Cyprus Golden Visa in 2024. How to get a Cyprus Golden Visa.

Cyprus Golden Visa

The Cyprus Golden Visa entitles non-European Union nationals to reside in Cyprus as permanent residents with zero limitations.

Foreign nationals (and their qualifying dependents) must invest a minimum of €300,000 into the country’s economy. This process makes them eligible to apply for permanent residency.

This guide will examine how to get a Cyprus golden visa in 2023 and the following topics:

Table of contents

What is the Cyprus Golden Visa?
Cyprus golden visa requirements
Golden visa Cyprus benefits
Golden visa program conditions and restrictions
How to get Cyprus golden visa
Cyprus golden visa cost
Cyprus golden visa documents

What is the Cyprus Golden Visa?

Golden Visa Cyprus goes by the official name "the Scheme for Naturalisation of Investors". It's also known as the Cyprus Permanent Residency.

A golden visa is a legal status that allows non-EU citizens to reside permanently in Cyprus without limitations.

The golden visa also allows the applicant’s eligible dependents (spouses and family members) to enter and remain in the country as permanent residents.

The residency holder does not need to renew the golden visa annually as the permit does not expire.

The visa scheme aimed to increase large-scale investments in the country and to boost the nation’s economy after the financial crisis of 2013.

The Cypriot Government introduced the golden visa scheme and regulation 6.2 to attract foreign investors, offering them the right to permanent residency as long as they invested in Cyprus and met other criteria.

Since its inception in 2013 and its official launch in 2016, it has successfully granted Cypriot citizenship to over 3,000 investors. Most of the investors are from Russia, Norway, Ukraine, UAE, Belarus, Lebanon, and China.

Cyprus allows foreign investors to move to the country through highly sought-after benefits and incentives, making the golden visa one of the best investment programs worldwide.

Cyprus offers high standards of living, great healthcare systems, flourishing education institutions, and a host of tax benefits and initiatives attracting investors worldwide.

How to get a Cyprus Golden Visa

There are a few ways to acquire a golden visa.

The investment program. Invest in the country with a minimum value of €300,000 + VAT. This program is also called Regulation 6.2.
Living in Cyprus permanently for five years.
Marriage to a Cypriot.

Cyprus golden visa requirements

To strengthen the immigration by investment system, changes were made to the criteria on May 2nd, 2023.

Foreign nationals must invest at least €300,000 + VAT in Cyprus and prove adequate income to qualify for Cyprus residency under the golden visa program.

Below we present these requirements analytically.

Requirements for Cyprus Golden Visa

There are several investment route options to be considered for residency in Cyprus.

The golden visa can be issued to foreign investors if they meet one of the investment criteria. The applicant must invest €300,000 at a minimum.

The requirements for residency are split into the following routes:

Purchase a new (non-resale - first-time sale) residential property (i.e. house or apartment) worth a minimum of €300,000 (plus 19% VAT) from a land development company.
Purchase a new or resale commercial property (i.e. not a house or apartment) worth a minimum of €300,000 (i.e. offices, shops, hotels, developments, or a combination).
Invest €300,000 or more in the share capital of a company based in Cyprus (with at least five employees) with a proven physical presence (i.e. economic substance).
Invest a minimum of €300,000 in units of a Cyprus Collective Investment Organization (e.g. AIF, RAIF, AIFLNP).

NB: The applicant must continue to hold the investment or replace it with another investment abiding by the same criteria, or the PR permit will be cancelled.

Investment requirements

The investor must prove that the investment money has come from the applicant’s or spouse’s bank account abroad. This value must be transferred to the vendor’s bank account in Cyprus.

The investment money can come from pensions, salaries, rents, fixed deposits, or stock dividends, which needs to be proven by tax declarations from the country that the applicant is a tax resident.

If the applicant invests in non-residential real estate, the income (the total amount or part) may also come from money originating from and taxed within Cyprus.

Additional option for acquiring residential properties

The investor can purchase up to two residential properties instead of one with a total value of €300,000 if the market value meets the criteria.

The properties must be dwellings sold by the developer for the first time, with the exception that the purchase occurred before May 7th, 2013.

Additional clarification

Applicants investing in property (of any type) can establish an investment company through which they can invest in real estate.

They can also become shareholders of companies registered in Cyprus and receive dividends.

They may also act as directors of companies based in Cyprus, without a salary registered in the Social Security Authorities of Cyprus.

The investment application in any property type must contain official receipts for the investment payment (excluding VAT) with evidence that the sale was filed with the Land Registry.

The applicant must prove that the investment money has come from abroad and not the product of internal borrowing or from within the Republic unless they invest in non-residential property as stated above.

Annual income requirements

The investor must have a proven annual income of a minimum of €50,000 from abroad.
The total income amount may also include the income of the applicant’s spouse.
An additional €10,000 is required for each dependent child.
An additional €15,000 is required for a dependent spouse.
This income can include money from salaries, pensions, dividends, fixed deposits, and rents.

Family members requirements

The golden visa also covers dependents (spouse and children up to 18 years old).

Children between 18 and 25 can also apply if they fulfill the following requirements:

They are unmarried.
They are financially dependent on their parents.
They must have a minimum of 6 months of study remaining from the date of the application submission if they are university students abroad.
The investor must have an additional annual income of €10,000 for each dependent.

Children above the age of 25 who do not fulfill the above criteria may also be accepted. However, future spouses and children cannot be added as dependents.

If the children will study on a long-term course in Cyprus, they must apply as students for a temporary residence permit.

Regardless of their age when they finish their studies, they can apply for permanent residency.

Including adult children with higher-value investments

Adult children of the applicant (who are not financially dependent) may also be granted immigration permits if a bigger investment is made.

The market value investment of €300,000 must be multiplied for each adult child to obtain an immigration permit.

For example, suppose three of your adult children will apply for permanent residency. In that case, you must invest €900,000 for your three adult children and €300,000 for yourself, (in total: €1,200,000).

Note: Each adult child must prove an annual income of a minimum of €50,000. This amount should be increased by €10,000 for each dependent child and €15,000 for a dependent spouse.

Parents (and parents-in-law) requirements

Since May 2nd 2023, parents and parents-in-law cannot apply as part of the investor’s application.

Golden visa program conditions and restrictions

The golden visa holder must visit Cyprus once every two years otherwise the visa will be canceled.
Golden visa holders cannot travel in the EU with their permits as it’s only for Cyprus.
Only when investors obtain Cypriot citizenship after obtaining a golden visa can they live, work and study across the EU without restrictions.
The investors must declare they will not work in Cyprus to meet the criteria unless they are company directors, as proven by their investment choice.

Ongoing criteria requirements

Applicants are required to follow certain criteria after obtaining residency by providing the following proof:

They continue to hold the property/shares/investment;
Continue to receive the minimum annual income for themselves and their dependants;
Continue to carry valid health insurance if not registered with the GESY.

Other types of permanent residency in Cyprus

Living in Cyprus for 5 years

Must have a valid Cyprus temporary residence card and live in Cyprus for 5 years.
Non-EU citizens who have legally resided in Cyprus for a full five consecutive years are entitled to apply for a long-term residence permit or golden visa.
This is the naturalisation scheme (M127) based on the applicant’s years of residence.

Marriage to Cypriot

Persons married to a Cypriot citizen are eligible for residency rights. They are allowed to apply for a residency permit with an unlimited duration.
In addition, their minor children from a previous marriage and parents of the Cypriot citizen (or parents-in-law) can also be granted residency.

Golden visa Cyprus benefits

There are many benefits to having a golden visa. To a large extent, having the same rights as Cypriot citizens is one of the main benefits.

As a golden visa holder, you will benefit from the following:

Grants full residency rights in Cyprus and permanently valid.
High living standards in Cyprus, great work/life balance, and good quality of life.
Inclusion of family members as dependents are welcome to apply (and some for free).
Access to excellent educational systems and entitled to free healthcare.
Tax benefits and high return on investments.
Living in Cyprus legally for five years allows persons to apply for Cypriot citizenship.
Gateway to European citizenship and Cypriot passport after seven years.
Dual citizenship is recognized in Cyprus.

How to get Cyprus golden visa

Obtaining Golden Visa Cyprus

The golden visa application process can involve an agent or a legal company. Furthermore, the applicant does not need to be physically present throughout the process. The application can be submitted by the investor's lawyer (or representative).

Unlike other permits, these permits are not available in each city's district immigration units. These particular applications are only available to submit at the Civil Registry and Migration Department in Nicosia.

The applicants are required to have their biometrics taken. They will need to be present at this stage once the successful application has taken place.

Photo identification will be required and fingerprints will be taken to issue their new residency cards. This can be done at any migration district unit in any city before the application is approved.

Each city's immigration unit address can be found below.

Nicosia

Civil Registry and Migration Department

Agamemnonos 6, Engomi, 2411 Nicosia

Limassol Immigration Unit

Franklin Roosevelt 223, Zakaki, Building ¨D. Nikolaou¨, 2nd floor, 3046 Limassol

Larnaca Immigration Unit

Piale Piasha 75, 6027 Larnaca

Paphos Immigration Unit

Eleftheriou Venizelou & Kaningos 22, 2nd floor, 8021 Paphos

Famagusta Immigration Unit

Eleftherias 83, Tatolos Bld, Derynia Plaza, 1st floor, 5380 Derynia

Cyprus golden visa cost

Considering the investment, the individuals who apply for the permanent golden visa must first invest an amount in the economy.

A minimum of €300,000 has to be invested under the Cyprus Golden Visa scheme.

This sum of money must be placed in appropriate investment options as specified by the Cypriot government.

The processing fees charged by the government are not included in the investment sum.

The Cyprus government processing fees are as follows.

Applicant

€500 (for the applicant and their dependents*) immigration submission fee.
€70 for each person for registration.

*The applicant's spouse & children under 18 do not need to pay immigration submission fees.

Adult children

€500 each (immigration submission fee).
€70 each (for registration).

Cyprus golden visa documents

How to get a Cyprus golden visa

The applicant needs to apply for a visa with the following required documents:

Curriculum Vitae.
Copy of valid passport (and their dependents if applicable).
Bank statements and proof of annual income from abroad.
Employment contract (if applicable).
Duly certified children's birth certificates if applicable (official and certified translation).
Proof of children undergoing studies, or reasons for their dependency if applicable.
Duly certified marriage certificate if applicable (official and certified translation).
Criminal record certificate (original issue from the country of residence with an official and certified translation).
Proof of investment: the contract of property sale in Cyprus (title of ownership).
Bank swift for the proof of purchase (€300,000+ or as specified) & receipts of payment.

NB: The criminal record certificate, marriage certificate, and children's birth certificates must be translated into English.

They must also be certified by the Ministry of foreign affairs (or Embassy) in the country of residence. Also by the Cyprus Embassy of that country, or bear the 'apostille' stamp.

Cyprus golden visa conclusion

Key takeaways

To summarize, the Cyprus Golden Visa program enables non-EU, non-EEA, and non-Swiss nationals to acquire legal permanent residency by investing in the economy.

The Cyprus golden visa, also known as Cyprus permanent residency (Cyprus PR for short), allows foreign nationals to invest in property or set up a business in Cyprus.

It’s also known as unlimited residency, as it allows permanent residency with no limitations. It does not expire and does not require renewal.

This residency process allows investors to apply for residency through a fast-track scheme. They must invest a minimum of €300,000.

The visa program also increases the applicant's eligibility to apply for European citizenship and a Cypriot passport.

Those citizens who maintain their permits and investments while living in Cyprus for 5 - 7 years become eligible for Cypriot citizenship.

Immigration insurance for Cyprus golden visa

Immigration insurance is mandatory for non-EU citizens wishing to acquire a permanent residency in Cyprus. You might face costly medical or legal fees without the right insurance.

When applying for a golden visa permit, you may need health insurance coverage and immigration insurance. You can obtain both from us with policies starting from €120.

Pitsas immigration insurance policies are one of the most competitive in Cyprus. In addition, you can apply from the comfort of your home with our dedicated team to help you.

We provide:

Extensive and immediate coverage of outpatient & inpatient expenses.
Competitive packages for families.
Free legal advice.

We can also provide coverage for pensioners up to 80 years old.

You can find more details about our immigration packages on our website. See here.

Immigration insurance quote

When obtaining an insurance policy for a golden visa, it’s worth knowing your options.

For a hassle-free quote, see here.

Pitsas Insurances

Limassol, Cyprus

21/11/2022

Updated 19/12/2023 (with the new legislation changes that were implemented on 2/5/23).