Cyprus Might Launch a Golden Visa For Financially Independent Foreigners
Brittany Collins
The Cypriot government is reviewing a proposal to introduce a new immigration route for investors from outside the EU. Under the proposal, residence permits would be granted to financially independent foreigners purchasing property on the island.
What is the New Proposed Cyprus Golden Visa?
The new Cyprus Golden Visa initiative aims to attract individuals who can financially support themselves without working in Cyprus.
Candidates will receive residence permits, enabling them to move to the country and obtain permanent residency after several years. Additionally, those who qualify for this residency program may benefit from the facilitated 3-year path to citizenship introduced earlier this year.
Who Will Qualify for a New Golden Visa?
To qualify for this new residence permit, applicants must meet certain financial and property requirements:
demonstrate an annual income of at least €40,000 outside Cyprus, adding an extra €10,000 for each dependent family member;
purchase a residential property, meeting the applicant’s and their family’s living needs, for a minimum of €250,000.
The stated requirements are still under review. The property cost threshold may be reduced to €150,000 to make the program accessible to a wider number of applicants and provide a broader range of property options. However, some lawmakers worry that this could drive up property prices, making housing less affordable for locals, as seen in other countries like Portugal.
Moreover, it is not yet clear how this new program will compete with the existing permanent residency by investment program.
Under the existing Cyprus Golden Visa program, foreign nationals obtain permanent residency by investing at least €300,000 in one of the following:
purchase of residential property;
purchase of commercial property;
investment in shares of Cypriot companies;
purchase of securities.
The permanent resident status is granted for life. After five years of living in the country, the investor and their family can opt for Cyprus citizenship.
Find out which countries offer the most popular Golden Visas, what the investment options are, the procedures, timeframes, and benefits.
