Pros and Cons of Cyprus Golden Visa

The Cyprus residency-by-investment initiative is an excellent opportunity for non-EU/EEA citizens and their families to obtain legal permanent residency in Europe by investing in the country’s economy. There are several eligibility requirements that you need to meet.

Eligibility requirements for applicants:

• the investor is over 18 years old;

• the annual income of at least €50,000, plus €5,000 per spouse and child;

• proof of no criminal record;

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

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

• an investor with a legal income;

• their spouse or partner;

• children under 18;

• children under 25, unmarried and financially dependent;

• children of any age with physical disabilities;

A Cyprus residence permit can be obtained for a minimum of 3 months. One may live in Cyprus and apply for citizenship after 5 years of residence thanks to the PR status, which is permanent.

The Cyprus Golden Visa Program is the quickest route to permanent residency when compared to naturalisation, family reunion, or marriage.

The minimum investment required for the Cyprus Golden Visa program for each option is €300,000, making it an accessible entry point. It is quite profitable compared to Malta Permanent Residence Programme, with a minimal investment of about €700,000 for a permanent residence permit.

Types of investments accepted:

1. Purchase of residential real estate.

2. Purchase of commercial property.

3. Buying shares in a Cypriot company.

4. Purchase of securities.

The whole Cyprus golden visa path can be arranged without visiting an island. After the application is approved, the applicants have to fly to the country to submit the biometrics.

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.

Cyprus is situated in the eastern part of the Mediterranean and connects Europe, Asia and Africa. Since ancient times it was a link between Egyptians, Assyrians, Arabs, Greek and Romans. Therefore the region has a rich history and impact of the greatest civilisations.

1. Most Cypriot residents speak English, which makes it easier for expats to fit into society and run businesses smoothly and hassle-free.

2. Cyprus enjoys a pleasant Mediterranean climate of long dry summers and mild winters. The island has one of the warmest climates in the Mediterranean part of the European Union.

3. Cyprus’s marine and coastal environments are evaluated as Good-High, under the European Environment Agency dara. Also, 74 Cypriot beaches and 2 marinas have been granted a Blue Flag for the excellent quality of bathing waters.

4. Cyprus has a modern and effective healthcare system. The average life expectancy in Cyprus is 81 years for men and 85 years for women.

5. Cyprus is a hub for quality education. The number of foreigners studying in the country has tripled in the last four years.

6. The prospect of getting an EU passport. After 5 years of obtaining PR, you can apply for a Cyprus passport.

1. Limited eligible dependent family members. Changes in the program have limited the number of eligible dependents that can be included in an application.

From May 2023 onwards, parents of investors or their spouses can not be added to the application.

2. No right to work in Cyprus. Those who obtain Cyprus residence by investment do not get permission to work in the country. Yet, if they get Cypriot citizenship afterwards, they acquire the right to employment. Moreover, Cyprus citizens can find jobs not only in Cyprus but in other EU countries, too.

3. Cyprus is not in the Schengen Area, so holders of Cyprus residence permits have to apply for visas to travel to Schengen. Yet, Cyprus has started the process of acquiring membership in Schengen. It may make Schengen states a visa-free destination for investors with Cyprus permanent residency.

There are several investment routes that can open up the possibility of travelling freely to Schengen right now.

The Cyprus Golden Visa program offers a range of investment options and benefits for wealthy individuals seeking European citizenship. Popular choices include real estate investments and shares in local companies. The program offers tax incentives, high return potential on investments, and eligibility for European citizenship after seven years, making it an attractive option.

However, there are also limitations on family members' immigration permits and strict regulations with consequences if requirements aren’t met. Despite these disadvantages, the high living standards in Cyprus, including quality of life factors, attract investors. The stable political environment with low corporate tax rates makes it worth considering.