Everything You Need To Know About Cyprus’ Golden Visa

Cyprus, an idyllic island in the Mediterranean, is a country with ancient history, gorgeous beaches and a great quality of life.

The country is popular for:

• Its year round-sun, boasting over 300 sunny days a year.
• Low crime rates, making it one of Europe’s safest countries.
• Good healthcare system.
• English-speaking population.
• Great location, perfect for exploring Europe, Asia and the Middle East.

Because of this, Cyprus has become very popular with holiday-goers and retirees, looking to enjoy this island lifestyle.

But for those looking to move to Cyprus permanently, the country has its version of a golden visa, which gives wealthy individuals a pathway to residency through investment.

Here, we tell you everything you need to know about the visa, including how you get it, what the benefits are and how much investment you need.

 

What Is The Cyprus Golden Visa?

 

The Cyprus golden visa allows non-EU nationals to gain residency in the country by investing at least €300,000 within it.

Cyprus’ golden visa is currently one of the most affordable in Europe, making it an appealing offer and allowing applicants to gain residency within 2 months.

The visa is also popular because it allows the applicant to bring their spouse and children along, as well as giving them a path to citizenship after 5 years.

When it comes to residency requirements, visa holders only need to be in Cyprus for one day every 2 years, making it a great option for those that don’t want to stay in one place for too long.

Finally, having EU residency is a huge benefit as it allows visa-free travel within the Schengen zone, as well as the ability to invest and run a business in Cyprus.

 

 

Who is Eligible For Cyprus’ Golden Visa?

 

To be eligible for Cyprus’ golden visa, one of the following investments must be made:

• Buy up to 2 residential properties worth a total of €300,000.
• Invest in offices, shops or other commercial property for at least €300,000.
• Invest €300,000 in a Cypriot company that employs at least five people.
• Place €300,000 in the Cyprus Investment Funds Association’s collective investment schemes.

In addition to this:

• The applicant must have an income of at least €50,000 per year from outside Cyprus.
• They must pay an extra €15,000 per spouse and €10,000 per child to apply.
• The funds must come from reliable sources like salaries, business profits, pensions or investments.

Applicants must also have a clean criminal record and commit to not working in Cyprus, unless it’s for a business they own.

The investment must be sustained throughout the term for them to retain their visa.

 

How To Apply For Cyprus’ Golden Visa

 

One of the best parts of Cyprus’ golden visa is that it’s relatively easy to secure.

First, applicants need to decide which investment route they want to take, once they have that, they will need to complete the investment.

It’s important that the money is transferred from a foreign bank account for the transaction.

Then, once all documents are pulled together, the application can be submitted to the Cyprus Ministry of Interior. The costs associated are €500 for the main applicant and €70 per dependent.

Once the application is approved, which usually takes around 2 months, the applicant needs to visit Cyprus to get their permit.

 

How To Get Cypriot Citizenship

 

Once a person has their residency status, they can later apply for citizenship. The person has to live in Cyprus for 5 years within 8, and pass a citizenship test.

Citizenship comes with a Cypriot passport and all associated EU rights.

 

Moving To Cyprus: Is The Golden Visa Worth It?

 

The Cyprus golden visa is one of the most affordable golden visas in Europe.

With a low investment threshold, fast processing times and the ability to include dependents, it’s a great option for anyone looking to enjoy life on this Mediterranean island.