Due to its strategic location at the crossroad of three continents Europe, Africa, and Asia, economic stability, favorable fiscal and legislative framework, highly developed infrastructure, and easiness of doing business, investors are looking more often to obtain Cyprus’s permanent residency. The country has recently eased the measures for issuing Permanent Residency Permits, providing new incentives for residency, taxes, and employment that entirely modernized and adapted to the needs of today’s companies.
Cyprus passport Ranking
The Cyprus passport has been ranked 16th in the world in terms of the number of destinations its holders can access without a prior visa, dropping one spot on the table compared to last year. It gives its holder visa-free access or visa upon arrival to 178 destinations, including Europe’s Schengen area, the United Kingdom, Japan, Malaysia, Singapore, Indonesia, and Latin American countries, among others.
Cyprus Citizenship by Investment
To attract foreign investments, the Ministry of Interior in Cyprus has introduced the Cyprus Golden Visa program based on Regulation 6(2) of the Aliens and Immigration Regulations. Cyprus Golden Visa “Permanent Residency” is granted to qualified applicants and their families from non-EU countries upon passing the government’s due diligence process and meeting the set investment criteria.
The program is ideal for those interested in establishing a residency in Europe, looking for a place to retire, or hoping to access a wide range of quality healthcare and educational institutions. A Cyprus Golden Visa permit will be issued to the applicant within 2 months of submitting the application. Holders of a Cyprus Golden Visa can apply for Cyprus citizenship after 7 years of legal residence in Cyprus.
How to Get Cyprus Citizenship by Investment
Cyprus closed its popular citizenship-by-investment program on 1st November 2020, and investors are no longer able to acquire a Cypriot passport by investment. Another program has become the only gateway to Cyprus, which is the “Cyprus Golden Visa”, providing individuals with an alternative route to permanent residency in Cyprus.
To obtain a permanent residence permit in Cyprus, applicants are required to contribute €300,000 in new property (not resale) purchased directly from a real estate developer. Applicants must have an annual income of at least €30,000 and proof of extra annual income for each dependent child (€5,000) or parent (€8,000) as part of the same application.
Economic Citizenship Cyprus Application Process
Applying for the residency by investment program in Cyprus can only be done through a Cyprus registered lawyer. To start the process applicants must sign a service agreement with an authorized service provider. The latter will provide advice, and assistance, and prepare documents and government forms. The service provider will submit a complete application to the government of Cyprus on behalf of the applicant and his/her spouse. At this stage, the government issues permanent residency permits for the primary applicant and spouse, who will travel to Cyprus to receive the residency permits.
Benefits of Second Citizenship in Cyprus
The Cyprus Residency program has a lot of benefits to offer. Holders of Cyprus permanent residence visa and their family members enjoy the same rights Cypriot citizens have. They benefit from a cheap cost of living that is among the lowest in Europe and very competitive residential property prices. Cyprus provides expats and their families a privileged lifestyle in a secure and dynamic location, perfectly mixing traditional and contemporary aspects while giving the ideal combination to enjoy life and a fantastic work-life balance. Cypriots can travel without a visa to more than 170 countries and can have access to top-rated universities with reduced EU tuition fees, as well as world-class healthcare services. Investors in Cyprus benefit from an extremely favorable tax regime, where they are not taxed on their worldwide income or capital gains.
The Cypriot residency is granted within two months, and it is valid for life and can be passed down to dependents and spouse. Applicants can include spouse, children, adult dependents up to 25 years old, and parents of the main applicant and their spouse, and are eligible to apply for Cyprus citizenship after 7 years of residing. Residency holders are required to visit Cyprus only once every two years to maintain their residency status.
Cyprus Passport Price Increase
On November 1st, 2020, Cyprus has paused its citizenship by Investment Program, which used to provide eligible applicants a Cyprus citizenship in just six months, with an investment minimum of €2,200,000. Investors were able to reduce their property investment to €500,000 after five years of citizenship being granted. However, Cyprus now promoted the country’s residency program as an alternative, where investors can qualify if they purchase a €300,000 new real estate property and show an annual income of at least €30,000 to obtain the Golden Visa.
What is the Total Cost of Citizenship in Cyprus for an Individual?
The cost for obtaining Cyprus permanent residency is €300,000 in real estate investment, 5% reduced VAT on the property, and payment of the relevant government and legal fees. However, applicants must have an annual income of at least €30,000, as well as proof of extra annual income for each dependent child (€5,000) or parent (€8,000) as part of the same application.
Common Questions about Cyprus:
Investors looking to obtain Cyprus Gold Visa may have several concerns and would raise many questions before taking any investment risk.
Do you need a visa to go to Cyprus?
You may enter Cyprus for up to 90 days for tourism or business purposes without a visa. For stays longer than 90 days, you will need a temporary or permanent residency visa.
How can I get visa to Cyprus?
Cyprus Golden Visa “Permanent Residency” is granted to qualified applicants and their families from non-EU countries upon passing the government’s due diligence process and purchasing a new real state apartment worth €300,000.
Is Cyprus a Schengen visa?
Cyprus is not yet part of the Schengen area. This means that the visas issued by the Republic of Cyprus are valid for Cyprus only, and do not allow the holder of the visa to travel to other European countries, that are members of the Schengen area. Holders of Cyprus permanent residence visa can easily apply for multiple entry Schengen visa which may be valid for 3 years or more.
How much is a tourist visa to Cyprus?
With effect from December 1st, 2022, new visa fees were applied for the Cyprus tourist visa. The fee for a single-entry visa, as well as for a multiple-entry visa, will be €80.
Which EU country has cheapest golden visa?
Greece’s residence by investment program, known as the “Greece Golden Visa” is considered the cheapest program in the EU, as applicants are required to invest €250,000 in a real estate property to obtain residency.
Is Cyprus Golden Visa suspended?
Cypriot authorities terminated their popular Citizenship by Investment Program (CIP), a scheme that rewarded applicants with passports in exchange for a qualifying investment of €2,200,000 on November 1, 2020, spelling an end to one of Europe’s most sought-after passport-by-investment initiatives. However, with the Cyprus Citizenship by Investment suspended, a Permanent Residency program has taken its place, the “Cyprus Golden Visa” known as the Investor Immigration Permit, or Cypriot Investor Permit.
Can I get residency in Cyprus if I buy a house?
Those who want to invest in Cyprus can still qualify for permanent residency. Foreign investors and high-net-worth individuals can obtain a permanent residency and gain the right to relocate and live in Cyprus by purchasing a €300,000 new property directly from a real estate developer.
How much does it cost to buy citizenship in Cyprus?
There is no direct citizenship program in Cyprus. However, it costs €300,000 plus applicable fees to obtain a permanent residency in Cyprus which can lead to citizenship after 7 years.