Cyprus Golden Visa: how to get permanent residence by investment

Cyprus’s Golden Visa Program offers an investment route to getting a permanent residence permit. Compared to naturalisation, family reunion or marriage, the Golden Visa Program is the quickest way to get Cyprus permanent residency.

If an applicant meets all Cyprus Visa Program requirements, they will obtain permanent residence in three months.

Before November 1, 2020, there was one more opportunity to get a Cyprus Golden Visa, leading to a Cypriot passport. Non-European individuals could obtain Cyprus citizenship by investment through purchasing real estate property worth at least €2 million. Getting a passport took six months or more.

But Cyprus citizenship by investment was suspended. If you are interested in getting an EU passport, you can find out what European countries have investment routes to citizenship.

Cyprus Golden Visa features

• 3 months — processing time of obtaining Cyprus permanent residency

• €300,000 — minimal investment costs regardless of the number of family members

• 4 investment options — are offered to investors participating in Cyprus golden visa program

• 5% per annum — real estate rental income an investor can get if choosing a real estate investment option

• 5 years — an investor should live in Cyprus with a golden visa to apply for citizenship

The whole Cyprus Golden Visa path can be arranged without being present. After the application is approved, the investor has to fly to the country to submit the biometric data. When the residence card has been received, applicants may come to Cyprus whenever they want or move to the country.

To keep the permanent residence, you must visit the island at least once every two years — it’s one of the Cyprus visa requirements.

Living in the country. Cyprus golden visa holders can live in the country without restrictions and additional registration. Cyprus closes the top five countries in terms of security. With its warm and stable climate and convenient geographical position, Cyprus is considered an attractive place for business and residence.

The Cyprus golden visa is also known as a Cyprus investment immigration permit.

Unlimited residency. Once granted, the Cyprus permanent residence permit doesn’t need to be renewed. It’s a more convenient residence permit type than a temporary residence permit when investors must update their cards every few years.

EU country residence. Cyprus has been a member country of the EU since May 1, 2004. If investors obtain Cypriot citizenship after a golden visa, they get an opportunity to travel to all 27 EU countries without getting additional documents.

Cyprus has formally started the process of joining the Schengen Area. This move may eventually make Schengen states a visa-free destination for investors with Cyprus golden visas.

Economic growth. For the last year, the Cyprus economy grew by 8.4% compared to the previous one. The development of the Cypriot economy helped property sales growth in the country by 40% in the first four months of 2022.

Favourable taxation for business. Applicants for a Cyprus Golden Visa can buy a share in a local business, open their own companies or transfer operating companies to the island’s jurisdiction. There is no tax on global income, inheritance, and property. The corporate tax rate is one of the lowest in Europe — 12.5%.

A company does not pay tax if it receives income from dividends, exchange rate differences, securities transactions, or a foreign branch of a Cypriot company.

The Cabinet of Ministers of Cyprus has approved a bill that expands the list of individuals who can qualify for tax incentives. Employees with an annual salary of more than €55,000 will be able to use the right to pay half the tax. The current salary rate is $100,000. The tax benefits will last 17 years.

Cyprus allows second citizenship, so the applicant will not have to give up his original citizenship.

The Cypriot passport allows its holder to travel without visas to more than 170 countries, including the Schengen Area states, the UK and Canada, and live, work and study in any EU country freely.

Investors can choose from several investment options to get a Cyprus residence permit. They may buy:

• a residential real estate;

• a commercial real estate;

• shares of Cypriot companies;

• units of local investment funds.

The minimum outlay for each option is €300,000.

Purchase of real estate. If the applicant has chosen to invest in сommercial property, shares or funds, buying or renting housing in Cyprus is required. Investors can choose any residential property and should provide a lease or purchase agreement.

If an investor buys a residential property, it must be the first transaction with the object. Purchase of other real estate types, such as offices, shops, hotels, and related objects, is possible on the resale market.

Examples of properties in Cyprus

Cyprus, Larnaca

€685,000+

Apartments in a residence near the sea

192 m²

4

3

Cyprus, Limassol

€695,000+

Apartments in a residential complex near the sea

78 m²

2

1

Cyprus, Larnaca

€675,000+

Penthouse in a residential complex with a swimming pool in Larnaca

200 m²

2

2

Investment in business means an investment in the share capital of a company registered in the Republic of Cyprus. The company should operate in the country, have an actual physical presence in Cyprus and employ at least five people.

Buying units in investment funds. Units can be purchased from Cypriot investment funds — AIF, AIFLNP and RAIF. The minimum investment is €300,000. In addition, the investor pays the related fees.

Investment can be returned only when replaced by another investment. Otherwise, the Cyprus golden visa will be cancelled.

Successful participation in the Cyprus Golden Visa program depends on providing reliable documents. Only investors who have undergone the required Due Diligence check can be granted permanent residency in Cyprus.

To reduce the risk of rejection to a minimum, the Immigrant Invest experts use their own preliminary Due Diligence check.

The Due Diligence check is carried out by experts qualified to assess financial and legal risks, also known as Anti-Money Laundering Compliance Officers. This shows that combating international money laundering is an integral part of the Due Diligence process.

As a result of the Due Diligence process, only law-abiding investors with a positive business reputation and with no criminal record will be able to obtain a residence permit by investment.

Cyprus Golden Visa main applicant requirements:

• the investor is over 18 years old;

• the annual income of at least €50,000, plus €15,000 per spouse and €10,000 per child;

• proof of no criminal record;

• Investors must be from a Non-European country nation;

• applicants are not allowed to be employed in Cyprus except when they buy shares in a Cypriot company.

Who can be included in the application for a Cyprus Golden Visa:

• an investor with a legal income;

• their spouse;

• children under 18;

• children under 25, unmarried and financially dependent;

• children of any age with physical disabilities.

The investor’s children maintain Cyprus permanent residence, even if, after obtaining it, they have reached the age of 25, got married, graduated from a university or ceased to be dependent on the main applicant.

When applying for Cyprus investment residency, investors must provide the required documents. The final list of papers depends on the investment option, marital status and investor financial sources.

In general, applicants need the following documents:

1. Valid passport.

2. Biography of the main applicant.

3. Tax return confirming the amount of annual income in the amount of at least €50,000.

4. Confirmation of investment: for example, a certificate of ownership of the real estate, share purchase agreement, or a Certificate of Shareholder and Incorporation.

5. Testimony about unemployment in Cyprus.

6. Certificate of no criminal record.

7. Marriage certificate.

8. Divorce certificate.

9. Birth certificate.

1. Preliminary Due Diligence occurs before starting work on the appliance. Anti-Money Laundering experts estimate an investor’s chances for successful participation in Cyprus Golden Visa program.

2. Choosing an investment option. Immigrant Invest experts reveal the nuances of all investment types and advise the option considering investor wishes.

3. Collection of documents for personal identification and documents confirming the sources of the invested funds. Immigrant Invest lawyers help translate and apostille documents, get medical insurance and conclude a real estate rental agreement.

4. Submitting the required documents to the Civil Registry and Migration Department (CRMD). The applicant does not have to fly to the island as our agent in Cyprus can submit all the documents. The government considers the application for 2—4 months.

5. Application approval. The relevant government department issues a letter of approval of the application.

6. Receiving a residence card. The investors need to come to the island to submit biometrics. The Cyprus permanent residence card is issued within 40 days after that.

7. Visiting Cyprus. To maintain Cyprus permanent residence, you have to visit Cyprus once every two years.

Under the golden investment visa route, obtaining residency and citizenship is available in several European countries. The qualifying conditions and processing time vary from country to country.

Portugal Golden Visa is a path to a residence permit. After five years of residency, investors may apply for citizenship without losing their existing citizenship.

The Spanish Golden Visa program attracts foreign investment and leads to a residence permit. Residents can apply for citizenship after ten years of living in Spain. Sephardic Jews, the Philippines and Equatorial Guinea nationals, and Latin American country’s citizens need to wait for only two years.

In general, foreigners must forfeit their first passport when granted Spanish nationality. There is an exemption for individuals from former Spanish colonies and countries with dual citizenship agreements.

The Greece Golden Visa program is also open to Non-European nationals. Investors get a residence permit and may apply for Greece citizenship after seven years of living there.

Malta Golden Visa is a sought-after choice for individuals seeking European residency. The required investment amount is lower than for other golden visas, and the Malta permanent residency program is one of the most popular ones.