The Republic of Cyprus has a Golden visa programme which allows foreign or non-EU nationals to move to the country by either investing in properties or equities as individuals or corporate bodies.
Moving to Cyprus through this immigration route will enable the investor to take advantage of the country’s low cost of living, high-quality healthcare system, secure environment, education and work opportunities.
Cyprus is located in the south of the eastern Mediterranean Sea and geographically in Western Asia, but has Southeastern European cultural and geopolitical ties. The country is also known for its beautiful beaches, tropical Mediterranean climate and the lowest crime rate in Europe.
How to obtain Cyprus Golden Visa: Under Regulation 6, a minimum investment of EUR 300,000 must be made which can be processed in two months, or 18 months for applications under Category F.
The Ministry of Interior has simplified Regulation 6(2) of the Aliens and Immigration Regulations to grant residence permits to applicants from non-European nations who intend to invest in the republic, in line with the Cypriot government’s intention to increase foreign investment and support its economic development.
Benefits of the Cyprus Golden Visa: Highlighted below are some of the many benefits of this visa-
- The application procedure is completed within two months
- There is a high approval rate if all criteria are satisfied
- It is not necessary to reside in Cyprus, but a visit once every two years is required
- Dependents can be enrolled in high-quality private schools, offering English language courses
- Residence applies to the main applicant’s spouse, children under 25 years, parents, and parents-in-law for a Regulation 6(2) application, and a spouse and children under 18 years for a Category F application
- The entire process can be arranged without being present in the country. However, a visit is required for biometric capturing
Cyprus Golden Visa requirements: The following requirements must be met-
- Acquisition of brand-new real estate with a total market value of at least EUR 300,000 + VAT. The application form must be submitted by the applicant together with a sales contract and documentation showing that they have paid at least EUR 200,000 plus VAT. The Cyprus Department of Land and Surveys must have received the selling contract. The property may also be bought by a company as long as it is registered in the name of the applicant or of the applicant and their spouse. Also, they must be the only shareholders.
- Invest in up to two non-residential properties (offices, stores, hotels, or other developments), new or used, with a combined market worth of at least EUR 300,000 plus VAT.
- A physical Cyprus-registered and running firm with a minimum of five employees and a share capital of EUR 300,000.
- Units of EUR 300,000 in the collective assets of the Cyprus Investment Funds Association (AIF, AIFLNP, RAIF)
The applicant will need to present supporting documentation proving that they receive a guaranteed yearly income of at least EUR 30,000 from overseas. For a spouse and each child, this income must increase by EUR 5,000; for each dependent parent, it must increase by EUR 8,000. The income could consist of rent payments, pension benefits, and profits from stock.
Procedures and timeframe: With the filing of the application, a charge of 500 Euros must be paid, plus an additional 50 Euros for biometric data collection. The Civil Registry and Migration Department will next review the application before sending it to the Ministry of Interior’s permanent secretary, who will decide within two months.
After receiving clearance, the applicant and every family member must travel to Cyprus within a year to receive the official permit.
Upon arrival in Cyprus, a trip will be planned to the Nicosia migration office so that all applicants’ biometric data can be collected there. The biometric information may be provided either in conjunction with the application for residence or separately from the application.
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The Cyprus Golden Visa program is currently closed according to information from SchengenVisaInfo.com.
However, a comprehensive guide on cancelled Golden Visa programs can be found here
