Cyprus plans to join the Schengen Area by 2025
The Minister of Justice of Cyprus has submitted an application for the country to join the Schengen Area.
According to European Commission President Ursula von der Leyen, Cyprus could become a full member of the Schengen Agreement as early as next year.
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Cyprus plans to join the Schengen Area by 2025
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In July 2023, Cyprus joined the Schengen Information System (SIS II), granting it access to data on individuals who are prohibited from entering or residing in the Schengen Area.
The European Commission aims to make Cyprus a full member of the Schengen Agreement as soon as possible. Here’s what will change if everything goes according to plan:
Cyprus residents will gain the right to travel to Schengen Area countries without a visa.
Citizens of other Schengen member countries will be able to enter and move around Cyprus freely, without additional visas or border checks.
Foreign nationals with a Schengen visa will be allowed to enter Cyprus without a separate Cypriot visa.
Cyprus has been a member of the European Union since 2004, but the country has been seeking to join the Schengen Area since 2019. However, this process is complicated by the political situation: the island is divided into the Republic of Cyprus and the unrecognised Turkish Republic of Northern Cyprus, which complicates the establishment and control of borders.
Foreign nationals are permitted to enter Cyprus with a valid Schengen C visa, provided it allows for double or multiple entries. This visa permits a stay in Cyprus of up to 90 days within a 180-day period. However, a Schengen visa does not grant the right to enter Schengen Area countries via Cyprus.
How to obtain permanent residency in Cyprus?
Cyprus grants permanent residency by investment. The minimum investment amount is €300,000. Investors have four options:
purchase of residential property;
purchase of commercial property;
investment in shares of Cypriot companies;
investment in units of Cypriot investment funds.
Applicants also demonstrate an annual income of at least €50,000 from sources outside Cyprus. Family members, such as a spouse and children, can be included in the application. For each additional family member, the required income increases by €15,000 for an adult and €10,000 for a child.
Tax optimisation is one of the main advantages of residency in Cyprus. Residents are not required to pay taxes on foreign income or inheritance tax. The corporate tax rate in the country is only 12,5%.
After five years of living on the island, a foreigner may obtain Cypriot citizenship, granting visa-free travel to over 160 countries.
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