Starting with 2023, the Cypriot golden visa program was closed permanently. If you are interested in moving to this country or you are interested in another program similar to this one, our specialists can help you. Do not hesitate to contact our advisors in Cyprus for details about the main ways you can move to this country. However, you can also ask for information about other EU countries where you can move as an investor. There are still several golden visa countries where you can move throughout Europe. Below, you can find an overview of what this scheme entailed.
Making specific investments in Cyprus can grant a series of benefits for foreigners in this country, such as permanent residence and citizenship through the golden visa program. Our lawyers in Cyprus can offer complete legal support if you are interested in obtaining the golden visa as a non-EU citizen and if you would like to know detailed information about the legal requirements in this sense.
If you want to obtain a golden visa/citizenship by investment, our specialists can guide you through the procedure and explain the documents you need to prepare for a successful application.
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What is a golden visa in Cyprus?
A golden visa in Cyprus is a special type of visa that can be granted for foreign entrepreneurs who decide on certain investments in this country, mostly related to the real estate sector. This type of visa offers permanent residency status if an investment of EUR 300,000 is made by the foreign citizen. It is good to know that the permanent residency in Cyprus and the golden visa program are the most appealing and simplest in Europe and they also involve family members. We invite you to have a look at the advantages of a golden visa in Cyprus:
- it has lifetime validity, therefore, there is no need to worry about the renewal time;
- the residency visa grants the same status even for the parents of both spouses;
- the program offers the possibility of traveling with no restrictions within the EU if a visit to Cyprus is made once every two years;
- the EUR 300,000 investment can be made through your company.
If you want to buy a golden visa in another EU country, our agents are at your disposal with complete services. If you want to apply for a Cyprus golden visa in 2023, you can count on the services provided by our specialists.
We can provide updated information on the golden visa program in Cyprus.
The Cyprus golden visa program, one of the most appealing schemes in Europe in 2023
Cyprus is one of the first European countries to have created a golden visa program. This is one of the reasons why the government has made various amendments to it during the years, helping it become one of the most appealing residence by investment schemes in Europe and one of the fastest routes to European Union citizenship.
Over the years, the Cyprus golden visa program has suffered various changes, one of the latest versions of the scheme being released at the beginning of 2019. In order to become more specific and credible, the new Cyprus residency by investment program now includes:
- the applicants will be subject to stricter background verifications which will be conducted by foreign firms;
- the applicants must first apply for a Schengen visa and then for the Cyprus golden visa;
- a new investment option has also been introduced under the form of investment in research and development;
- a part of the investment will be invested in land development through the Land Development Corporation in Cyprus.
If you are interested in applying for a golden visa for Cyprus in 2023, our specialists are at your service. This is one of the most appealing schemes and those who want to relocate to Cyprus and obtain citizenship by investment in 2023 are not required to complete any additional steps than before.
We can also assist with the golden visa program in Malta.
Our golden visa specialists can advise on the new requirements related to obtaining a golden visa in Cyprus.
Requirements for applying for a golden visa in Cyprus
The Cyprus golden visa scheme is available for foreign citizens and investors from non-EU countries. In order to be granted such a visa, an applicant must meet specific requirements, among which:
- the applicant must meet the financial criteria imposed by the Cyprus authorities;
- the applicant must meet the qualitative criteria, which under the new rules will be verified by a foreign company.
Meeting the financial criteria for obtaining a golden visa in Cyprus implies:
- the deposit of 30,000 euros in a Cyprus bank account for at least 3 years (the funds must be transferred from abroad);
- the applicant must also submit proof of earning at least 30,000 euros per year;
- if the applicant will relocate with dependents, the annual income threshold increased by 5,000 euros for the spouse and each child and by 8,000 euros of other dependents;
- the applicant must purchase one or more properties worth at least 300,000 euros without VAT;
- the applicant can also apply for citizenship by investment against the sum of 2 million euros which must be invested in residential or commercial property;
- out the investment, at least 75,000 euros must be invested in research and investment activities;
- another 75,000 euros must be invested in the development of land plots in Cyprus.
The golden visa program in Cyprus has many advantages, especially when considering a foreign citizen can obtain residency or citizenship in 2023 depending on the amount of money willing to invest. Also, the visa application procedure is simpler compared to other European countries.
At the level of 2022, there are several changes in the golden visa scheme in Cyprus, which is why you rely on our consultants for guidance in relocating here without any concerns.
The number of countries that offer golden passports in Europe has increased in the past few years.
How to apply for a golden visa in Cyprus
As mentioned above, the procedure of obtaining a golden visa in Cyprus has suffered a few modifications at the beginning of 2019. The first step to complete in order to obtain an investor visa in Cyprus is for the applicant to submit proof of committing to the investment under the form of a sale-purchase agreement of the property and bank account statements that indicate the deposit of the required amount of money. Then, the Schengen visa must be obtained.
Cyprus is one of the few countries which do not require an interview or language test but for the simple submission of the documents related to obtaining a golden visa.
It is important to note the following conditions which need to be respected after obtaining the Cyprus golden visa:
- the investment in its initial form must be maintained for at least 3 years;
- after these 3 years, the investment can be reduced to 500,000 euros, if the visa holder wants to retain the Cypriot citizenship.
Other tips when applying for residency or citizenship by investment in Cyprus is that the investment can be made in residential or commercial properties, however, commercial properties are applied a higher VAT rate (of 19%) compared to the 5% rate applied upon the purchase of residential properties. These rates remain in place for 2023.
It is also useful to know that under a Cyprus golden visa the holder can work or study in any of the 28 EU-member states. Also, the application process is quite fast, requiring 6 months for the visa to be issued and it has a high approval rate.
We can also offer support to those who want to apply for golden passports outside Europe.
Reasons why you should choose Cyprus in 2023
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.
Termination and replacement of the Cyprus Golden Visa
Not long ago, the European Union requested member states to either change or end golden visas schemes, 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 make 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 Cyprus Golden Visa for
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.
Each option comes with its own requirements. For example, if real estate purchase is the main option selected by an applicant, under the new Golden Visa, commercial and office spaces, as well as hotel buildings can also be acquired. However, this is a choice a foreign investor would make.
Applicants can also choose between finished and unfinished projects in the case of real estate acquisition. A down payment of at least 200,000 euros of the entire sum must be made upon the acquisition of the property.
If you want to buy a golden visa in Cyprus , you can obtain information on the latest developments of the program.
Europe has some of the largest numbers of citizenship by investment countries.
Business investment under the Cyprus Golden Visa
With this new program, the Cyprus government is keen on attracting committed investors willing to dedicate their knowledge and qualifications to the development of the local economy. This is a great option for businesspersons who can acquire shares in local companies with a minimum number of 5 employees that under the Cyprus Golden Visa must have a physical location in this country.
Many golden visa countries have employed residency by investment to attract foreign capital, either in the form of real estate or the creation of businesses that hire a predetermined minimum number of citizens. These options are mainly available in European countries, which is why you can rely on our agents there for complete information on options.
Additional requirements and verifications
In order to fully comply with the new conditions, the Cypriot authorities also require applicants to submit proof of stable income during their stay here. The minimum amount is established as an annual income and the amount is 30,000 euros.
Should the applicant immigrate to Cyprus with his/her family, per each dependent, an additional amount of 5,000 euros is required. If the applicant brings parents along, for each of them 8,000 euros must be included in the costs related to the relocation.
The following sources of income are accepted:
- ownership of various assets.
The Cyprus authorities will make thorough verifications of the legitimacy of the funds.
If you want to move here under the Cyprus Golden Visa program, you can rely on our local specialists who are up to date with all the requirements and can help you prepare all the necessary documents.
If you need advice on other citizenship by investment countries, contact us.
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.
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.