The Cyprus Passport by Investment Scheme was permanently closed in 2020.
Cyprus has been for a long time one of the most appealing destinations for tourists and businesspersons alike. The landscapes, the employment opportunities, as well as the fact that owning a business here enables a person to have a tranquil life determines many people to search for new countries to move to and settle in, and Cyprus is on the list of the most desired EU states from these points of view.
Recently, the government has enabled new golden passports regulations that target high net worth persons. Moreover, the new program complies with EU’s latest requests in ensuring safe immigration procedures.
Our golden visa agents are at your service if you want to buy a Cyprus passport by investment in the near future.
We can also provide information on golden visa countries in the Caribbean, such as St Kitts and Nevis and Dominica.
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The new Cyprus passport program
In March 2021, the Ministry of Interior published the new rules of the Cyprus golden passport scheme. These are available for citizens of non-EEA and non-EU countries who can prove they have sufficient funds to maintain a good living style while also making an investment in the country’s economy.
The best part about the new program is that it provides for additional investment possibilities, which makes it even more appealing.
Here are the main options you can access if you want to acquire a Cyprus passport by investment under a modern golden visa program in Europe:
- residential real estate purchase worth at least 300,000 euros;
- commercial real estate (offices, hotels, commercial buildings) purchase worth at least 300,000 euros;
- a minimum investment of 300,000 euros in the share capital of a domestic business;
- a minimum investment of 300,000 euros in the shares of a local investment fund organized as an AIF, AIFLNP, RAIF.
Each option has its own requirements. If you want to buy a golden visa in Cyprus and need guidance, our specialists can help you. We can also advise on other citizenship by investment countries.
Income requirements under the new Golden Visa Scheme in Cyprus
One of the changes targeting the Cyprus passport by investment program is for applicants to submit proof of a minimum yearly income. The amount was established at 30,000 euros for the main applicant.
Other requirements imply:
- an additional 5,000 euros per close family deemed as dependent brought to Cyprus;
- an additional 8,000 euros per dependent in the case of parents.
Proof of legitimacy of the income must also be submitted. Its provenience can be a salary, investment, pension, etc. The good news is that the spouse’s income can also be considered for the 30,000 euros imposed.
If you want to buy a golden visa and need support, do not hesitate to rely on our local advisors. We can also advise on other golden visa countries.
Real estate acquisition under the Cyprus golden passport scheme
Foreign citizens who want to relocate to Cyprus based on property investment have plenty of choices, as the construction sector is continuously developing. This is one of the reasons for which investors can choose a project that is in the construction phase instead of an already-built apartment or house. The applicant does not have to pay the entire amount to complete the purchase, a payment of 200,000 is sufficient to secure the acquisition.
According to data gathered by Trading Economics, the Cypriot construction sector picked up in the first quarter of 2021, registering a 4% growth.
If you decide to apply for a passport by investment in Cyprus by purchasing real estate, our agents can guide you on the formalities.
The golden visa program is one of the oldest in the world.
Business investment – a good option for entrepreneurs
Businesspersons interested in buying passports by investment in Cyprus can turn their attention to acquiring shares in a local enterprise. This is one of the easiest choices, as the requirements are minimum, namely:
- the company must be registered in Cyprus and be located here;
- it must also have at least 5 employees.
If you are an entrepreneur and want to obtain a Cyprus golden passport, our experts can assist you. We are also at your service if you are interested in a golden visa/citizenship by investment in other countries.
How soon can Cypriot citizenship be obtained?
Cyprus is keen on attracting foreigners who can contribute to its economy, which is why those who want to settle here for good will first be issued citizenship after living here for 5 years out of a period of 7 years of investments. The last year before applying for Cyprus golden passports, candidates must live here without interruptions.
With all the information and changes announced in the past year, we advise getting in touch with our specialists who can advise on the conditions and additional requirements imposed under the new program. Send us an e-mail or call us if you are planning to apply for a golden visa/citizenship by investment in Cyprus, and our golden visa agents will provide you with all the necessary details applying to your country of origin. Please contact us for more information on all citizenship by investment countries we offer services in.