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Cyprus golden visa in 2022. 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.

To acquire the golden visa the foreign nationals should invest a minimum of 300,000 euro into the country’s economy. 

In this guide about golden visa Cyprus in 2022, we will cover the following topics and how you can get a Cyprus golden visa.

Table of contents:

  • What is Golden Visa Cyprus
  • 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 Cyprus Golden Visa

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

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.

Cyprus Golden Visa scheme aimed to increase investments in the country and to boost the nation’s economy after the financial crisis of 2013.

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 with highly sought-after benefits and incentives that make the golden visa of Cyprus one of the best investment programs worldwide.

The island country's location has its advantges for international business. It offers a high standard of living, great healthcare system, upcoming education institutions, and a whole host of tax benefits and initiatives making it attractive for investors worldwide.

How to get Cyprus Golden Visa

There are three ways to acquire the Cyprus golden visa:

  1. The investment program. Acquire a new real estate property with minimum value of 300,000 euro + VAT. This program is alsed called the Regulation 6.2. or the fast track process. 

  2. Living in Cyprus permanently for 5 years. 

  3. Get married to a Cypriot. 

Cyprus golden visa requirements for the Investment Program (Regulation 6.2. - Fast Track Process)

Non-EU nationals should acquire a property of 300,000 euro + VAT and prove that they have a sufficient income to qualify for Cyprus residency under the golden visa program.

Below we present more analytically these requirements. 

Requirements for Cyprus Golden Visa

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

To get a Golden Visa for Cyprus, applicants need to invest a minimum of €300,000 + VAT into brand-new real estate bought directly from the developer.

This property can either be lived in by the investor and his family or rented as passive income investment. 

The investment can also be split into a maximum of two properties. However, the combined value should not be less than €300,000.

The VAT can be 5% or 19% depending on the status of the investor. 

The requirements for residency are split into the following routes:

  • Purchase a residential property worth a minimum of €300,000.
  • Purchase a commercial property worth a minimum of €300,000.
  • Invest €300,000 or more in the share capital of a company in Cyprus (that has at least five employees).
  • Invest a minimum of €300,000 in units of a Cyprus Investment company also called Cyprus Collective Investment Organization (e.g. AIF, RAIF, AIFLNP).

In summary, applicants looking for Cyprus residency by investment must meet the following criteria.

  • The investor must pay in advance at least €200K plus VAT to be able to apply (and register the sales agreement at the Land Registry of Cyprus).
  • The investor must purchase a new property in Cyprus. The minimum amount is €300,000 plus VAT (for the first property, VAT is 19% or 5% bought for use).
  • The purchase money should be transferred from abroad and proof must be provided.
  • The investment payment must be made to the seller’s bank account in Cyprus.
  • Annual income must be at least €30,000 outside of the Republic. This can include wages, pensions, dividends, deposits, rental income, etc.
  • A clean criminal record posing no threat to public security or public order.
  • Unless they’re the director in a company, they must complete a declaration of intention not to work in the Republic.
  • Visit the Republic every two years and provide proof of presence.

If the total sales price is within the limit, two properties may be purchased as follows:

  • 1 residential property and 1 office (up to 250 sq.m).
  • 1 residential property and 1 shop (up to 100 sq.m).
  • 2 residential properties (houses or apartments).
  • Properties under construction can be included.

The property can be purchased under the name of a company. However, the beneficiary must provide sufficient evidence to prove they will live there.

If the investor wishes to sell the property, the property must be replaced with another property of equal or higher value.

Annual income requirements

  • The investor must prove an annual income of a minimum €30,000. This total can include their spouse’s income.
  • Income can include salaries, pensions, dividends, fixed deposits, and rents.
  • An additional €5,000 is required for each dependent (spouse and children).
  • An additional €8,000 is required for each dependent parent or parent-in-law.
  • If the above criteria are met, the dependents can also apply and get a permanent residence permit.

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 has to provide an additional annual income of €5,000 for each dependent.

Children above the age of 25 who do not fulfill the above crieteria may also be accepted. However, future spouse 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.

Parents (and parents in-law) requirements

The investor's parents and parents-in-law can also get golden visas without buying additional property.

The main requirement is the additional annual income is paid for each parent (or parent-in-law).

The applicants must also provide the following documents:

  • Provide criminal record and police checks from their home country of residence.
  • They should not be regarded as a danger to the country by the security of Cyprus.

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 a golden visa can they live, work and study across the EU without restrictions.

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 naturalization 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:

  • Applications are usually approved within two months (fast track procedure).
  • 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*)

  • €70 for each person for registration

*The applicants' spouse & children under 18 go free

  • Adult children & parents

  • €500 each

  • €70 for each person for registration.

Processing time

It takes approximately two months for the golden visa application to be approved.

Upon approval, the lawyer (or representative) is allowed to collect the cards on behalf of the applicant/investors.

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 €300K.

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 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 of 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


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