Cyprus Golden Visa: The Ultimate Guide By Experts

Thousands of tourists flock to Cyprus each year to enjoy its Mediterranean cuisine, world-renowned beaches, and excellent weather. But how do expats actually uproot their lives here?

The Cyprus Golden Visa program enables non-EU, non-EEA, and non-Swiss nationals who buy property or set up a business in the Republic to acquire legal permanent residency and increases their eligibility for European citizenship and a Cyprus passport through the naturalization process.

In this guide to the Cyprus Golden Visa, you’ll learn all about:

• A brief overview of the Cyprus Golden Visa Program
• Benefits of the Cyprus Golden Visa Program
• The Cyprus Investor Immigration Permit
• Investment options for the Golden Visa
• How to qualify for the Cyprus Golden Visa
• Cyprus Golden Visa application processing time
• Step-by-step guide to the Cypriot Golden Visa
• How to obtain Cyprus citizenship
• Document checklist for the Golden Visa

About the Cyprus Golden Visa Program

The Cyprus Golden Visa program is an investor immigration scheme that grants qualifying individuals residency and citizenship rights in the Republic in exchange for a financial contribution in its economy. Typically, investments include real estate, shares in a business that employs at least five people, or in units of a Cyprus Collective Investment Organization.

The program used to consist of two separate programs, one for those who wanted a permanent residence permit, and the other for those who wanted to obtain Cyprus citizenship. The main differences between both programs were the minimum required investment sum and the stay requirements. However, as of 2020, the Cyprus citizenship by investment scheme is no longer operational. Rather, investors make a financial contribution, obtain permanent residency and then go on to become citizens after the required time (7 years).

Why Consider Cyprus?

While there are many Golden Visa programs to consider across the world, including the Luxembourg Investor Visa, the Investor Visa Belgium, and Malta Citizenship By Investment, Cyprus offers a unique combination of attractive benefits that make it one of the best investment schemes to consider.

Not only is it strategically located for international business investors, it offers excellent living standards, a low cost of living, leading education institutions, quality healthcare systems, and tax-friendly initiatives (for example, the nation has no inheritance tax and a non-domiciled tax regime option) – all of which makes the program so attractive.

Benefits of the Cyprus Golden Visa

Investment Options for the Cyprus Golden Visa

These are the main routes to qualify for the Cyprus Golden Visa.

Buy a Residential Property

The first route for permanent residency in Cyprus is to qualify for a real estate investment. Here, an investor buys a residential property with a minimum value of €300,000 – excluding VAT. The first €200,000 plus VAT must be invested before the application is lodged.

To successfully secure the property, the applicant must prove the funds have been transferred to the Republic from abroad, and that the money hasn’t been borrowed from within the Republic. Moreover, the funds need to be deposited in a Cypriot financial institution and must be sitting in the vendor’s bank account.

Buy a Commercial Property

To qualify for a commercial property real estate investment, the investor must buy a property such as an office, shop, hotel, or a similar development with a minimum value of € 300,000 – excluding VAT. The property or properties purchased can be resold.

Invest in a Share Capital of a Cypriot Company

If you’re looking to establish a business in Cyprus, the company must have a genuine physical presence within the country. This involves not only having a registered office but also employing at least five individuals who are Cypriot or EU citizens. This requirement underscores the company’s active contribution to the local economy, ensuring it engages in real business operations that create economic substance in Cyprus.

Moreover, as an investor, you can directly manage your business by owning shares in the company. Either you or your spouse can take on the role of an unpaid director, allowing you to play an active part in the company’s management and strategic decisions. This level of involvement ensures that your investment aligns with your vision and goals.

For those interested in full control over their investment, you can establish your own company in Cyprus. By hiring the required number of employees and investing €300,000 into the business, you can oversee every aspect of its operations. This route not only provides you with management control but also allows you to benefit from dividend income generated by the shares you own in the company, further enhancing the financial rewards of your investment.

Invest in the Cyprus Investment Fund Association

To qualify for the Cyprus Golden Visa through investment in a fund, the chosen fund must meet specific criteria established by Cypriot regulations. First and foremost, the fund must be registered and operating in Cyprus as an Alternative Investment Fund (AIF), Undertakings for Collective Investment in Transferable Securities (UCITS), or a Registered Alternative Investment Fund (RAIF). This ensures that the investment is rooted in the local financial ecosystem, providing a stable and compliant investment environment.

Applicants must obtain a certificate from the fund, verifying the investment amount, which serves as proof of their commitment. Additionally, the fund must be registered with the Cyprus Securities and Exchange Commission (CySEC) and maintain a physical presence in Cyprus. This registration is crucial as it ensures that the fund meets the stringent regulatory standards set by CySEC, including maintaining the required capital adequacy and liquidity ratios.

How to Qualify for the Cyprus Golden Visa

The Cyprus Golden Visa program offers non-EU citizens a pathway to permanent residency and eventual citizenship in Cyprus through a qualifying investment of €300,000. By participating in this residency-by-investment program, investors can secure their future in Cyprus while enjoying the benefits of living in the European Union.

If you are a non-EU, non-EEA, or non-Swiss national who is over 18 years of age and in possession of sufficient legal funds, you may easily qualify for Cyprus residency under this investment program. However, you will have to meet the following criteria as well:

• Willing to invest in Cyprus with funds coming from outside of Cyprus
• Have no criminal record
• Not be under any EU sanctions or restrictions

New revisions to the Cyprus Golden Visa

There are some new revisions that came into play, effective from 3 May 2023. Please take note of the following:

• Parents and/or in-laws of the applicant are no longer eligible.
• Applicants much show proof of a clean criminal background without posing a threat to public security or public order
• A complete declaration of intention not to work in the Republic is required, except for being a director in a company.
• You must visit the Republic every two years with proof of your physical presence
• Applicants are required to show an annual income (generated abroad) of €50,000 per applicant and a further €15,000 for the applicants’ spouse, and a further €10,000 for each of the applicants’ dependents (previously, the required annual income was €30,000 per applicant).

There is also a new mechanism introducing stricter compliance requirements, namely that the applicant must, on an annual basis, submit to the Civil Registry and Migration Department such evidence proving that:

1. The investment is maintained
2. That he/she maintains the same required income that is defined for him/her and his/her dependents
3. That he/she still retains an active insurance policy for him/her and his/her dependents
4. The applicant must submit a clean criminal record certificate from himself/herself and dependents from their country of origin and from the Republic of Cyprus.

Cyprus Golden Visa Document Checklist

The documents required when submitting your application to the migration department will vary depending on your investment route to permanent residence.

In general, the following documents are needed:

• Application form: Complete and submit the Golden Visa application form.
• Valid passport: Provide a copy of your passport and those of any dependents included in the application.
• Curriculum vitae (CV): Include a detailed CV outlining your professional and academic qualifications.
• Proof of investment: Provide evidence showing you have made the investment.
• Proof of legitimacy of funds: You must show the funds are from a legitimate source.
• Annual income proof: Provide documentation showing an annual income of at least €50,000 from abroad, such as tax returns or bank statements.
• Criminal record certificate: Submit an original criminal record certificate from your country of residence, with a certified translation into English. This is required for all applicants aged 16 and above.
• Marriage certificate (if applicable): Provide a certified marriage certificate with an official translation into English.
• Children’s birth certificates: Include certified copies of your children’s birth certificates, along with proof of their dependency (e.g., school enrollment letters) if applicable.
• Health insurance: Provide proof of health insurance covering all family members.
• Passport-sized photos: Submit recent passport-sized photographs for each applicant.
• Statement of intent: Sign a statement indicating that you do not intend to undertake any employment in Cyprus, except as a director of a company.

Additional documents may be required at the discretion of the relevant authorities. It is best to seek professional advice from an immigration service, as qualified advisors can inform you of the full program criteria.

Legalizing documents

All documents must be legalized and translated into Greek or English by a certified translator. The documents can be legalized by the Cyprus Consulate or by the Apostille of the Hague Convention. When it comes to translating the documents, only certified translations can be accepted.

Application Process for the Cyprus Golden Visa

Month 1

Submit application to the Cypriot government

Month 2

Invest and get your application approved by the Cypriot authorities

Month 3

Acquire your Cyprus residence permit

Year 7

Apply for a passport

Step-By-Step Guide to the Cyprus Golden Visa

• Choose your investment: Determine the type of investment that aligns with your goals and meets the criteria for residency in Cyprus.
• Make the required investment: Upon submitting your application, ensure you’ve invested at least €200,000 as part of the process.
• Prepare your documents: Gather all necessary documentation to support your application and ensure everything is in order.
• Complete the application form: Fill out the application form accurately and thoroughly to avoid any delays.
• Open a local bank account: Set up a bank account in Cyprus to manage your investment and other financial transactions.
• Submit your application: Submit your completed application, along with all required documents, to the Civil Registry and Migration Department.
• Pay the application fee: Ensure that the application fee is paid as part of your submission process.
• Await approval: Once your application is submitted, wait for the official approval. This step is crucial to moving forward with your investment.
• Receive confirmation: If your application is approved, you will receive a letter confirming your chosen investment route. Proceed with the investment according to the approved plan.
• Complete biometric requirements: Once approved, travel to Cyprus to complete your biometrics and obtain your permanent residence permit, which is valid for 10 years.
• Maintain your residence: To keep your residency status active, visit Cyprus at least once every two years.

How to Obtain Cyprus Citizenship

Cyprus Golden Visa holders who maintain their residency for a period of seven years are eligible for citizenship application, provided they have held their investment and stayed in the Republic for a consistent year prior to their application.

Individuals will have to submit their own application to the relevant Cypriot authorities and prove that they remain in possession of a clean criminal record. Applicants must pass a Level B1 Greek Language examination to obtain the Cyprus Golden Visa.

Spouses and dependents are eligible for citizenship application as well – which can be passed down to future generations.

The Cypriot passport will provide its holders with the right to travel visa-free across 168 countries, and enable them to live, work, and study anywhere in the European Union.

Can Family Members Be Added in a Golden Visa Application?

Family members can apply with the main applicant, including your spouse, children under 18, and children who are dependents up to the age of 25. Note that, following the revisions, effective from 3 May 2023, parents and/or in-laws of the applicant are no longer eligible. You can keep track of your application through the government portal.

How Much Does the Cyprus Golden Visa Cost?

Qualifying individuals who apply for the Cyprus permanent residence program– or the Investor Immigration Permit – under the Cyprus Golden Visa program will have to invest a minimum of €300,000 in the Republic’s economy. This investment sum will have to be placed in appropriate investment options stipulated by the Cypriot government.

Cyprus Golden Visa Application fees

The following fees may apply to you depending on the investment option you choose:

• Application fees: €500 for each applicant over 18.
• Value Added Tax (VAT): The standard VAT rate in Cyprus is 19%. A reduced VAT rate of 5% may apply to the purchase of new residential properties under specific conditions, making the VAT rate as low as 5% for eligible real estate investments for the Cypriot Golden Visa.

Important note: There may be additional costs, including stamp duty (0.15-0.2%), transfer fees (3-8%), legal fees, and other transaction-related costs.

How Can Global Citizen Solutions Help You?

Global Citizen Solutions is a boutique migration consultancy firm with years of experience delivering bespoke residence and citizenship by investment solutions for international families. With offices worldwide and an experienced, hands-on team, we have helped hundreds of clients worldwide acquire citizenship, residence visas, or homes while diversifying their portfolios with robust investments. 

We guide you from start to finish, taking you beyond your citizenship or residency by investment application. 

Frequently Asked Questions About the Cyprus Golden Visa