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Cyprus
April 1, 2024
5 min

Cyprus Golden Visa for Non-EU Citizens

Brittany Collins

Cyprus offers an attractive Golden Visa program that allows wealthy individuals to obtain permanent residency by investing in the country’s thriving real estate market or its flourishing business sector. Applicants must spend at least €300,000 in a business or real estate.

We will explore the details of obtaining Cyprus permanent residence for non-EU citizens, covering everything from investment requirements to application procedures and the potential benefits of participating in the Cyprus Golden Visa program.

Furthermore, we’ll guide you through the application process and discuss how obtaining Cypriot citizenship can open doors within European Union countries.

Cyprus Golden Visa for Non-EU Citizens

Cyprus Golden Visa for Non-EU Citizens

Cyprus Golden Visa Program Overview

The Cyprus Golden Visa program is available to non-EU citizens in Cyprus. By obtaining this visa, one is able to lawfully reside on the island.

Permanent residency is granted to investors, and the entire procedure takes roughly 3 months. If you have the financial means and are eager to obtain permanent residency, this route can be more reasonable.

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

Investors can choose from several options to get a Cyprus residence permit and buy:

  • a residential real estate;

  • a commercial real estate;

  • shares of Cypriot companies;

  • units of local investment funds.

With the Cyprus Golden Visa, you’ll enjoy a stable environment and access to European markets while reaping numerous benefits. Gain residency, obtain a permanent residence card, and even obtain Cypriot citizenship if you desire.

As a result, you will become one of the permanent residents of Cyprus, enjoying all the benefits that come with it, including the ability to open a Cyprus bank account.

Investment Options for Cyprus Permanent Residency

Real estate investments. One of the most popular routes to obtain permanent residence is through property investment.

Types of eligible properties:

  • residential properties: apartments, villas, or houses;

  • retail spaces: shops and offices can also be part of your portfolio;

  • hospitality sector: hotels or similar developments catered towards tourists.

You’ll need to invest at least €300,000 in one or more qualifying properties. Consider investing in a residential property with potential rental income. This way, not only do you secure your residency but also generate passive income from it.

Company investments. You can invest at least €300,000 into a company registered in Cyprus. Cyprus' strategic location, favorable tax system, and business-friendly policies make it an ideal destination for investors like you.

Cyprus has business-friendly policies that encourage investment from non-EU citizens. The Mediterranean island is positioned at the intersection of Europe, Africa, and Asia, granting access to European markets.

To qualify under this route, you need to choose a company conducting commercial activities and having 5 or more employees.

You can invest in stocks of local companies or investment funds. The program requirements are met by AIF, AIFLNP, and RAIF.

Cyprus Golden Visa expenses

Investment

Due Diligence

Processing fee

Taxes

Purchase residential property

€300,000

€25,000+

€500 for the investor

+ €500 per additional family member

1. Stamp duty: 0,2% of the transaction amount, but no more than €20,000.

2. VAT: 19%.

3. Land Department fee: €50.

Purchase commercial real estate

€300,000

€25,000+

€500 for the investor

+ €500 per additional family member

1. Stump duty: 0,2% of the transaction amount, but no more than €20,000.

2. VAT: 19%.

3. Land Department fee: €50.

Investment in a Cypriot company

€300,000

€25,000+

€500 for the investor

+ €500 per additional family member

Invest in units of mutual investment funds

€300,000

€25,000+

€500 for the investor

+ €500 per additional family member

Advantages of Cyprus Golden Visa Program

Cyprus boasts an excellent quality of life. The island nation offers beautiful beaches, sunny weather all year round, and delicious cuisine.

Cyprus has low crime rates, making it a safe place to live and invest. You can enjoy peace of mind knowing that your family and investments are secure.

Favorable tax regime. With one of the lowest corporate tax rates in the EU of 12,5%, Cyprus offers significant savings to investors and entrepreneurs alike.

Unlimited residency. Once you obtain permanent residence, you’ll receive a permanent residence card and permit, allowing you to enter Cyprus and enjoy all the benefits of being a permanent resident.

If you’re a non-EU citizen looking to obtain permanent residency or even Cypriot citizenship, the Cyprus Golden Visa program is an excellent option. The immigration process is straightforward, and you can gain residency by investing in residential property, Cypriot investment funds, or even Cypriot companies.

Cyprus offers a fantastic opportunity for non-EU citizens seeking permanent residency or citizenship in a safe, stable, and business-friendly environment within the European Union’s jurisdiction.

Financial Stability Criteria for Cyprus Golden Visa Applicants

To qualify for the Cyprus Golden Visa program, applicants must meet specific financial stability criteria.

Income thresholds:

  • €50,000 annual income of main applicant;

  • €15,000 is added if the spouse is included;

  • €10,000 is added per minor child included.

Maintaining these income levels is crucial throughout your residency in Cyprus. The primary source of this income should be outside the EU, ensuring that you can support yourself and your dependents without relying on public funds during your stay within Europe’s borders.

If you meet the financial stability criteria and are ready to enter Cyprus, you can apply for permanent residence permit.

Cyprus Golden Visa for non-EU citizens

The Central Beach Committee has authorized 160 beaches in Cyprus. Some of these allow access for those in wheelchairs, and others allow dogs

Permanent Residency Benefits for Adult Unmarried Children

The Cyprus Golden Visa program extends its benefits to adult unmarried children who are financially dependent on the main applicant. Your child must be a student abroad and meet specific eligibility requirements set by the Cyprus government.

To qualify, your child should:

  • be aged between 18—25 years old;

  • prove their financial dependency on you;

  • demonstrate that they’re studying at an institution of higher education abroad;

  • maintain their student status throughout the application process.

The application process is quite straightforward:

  1. Gather all required documents such as proof of enrollment in an educational institution, evidence of financial dependency.

  2. Contact a reputable immigration lawyer or consultant to guide you through the entire process.

  3. Submit your complete application package to the Cypriot Migration Department.

Application Process

1

Choosing an investment option

Immigration experts reveal the nuances of all investment types and advise the option considering investor wishes

2

Collection of documents

Investors provise papers for personal identification and documents confirming the sources of the invested funds. The lawyer assists with medical insurance, real estate rental agreements, document translation and apostille, and other legal matters.

3

Submitting the required documents

The applicant does not have to visit the island as agents in Cyprus can submit the documents. The government considers the application for 2—4 months.

4

Application approval

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

5

Receiving a residence card

The investors must come to the island to submit biometrics. The Cyprus permanent residence card is issued for about 40 days.

With all these steps completed, you’ll be well on your way to obtaining permanent residence in Cyprus. It’s essential to maintain financial stability and adhere to immigration requirements throughout the process.

For non-EU citizens, obtaining permanent residency in Cyprus offers a range of benefits, including the ability to gain residency in other EU countries, access to the island’s jurisdiction, and the option to obtain Cypriot citizenship.

Cyprus offers a Golden Visa program that caters to wealthy individuals looking to invest in residential property, Cypriot investment funds, or Cypriot companies.

Pathway to Citizenship: Becoming a True EU Citizen

Five years after receiving the Cyprus Golden Visa, investors may apply for citizenship by naturalization. You will need to throw a test on knowledge of the language and culture of the country and pass an interview.

Since May 1, 2004, Cyprus has been a member of the EU. Investors who become citizens of Cyprus after receiving a golden visa have the option to travel to all 27 EU nations without the need for extra documentation.

Gaining citizenship in Cyprus opens up a range of advantages, from being able to travel freely within the EU and having voting rights in local elections. 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.

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

Conclusion

The Cyprus Golden Visa program provides a remarkable chance for non-EU nationals to gain permanent residency and potentially citizenship in Cyprus.

With investment options in both property and business, along with a streamlined application process and numerous benefits such as tax advantages and high-quality infrastructure, it’s no wonder that many wealthy individuals are considering this program.

Frequently Asked Questions

  • How to Obtain Permanent Residency in Cyprus for Non-EU Citizens?

    If you are a non-EU citizen looking to obtain permanent residency in Cyprus, you must invest at least €300,000 in real estate or a company and have an annual income of at least €50,000. The application process involves submitting proof of accommodation, financial stability documentation, and meeting the eligibility criteria for dependent family members.

  • How Long Can Non-EU Citizens Stay in Cyprus?

    Non-EU citizens with a valid visa can typically stay up to 90 days within any 180-day period. However, obtaining permanent residency through the Cyprus Golden Visa Program allows them to reside indefinitely while maintaining their investment.

  • What Are the Benefits of Cyprus Permanent Residency?

    Cyprus permanent residency offers numerous benefits, such as a high quality of life, favorable tax regime, and business policies for investors. Additionally, it provides access to healthcare services and education systems within the country. Permanent residents also enjoy a strategic geographical location connecting Europe with Asia and Africa.

  • Can I Get Residency in Cyprus if I Buy a House?

    Yes, you can obtain Cypriot residency by purchasing residential property worth at least €300,000. This investment qualifies you for the Golden Visa program, which grants non-EU nationals the right to live permanently on the island provided they maintain their investment.