Golden Visa in Cyprus

Updated on Wednesday 17th February 2021

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Making specific investments in Cyprus can grant a series of benefits for foreigners in this country, such as permanent residence and citizenship through the golden visa program. Our lawyers in Cyprus can offer complete legal support if you are interested in obtaining the golden visa as a non-EU citizen and if you would like to know detailed information about the legal requirements in this sense.

If you want to buy a golden visa, our specialists can guide you through the procedure and explain the documents you need to prepare for a successful application.

What is a golden visa in Cyprus?

A golden visa in Cyprus is a special type of visa that can be granted for foreign entrepreneurs who decide on certain investments in this country, mostly related to the real estate sector. This type of visa offers permanent residency status if an investment of EUR 300,000 is made by the foreign citizen. It is good to know that the permanent residency in Cyprus and the golden visa program are the most appealing and simplest in Europe and they also involve family members. We invite you to have a look at the advantages of a golden visa in Cyprus:
  • it has lifetime validity, therefore, there is no need to worry about the renewal time;
  • the residency visa grants the same status even for the parents of both spouses;
  • the program offers the possibility of traveling with no restrictions within the EU if a visit to Cyprus is made once every two years;
  • the EUR 300,000 investment can be made through your company.

If you want to buy a golden visa in another EU country, our agents are at your disposal with complete services. If you want to apply for a Cyprus golden visa in 2021, you can count on the services provided by our specialists.

The Cyprus golden visa program, one of the most appealing schemes in Europe in 2021

Cyprus is one of the first European countries to have created a golden visa program. This is one of the reasons why the government has made various amendments to it during the years, helping it become one of the most appealing residence by investment schemes in Europe and one of the fastest routes to European Union citizenship.

Over the years, the Cyprus golden visa program has suffered various changes, one of the latest versions of the scheme being released at the beginning of 2019. In order to become more specific and credible, the new Cyprus residency by investment program now includes:
  1. the applicants will be subject to stricter background verifications which will be conducted by foreign firms;
  2. the applicants must first apply for a Schengen visa and then for the Cyprus golden visa;
  3. a new investment option has also been introduced under the form of investment in research and development;
  4. a part of the investment will be invested in land development through the Land Development Corporation in Cyprus.
If you are interested in applying for a golden visa for Cyprus in 2021, our specialists are at your service. This is one of the most appealing schemes and those who want to relocate to Cyprus and obtain citizenship by investment in 2021 are not required to complete any additional steps than before.

Our golden visa specialists can advise on the new requirements related to obtaining a golden visa in Cyprus.

Requirements for applying for a golden visa in Cyprus

The Cyprus golden visa scheme is available for foreign citizens and investors from non-EU countries. In order to be granted such a visa, an applicant must meet specific requirements, among which:
  • the applicant must meet the financial criteria imposed by the Cyprus authorities;
  • the applicant must meet the qualitative criteria, which under the new rules will be verified by a foreign company.

Meeting the financial criteria for obtaining a golden visa in Cyprus implies:
  • the deposit of 30,000 euros in a Cyprus bank account for at least 3 years (the funds must be transferred from abroad);
  • the applicant must also submit proof of earning at least 30,000 euros per year;
  • if the applicant will relocate with dependents, the annual income threshold increased by 5,000 euros for the spouse and each child and by 8,000 euros of other dependents;
  • the applicant must purchase one or more properties worth at least 300,000 euros without VAT;
  • the applicant can also apply for citizenship by investment against the sum of 2 million euros which must be invested in residential or commercial property;
  • out the investment, at least 75,000 euros must be invested in research and investment activities;
  • another 75,000 euros must be invested in the development of land plots in Cyprus.

The golden visa program in Cyprus has many advantages, especially when considering a foreign citizen can obtain residency or citizenship in 2021 depending on the amount of money willing to invest. Also, the visa application procedure is simpler compared to other European countries.

At the level of 2021, there are no changes in the golden visa scheme in Cyprus, which is why you rely on our consultants for guidance in relocating here without any concerns.

How to apply for a golden visa in Cyprus

As mentioned above, the procedure of obtaining a golden visa in Cyprus has suffered a few modifications at the beginning of 2019. The first step to complete in order to obtain an investor visa in Cyprus is for the applicant to submit proof of committing to the investment under the form of a sale-purchase agreement of the property and bank account statements that indicate the deposit of the required amount of money. Then, the Schengen visa must be obtained.

Cyprus is one of the few countries which do not require an interview or language test but for the simple submission of the documents related to obtaining a golden visa.

It is important to note the following conditions which need to be respected after obtaining the Cyprus golden visa:
  • the investment in its initial form must be maintained for at least 3 years;
  • after these 3 years, the investment can be reduced to 500,000 euros, if the visa holder wants to retain the Cypriot citizenship.

Other tips when applying for residency or citizenship by investment in Cyprus is that the investment can be made in residential or commercial properties, however, commercial properties are applied a higher VAT rate (of 19%) compared to the 5% rate applied upon the purchase of residential properties. These rates remain in place for 2021.

It is also useful to know that under a Cyprus golden visa the holder can work or study in any of the 28 EU-member states. Also, the application process is quite fast, requiring 6 months for the visa to be issued and it has a high approval rate.

Reasons why you should choose Cyprus for a golden visa in 2021

Bearing in mind the relaxed tax regime in Cyprus and the status of a solid and reputable financial center at an international level, foreign investors can easily decide on making investments for all sorts of advantages. The requirements for obtaining a golden visa for Cyprus are mostly related to the number of investments and the financial criteria, like:
  • a minimum deposit of EUR 30,000 needs to be placed in a Cypriot bank;
  • statements offering information about the financial status are necessary when applying for the visa;
  • a clean criminal record is necessary at the time of visa application;
  • two new properties summing up EUR 300,000 should be acquired in Cyprus for obtaining such a visa.

Foreigners might be interested in citizenship by investment in Cyprus for which complete legal support can be offered by our law firm in Cyprus. Feel free to contact us at any time.