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Golden Visa in Cyprus

Golden Visa in Cyprus

The Cypriot golden visa program was revamped at the request of the European Union. However, the new scheme remains just as appealing for non-EU citizens interested in moving to an EU country.

Below, our golden visa specialists explain the conditions that apply for the Cyprus-based golden visa for 2024. You can rely on our support should you decide to move here.

Termination and replacement of the Cyprus Golden Visa

Not long ago, the European Union requested member states to either change or end golden visa programs, as these do not meet the security requirements imposed at EU level. Cyprus decided to end the Golden Visa program. In return, a new program was recently launched.

Known as the Citizenship by Investment Scheme, the new program has stricter requirements, while the options under which foreign citizen can settle in Cyprus are similar to the old ones. An important change refers to higher amounts to be injected in exchange for residency or citizenship.

Even if it can still be named the Cyprus Golden Visa program, the scheme is a new one and its main advantage is that it fully respects the new conditions imposed by the European authorities and makes the country one of the safest to move to as an investor.

If you need information on a golden visa in other countries, you can rely on our specialists.

The new Cyprus Golden Visa

With new indications supplied by the Ministry of Interior, the new golden visa/citizenship by investment was brought to light in March 2021 and it covers the new provisions under which non-EU and non-EEA citizens can move here and enjoy the quality of life this country offers.

Here are the new conditions of the Cyprus Golden Visa:

  • house or apartment acquisition with a minimum value of 300,000 euros;
  • other types of real estate of real estate acquisition worth at least 300,000 euros;
  • share capital investment of at least 300,000 euros;
  • share investment through Cyprus-based funds worth at least 300,000 euros.

If you want to buy a golden visa in Cyprus, you can obtain information on the latest developments of the program.

Our golden visa specialists can advise on the new requirements related to obtaining a golden visa in Cyprus.

Golden Visa in Cyprus

How can a foreigner obtain residency in Cyprus?

To obtain a golden visa, a foreign citizen can use the following pathways:

  1. to make a minimum investment of EUR 300,000 under the new program which is also called Regulation 6.2. or the Scheme for Naturalisation of Investors;
  2. living for 5 uninterrupted years in Cyprus;
  3. marrying a Cypriot national.

Out of all options, the first one is the main choice of businesspeople. What is important to note is that the program’s renewal and dependent eligibility requirements have changed, but the investment requirements remain the same.

If you are considering other golden visa countries in Europe, you can get in touch with our specialists who can advise on the existing programs.

The new conditions regarding family members

The number of family members who can be considered dependents of the main applicant has been reduced under the golden visa for Cyprus. Among them, parents are no longer considered dependents, nor are the parents of the spouse and adult children. However, those who still want to move with their families must consider applying for the visa on their own.

Another important change in the program targets the required minimum income that was increased, as follows:

  • the primary applicant’s income has increased to EUR 50,000 from EUR 30,000 per year;
  • an additional EUR 15,000 per year is required for the spouse;
  • an additional EUR 10,000 per child annually applies to relocate to Cyrpus with children.

If you are considering buying a golden visa in Cyprus in 2024, our agents can assist with the application.

New proof of investment requirements under Cyprus golden visa

According to the new golden visa scheme for Cyprus, applicants now need to demonstrate each year that they are still earning at least the minimal amount necessary based on the size of their family. Additionally, candidates need to show that they have not yet sold their first EUR 300,000 minimum investment holding.

Also, the investment requirement will remain at EUR 300,000, but regardless of the real estate project’s delivery status, it now needs to be paid in full before beginning the application process. Moreover, the amount of money must be transferred directly from the main applicant’s bank account. Another option is to transfer the money from the spouse’s account if he or she is a dependent.

You can also count us if after securing your Cypriot golden visa want to set up a bank account in this country.

If the new conditions of this program do not suit you, do not hesitate to ask our consultants for information on other citizenship by investment countries.

Reasons why you should choose Cyprus in 2024

Bearing in mind the relaxed tax regime in Cyprus and the status of a solid and reputable financial center at an international level, foreign investors can easily decide on making investments for all sorts of advantages. The requirements for obtaining a golden visa for Cyprus are mostly related to the number of investments and the financial criteria, like:

  • a minimum deposit of EUR 30,000 needs to be placed in a Cypriot bank;
  • statements offering information about the financial status are necessary when applying for the visa;
  • a clean criminal record is necessary at the time of visa application;
  • two new properties summing up EUR 300,000 should be acquired in Cyprus for obtaining such a visa.

Cyprus is one the most sought golden visa countries in the EU.

If you need advice on other citizenship by investment countries, contact us.

Conditions to retain a Cypriot golden visa

Another new requirement under the golden visa is for the holder to travel to Cyprus once every 2 years, as failing to do so will lead to the revocation of the residence permit.

 Also, as the golden visa is exclusively valid for Cyprus, holders of these visas are not allowed to travel within the EU.  Investors can only travel, live, and work freely throughout the EU after acquiring a golden visa and obtaining Cypriot citizenship.

To satisfy the requirements, the investors must state that they will not work in Cyprus unless they are company directors, as evidenced by the investment they have made.

Why choose the Cyprus Golden Visa under the new conditions?

With so many changes at EU level in terms of golden visa schemes (Cyprus was not the only country to implement a new scheme), choosing to move to any of these countries can seem confusing. However, what you consider is that:

  • the new program is better and safer from a legal point of view;
  • the possibility of owning a property here remains an option (real estate investment was one of the most employed immigration reasons);
  • family immigration is still available.

Also, even if the investment requirement is higher and proof of stable income additional to the investment made is imposed, the spouse’s financial resources can also be taken into account by the authorities when filing the paperwork.

Respecting the new rules is not difficult and if you decide to apply for a Cyprus Golden Visa, you will benefit from all our support.

Our golden visa specialists are at your service with specialized services that imply helping you prepare for what immigration here means and who can offer assistance in making sure your documents are in place for a stress-free application for the Cyprus Golden Visa program.

Why relocate to Cyprus despite the Golden Visa closing down?

Cyprus offers residents and businesses a very advantageous tax system. The majority of people in the nation speak English fluently, and there are very appreciated educational resources available, including campuses of many UK colleges on the island. Cyprus is the 5th safest country in the world and has the lowest crime rate in Europe. Both healthcare facilities and educational institutions are of high quality. Cyprus is well situated at the meeting point of three continents: Asia, Africa, and Europe. Here, the property has freehold ownership, low property taxes, and a 5% reduced value added tax provided specific conditions are met.

Foreigners might be interested in citizenship by investment in Cyprus for which complete legal support can be offered by our law firm in Cyprus. Feel free to contact us at any time.