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Residency & Golden Visa Program of Cyprus
Overview of Cyprus
The Republic of Cyprus became a member of the European Union on May 1st, 2004, and later joined the Eurozone on January 1st, 2008. The country boasts an enchanting Mediterranean way of life, picturesque beaches, 340 days of annual sunshine, and a warm, welcoming community in a laid-back setting. Cyprus citizenship offers a superior quality of life, modern transportation and infrastructure, outstanding educational institutions, access to top-notch healthcare services, a stable government, and a robust legal framework rooted in British law and fully aligned with EU directives. Due to its strategic geographical location bridging Europe, the Middle East, and Africa, Cyprus has become a preferred business destination for international companies.
Language
Greek & Turkish
Currency
Euro
Total Area
9,251 km2
Capital
Nicosia
Government
Presidential Republic
Population (2024)
1,224,651
Residency & Golden Visa Program of Cyprus
The Cyprus Permanent Residency Permit, introduced in 2013 under the fast-track program, aims to incentivize foreign direct investment. This program allows foreign nationals to obtain Permanent Resident Permits (PRP) swiftly by investing in property on the island, by passing the extended processes of regular immigration. Permits can be secured in just six months, making it one of the quickest and most straightforward investor visa programs in Europe.
To qualify, applicants must purchase a new-build property with a minimum value of €300,000 + VAT, which can be utilized for rental income. Additionally, investors need to deposit a minimum of €30,000 into a Cypriot bank, held as a bond for three years, with an additional €5,000 required for each dependent.
Notably, permanent residency in Cyprus is not mandatory, and the permit can be maintained by visiting at least once every two years. However, those aspiring for citizenship must reside in Cyprus for a minimum of seven years, including spending a full 365 days in the country before applying.
Which Family Members Can Be Added in the Same Cyprus Golden Visa Application?
- Spouse
- 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
Benefits of Cyprus Residency & Golden Visa
Cyprus remains a compelling choice for foreign investors due to its strategic location at the crossroads of Europe, Asia, and Africa. The country has cultivated an investor-friendly environment, highlighted by its favorable tax system and the introduction of the ‘non-domicile’ regime. This regime, particularly appealing to High Net Worth Individuals (HNWIs), allows for a tax-free status on worldwide dividends and interest income for a substantial 17-year period.
Furthermore, Cyprus exhibits considerable growth potential in key economic sectors, presenting investors with diverse opportunities. Acquiring Cypriot residency not only opens doors to these opportunities but also ensures a lifetime privilege that can be passed down to one’s children and dependents. This secures the right for oneself and the family to reside, study, work, and engage in business activities within Cyprus.
Cyprus residency holders are privileged to numerous benefits:
- Enjoy visa-free access to all Schengen countries
- No obligation for permanent residency in the country
- Benefit from low taxation and international double taxation agreements in Cyprus
- Investors and their dependents can live, work, and study in Cyprus
- Swift processing for permanent residency in just two months
- Safe and highly profitable investments, with potential profit from rentting your property
Real Estate Investment in Cyprus
The Cyprus residency-by-investment program enables individuals and their family dependents to obtain permanent residency through real estate investment. Applicants need to invest €300,000 in newly developed real estate directly from the developer, which can be used as a residence for the investor and their family or rented out.
The investment may be divided between a maximum of two properties, but the combined value should meet or exceed €300,000.
The properties can be owned individually by the main applicant, jointly by the applicant and spouse, or by a company where the applicant and spouse are beneficial owners.
Golden Visa Cost of Cyprus
Real Estate Investment
€300,000
Value-added Tax (VAT)
5% (for first purchased property used for personal use)
19% (for property not purchased for personal use)
Qualifying Investment
€30,000 (plus €5,000 per dependent)
Application fees
€500
How to Qualify for the Cyprus Golden Visa?
- Applicants must be 18 years of age or older
- Investors must be a third-country national – not an EU/EFTA citizen
- Applicants must have no criminal record and must not have had property frozen by the EU as a result of sanctions
- Applicants must have an annual income of at least €50,000 (plus €15,000 for spouse and €10,000 per dependent) from outside of Cyprus
- Investors must be in possession of adequate health insurance
Citizenship and Passport of Cyprus
Citizens of Cyprus enjoy numerous advantages. The country boasts the warmest weather in the Mediterranean among EU nations, with friendly locals who speak English. Cyprus has excellent infrastructure, high-quality educational institutions, and top-notch healthcare facilities. Additionally, it provides a favorable tax regime, and investors can capitalize on a thriving economy and exceptional business opportunities. Permanent residency applicants have the option to apply for citizenship after seven years, provided they reside in Cyprus and spend a full 365 days in the country before initiating the citizenship application.
Reach us to learn all about Cyprus Program, Application Details and Visa-Free Countries
Over the past several years, the government of Cyprus has effectively worked to broaden its list of Visa-free countries. Currently, holders of a Cypriot passport enjoy Visa-free access to 174 countries.
FAQ’s About Residency & Golden Visa Programs of Cyprus
How can I get Cyprus citizenship?
Golden Visa holders become eligible to apply for citizenship after residing in Cyprus for seven years, with the additional requirement of spending a full 365 days in the country before submitting the citizenship application.
How do I get a Golden Visa for Cyprus?
To obtain a Golden Visa for Cyprus, applicants are required to invest €300,000 in brand new real estate purchased directly from the developer. The acquired properties can be used for residency purposes by the investor and their family or rented out. The investment can be distributed across a maximum of two properties, provided that the combined value meets or exceeds €300,000.
How much does it cost to invest in Cyprus Citizenship?
To acquire Cyprus citizenship, applicants must make a real estate investment of €2 million.
Does Cyprus allow dual citizenship?
Cyprus does allow citizens to hold dual citizenship, so Golden Visa applicants are not required to give up their existing citizenship.
Is Cyprus safe to visit?
Cyprus is generally considered very safe. However, travelers are advised to observe general safety precautions.
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