An additional deposit of €5,000 per dependent is also required.
Unlike some other residency programs, Cyprus does not require investors to live permanently in the country. However, to apply for citizenship, an applicant must reside in Cyprus for at least seven years and spend a minimum of 365 days in the country before applying.
Which Family Members Can Be Added in the Same Cyprus Golden Visa Application?
The Cyprus Golden Visa Program allows for the inclusion of several family members in the same application, including:
Spouse of the investor
Dependent children under the age of 18
Unmarried children between the ages of 18 and 25 who are financially dependent on the investor and have a minimum of six months of remaining study
Dependent parents and parents-in-law of the investor.
It’s important to note that each family member included in the application must meet the eligibility requirements set forth by the program, and additional fees may apply for each dependent added to the application.
The Cyprus Golden Visa Program offers several benefits to investors and their families, including:
Overall, the Cyprus Golden Visa Program provides a convenient and attractive option for investors seeking a fast-track route to permanent residency in Europe, along with the added benefits of visa-free travel and favorable tax rates.
Cyprus Real Estate Investment
The Cyprus residency-by-investment program provides a path to permanent residency through investment in real estate. The program requires individuals and their family dependents to invest €300,000 in brand new real estate directly from a developer, which can be either used as a residence or rented out.
Investors have the flexibility to split the investment between a maximum of two properties, but the combined value must reach or exceed €300,000. The properties can be owned individually by the main applicant, jointly owned by the applicant and spouse, or owned by a company where the applicant and spouse are the beneficial owners.
The Cyprus Golden Visa program has certain costs associated with it, including:
How to Qualify for the Cyprus Golden Visa
To qualify for the Cyprus Golden Visa program, applicants must meet certain criteria, including:
Cyprus citizenship and passport offer several advantages to its citizens. Cyprus has a warm and pleasant climate, excellent infrastructure, and high-quality education and healthcare facilities. The local population is known for its friendly nature and proficiency in English. Additionally, the country offers a favourable tax regime and a growing economy, which provides excellent business opportunities.
Investors who obtain permanent residency through the Cyprus Golden Visa program can apply for citizenship after residing in Cyprus for a minimum of seven years. To be eligible for citizenship, applicants must spend at least 365 days per year in Cyprus during the seven-year period. Once granted, the Cyprus passport provides visa-free access to more than 170 countries, including all EU member states, Canada, Australia, and the United States. It also offers the right to live, work and study in any EU member state.
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