Gateway to EU Residency - Cyprus Golden Visa Program
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KEY POINTS
Versatile Residency and Citizenship Pathway
The Cyprus Golden Visa Program offers a flexible avenue to residency and potential citizenship, providing non-EU/EEA/Swiss citizens with a means to obtain legal status within the EU.
Diverse Investment Opportunities
Investors are presented with a wide array of investment options, encompassing real estate, investment funds, or business ventures, all meeting the program's investment requirements and offering prospects for capital appreciation and rental income.
EU Passport and Lifestyle Benefits
Upon meeting residency obligations in Cyprus, participants become eligible to apply for citizenship and acquire an EU passport, affording them the privilege to reside and work throughout the EU.
What is the Cyprus Golden Visa Program?
The program was introduced in 2013 and offers non-EU/EEA/Swiss citizens a formal way to secure legal status in the EU. It offers a pathway to residency and potential citizenship and all the benefits that come with it. Its popularity is derived from its flexibility, transparency, and favorable investment options.
Before we get into the details, let’s look at some of Cyprus’ highlights.
Cyprus: Key Facts & Figures
Cyprus boasts a rich cultural heritage, breathtaking coastal landscapes, and vibrant cuisine. From ancient archaeological sites to the azure Mediterranean waters and mouthwatering mezze, Cyprus offers a fusion of history, natural splendor, and culinary delights.
Here are some highlights:
|
Size |
Third largest island in Mediterranean Sea |
|
Capital city |
Nicosia |
|
Population |
1.25 million (est.) |
|
Official languages |
Greek and Turkish (English widely spoken) |
|
Climate |
Hot and dry summers. Mild and wet winters. |
|
Cost of living |
Moderate compared to other European countries |
|
Healthcare |
Modern system including public and private options |
|
Education |
Public and private schools follow European standards |
What are the key benefits of the Golden Visa program?
The program offers many key benefits including:
Residency and Citizenship
Residency in Cyprus
Option to apply for Cyprus citizenship (restrictions apply)
Dual citizenship is permitted
Cyprus application to the Schengen Area is pending
Visa-free travel to 170+ countries
Not required to permanently reside in Cyprus
Family
Residency for the investor and their spouse and dependent children (limitations and restrictions apply) (residency no longer extends to the applicant’s parents)
Education and Healthcare
Access to quality education provided in English
Access to public and private healthcare services and facilities
Investment Opportunities
Flexibility includes real estate, investment fund, or start your own business
Potential for capital appreciation and rental income
Lifestyle
Mediterranean lifestyle
Multicultural
Cultural scene includes festivals, events, and historical sites to explore
Start your own business, but not permitted to work in Cyprus or the EU
What are the investment options?
The Cyprus Golden Visa program offers multiple investment options allowing investors to tailor the program to their needs. The primary investment options include:
①
Residential Real Estate - €300,000 (plus VAT)
Permitted to purchase up to two new residential properties with a combined value of at least €300,000 (plus VAT). The properties can be purchased from different builders. Additionally, investors must commit to maintaining the property for a minimum period to retain residency status.
②
Non-Residential Real Estate - €300,000 (plus VAT)
Permitted to purchase up to two new or resale non-residential properties (e.g., office building, hotel, merchant shop) with a combined value of at least €300,000 (plus VAT). Additionally, investors must commit to maintaining the property for a minimum period to retain residency status.
③
Investment Fund - €300,000
Permitted to invest in a combination of approved Cypriot collective investment funds (AIF, AIFLNP, and RAIF).
④
Cypriot Business Investment - €300,000 (plus VAT)
Another avenue is investing in Cypriot businesses with a minimum of five employees located in Cyprus, including companies operating in various sectors such as tourism, industry, or services.
Are there any additional requirements?
Participants in the program must adhere to the following additional requirements, but not limited to:
Applicant must be at least 18 years old
Proof of annual minimum income of applicant €50,000 (increases for spouse and each dependent)
Proof of source of funds
Proof of no criminal record
Proof of medical insurance
Copy of passport, birth certificate, marriage certificate
Medical report
Application can be arranged remotely; however, the applicant must visit the country to submit biometrics
Visit Cyprus at least once every two years
Declaration of absence of employment within Cyprus
What about citizenship?
After living in Cyprus for five years (limitations and restrictions apply), you can apply for citizenship and an EU passport. Once obtained, you can live and work anywhere in the EU.
Dual citizenship is allowed in Cyprus.
Should you obtain travel insurance?
The Cyprus Golden Visa program requires minimum visits to Cyprus to satisfy the initial biometric data collection and the biannual visit requirement.
The program mandates medical insurance: however, we recommend participants consider also obtaining tailored travel insurance to meet their unique needs.
Travel insurance can include coverage for pre-existing conditions, emergency illness or injury, medical evacuation, repatriation, cancel for any reason, trip cancellation, trip interruption, delays, lost luggage, and more. You can also obtain specialty coverage for things like adventure travel and extreme sports.
Many travel insurance providers also offer valuable services in addition to the insurance coverage. These often include 24/7 multilingual services for travel, medical, concierge, and identity theft. Access to such services can help you navigate an unexpected crisis while visiting a foreign country.
FINAL THOUGHTS
Since its inception in 2013, Cyprus's Golden Visa Program has continued to attract investors seeking to secure residency and potentially citizenship in the EU.
With a range of investment options, a streamlined application process, and the prospect of permanent residency and citizenship, Cyprus stands as an attractive destination for individuals looking to make a strategic investment while enjoying the benefits of Mediterranean living.
