By Robin Thornton
Updated: December, 2024
The Cyprus Golden Visa is a program that allows foreign investors to obtain permanent residence in Cyprus by purchasing assets worth € 300,000 and showing an annual income of € 50,000. After living in the country for eight years on a permanent tax residency basis, investors can apply for citizenship.
Cyprus is a significant business and maritime centre in the Eastern Mediterranean. It is also a thriving European Union (EU) member state. In this guide, you will find the information, criteria, process, and other Cyprus golden visa requirements for obtaining the Cyprus Golden Visa. You will also read about the benefits you might expect when living in Cyprus.
Cyprus: The Jewel of the Eastern Mediterranean
Cyprus, the third largest island in the Mediterranean Sea, boasts a rich tapestry of history, culture, and natural beauty. Strategically located at the crossroads of Europe, Asia, and Africa, Cyprus has been influenced by multiple civilizations over the centuries, leading to a unique blend of traditions and modernity.
A Brief History
Cyprus has a storied past that dates back to ancient times. It was once a significant center for commerce and trade due to its favorable position. The island has experienced various rulers, including the Assyrians, Egyptians, Persians, Romans, Byzantines, and Ottomans. Each of these cultures left an indelible mark, contributing to Cyprus’s diverse heritage.
In 1960, Cyprus gained independence from British colonial rule, but the island has faced challenges, particularly regarding intercommunal tensions between Greek and Turkish Cypriots. This culminated in a division of the island in 1974 following a Greek-led coup and subsequent Turkish invasion. The eastern part is known as the Turkish Republic of Northern Cyprus (recognized only by Turkey), while the south is the Republic of Cyprus, a member of the European Union.
Culture and Traditions
Cyprus’s cultural landscape is a mosaic of influences and traditions. The official languages are Greek and Turkish, reflecting the island’s dual heritage. Festivals play a vital role in Cypriot life, with celebrations such as the Limassol Carnival and the traditional wine festival showcasing local customs, music, and dance.
Cypriot cuisine is another highlight, characterized by a combination of Mediterranean and Middle Eastern flavors. Dishes such as halloumi cheese, moussaka, and kleftiko (slow-cooked lamb) are popular, with meals often accompanied by local wines and the famous anise-flavored spirit, ouzo.
Natural Beauty
Cyprus is renowned for its stunning landscapes, which range from sun-soaked beaches to rugged mountains. The coastline features numerous pristine beaches, such as Nissi Beach and Fig Tree Bay, perfect for sunbathing and water sports. The Troodos Mountains, with their picturesque nature trails and charming villages like Omodos and Kakopetria, offer a tranquil escape into nature.
The island’s unique biodiversity includes various endemic plant and animal species. Akamas Peninsula, a protected national park, is an excellent location for hiking and exploring the diverse ecosystems.
Modern Attractions
In addition to its historical sites, Cyprus offers modern amenities and attractions. The capital city, Nicosia, is a vibrant blend of old and new, featuring the historic walled city alongside modern shops and cafes. The coastal city of Paphos, a UNESCO World Heritage site, is famous for its archaeological treasures, including the House of Dionysus, with its stunning mosaics.
Cyprus is also gaining recognition as a hub for digital nomads, with its favorable climate, welcoming culture, and growing tech scene. The island’s high standard of living, coupled with its rich offerings, makes it an attractive destination for many.
Contents of this article
Key takeaways
Requirements for Cyprus Golden Visa Program
The right to work
The rules about parents and parents-in-law
The rules about children
How to obtain Cyprus citizenship by investment
Timeline and fees
Tax benefits of living in Cyprus
Is investing in Cyprus a good idea?
Key takeaways
The program gives the applicant, their spouse and underage children the right to stay in the Republic permanently.
An individual with a Cyprus Golden visa can apply for citizenship after residing in Cyprus for 8 years within 10 years.
The family members covered, upon conditions, are only the applicant’s spouse and children.
The applicant must meet specific income and personal criteria for permanent residency in Cyprus.
With limited exceptions, the Golden visa does not give the applicant the right to work.
The applicant must verify some of the criteria annually and every three years (details below).
Overview of the Investment Program
The Cyprus Golden Visa program is a unique investment opportunity that allows non-EU nationals to obtain residency and citizenship rights in exchange for a financial contribution to Cyprus. First proposed in 2013 and officially implemented in 2016, the program aims to attract large-scale investments to boost the nation’s economy. Since its inception, over 3,000 successful investors have acquired Cypriot citizenship through this initiative.
The Cyprus Golden Visa program offers a range of benefits that make it highly attractive to foreign investors. One of the most significant advantages is the ability to enjoy visa-free travel to numerous countries, enhancing global mobility. Additionally, the program provides substantial tax benefits, high returns on investments, and a clear pathway to European citizenship. By participating in this program, investors not only gain access to the vibrant Cypriot market but also the broader European Union, making it a strategic choice for those looking to expand their horizons.
Requirements for Cyprus Golden Visa
Broadly, the Cyprus golden visa requirements include criteria for investment, income, and a clear criminal record. The Civil Registry and Migration Department must also confirm or verify some of these criteria annually (every three years for criminal records).
Minimum investment
To obtain the Cyprus Golden Visa in 2024, the applicant must invest at least € 300,000 in property or funds.
This investment can be made in one of three ways:
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New residential property bought from a developer or developing company. Golden Visa real estate investment can be a house, a flat, or two properties. The investment can also be in commercial property like offices, which can be resale. In both cases, the applicant must show that they have paid the amount in full and that the money came from abroad. It is not possible to pay with money from sources inside Cyprus or borrowed from sources inside Cyprus such as a mortgage or loan.
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Shares in a company registered and located in Cyprus, employing personnel of at least five (5) people.
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Units in the Cyprus Investment Funds Association collective investments (AIF, AFLNP, RAIF).
Income requirement
The applicant must show a secure annual income of € 50,000 from abroad or currency equivalent.
If the applicant wishes to bring their spouse, the annual income is increased by € 15,000 (the spouse’s income can count towards this).
The residence permit can also cover underage or dependent children, but the income is increased by € 10,000 for each child.
Personal requirements
The applicant and their spouse must have a clear criminal record from their country of origin or residence and maintain a clear criminal record in Cyprus.
Need to verify
There are some verification requirements concerning the investors’ visa.
Every year (annually), you should submit the following:
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Evidence that you maintain the investment and
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Health insurance certificate for yourself and your family.
Every three years, you should submit the following:
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A clean criminal record for yourself and your family from your country of origin and residence.
The requirement that you annually submit proof of holding the necessary income level has been abolished.
However, you must not:
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Acquire permanent residence abroad, or
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Absent yourself from Cyprus for two years.
In either case, you lose the right to permanent residence.
Visit to Cyprus
The permanent residence holder must personally visit Cyprus at least once every two years to maintain the residency.
The right to work
There is a very limited right to work under the Cyprus golden visa.
The applicant and their spouse can work as directors in the company in which they invested € 300,000.
Moreover, the applicant and their spouse can own shares in companies registered in Cyprus and receive dividend income from them.
Finally, the applicant and their spouse can act as unpaid directors in the companies registered in Cyprus where they own shares.
The rules about parents and parents-in-law
Under the new policy, the golden visa no longer covers the parents and parents-in-law of the applicant and their spouse.
The rules about children
The golden visa has generous rules, allowing the applicant to enjoy family life in Cyprus’s safe and pro-family environment.
The Cyprus Golden Visa scheme covers underage children.
Children between the ages of 18-25 are covered, provided they:
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Are students in a Cyprus tertiary education institution;
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Are unmarried;
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Bring documents to prove student status;
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Apply separately for a student visa;
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The parents satisfy the income requirements.
When the children complete their studies, they can apply for permanent residence, provided their parents show they continue to have an additional annual income of € 10,000 for each child.
This permit will still be valid even if the child marries or stops being financially dependent on the parents. However, the permit will not cover the child’s spouse or child(ren).
Can an investor include an adult, not financially dependent, child, on the golden visa for Cyprus?
Yes. However, in such a case, the investment amount is multiplied by the number of children. For example, one child will increase the required investment to € 600,000.
How to obtain Cyprus citizenship
An individual with a Cyprus Golden visa can apply for citizenship after residing in Cyprus for a total of 8 years within a span of 10 years. In the final year leading up to the application, the individual must remain in Cyprus consistently, though brief departures are permissible.
Timeline and Cyprus golden visa fees
The Minister of the Interior will consider the application. The process is expected to take about two months.
The government fee is € 500 and € 70 for each person mentioned in the application (i.e. spouse or child(ren)).
Tax benefits of living in Cyprus
Permanent residence in Cyprus will give you certain tax benefits.
Cyprus has low personal and company tax rates (12.5 % for companies, among the lowest in Europe).
There is no tax on income from dividends, interest, or other sources. There are exceptions for capital gains.
Also, there is no:
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Inheritance tax
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Gift tax;
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Wealth tax;
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Immovable property tax.
Is investing in Cyprus a good idea?
Investing falls into two broad categories: real estate and business. In both cases, investing in Cyprus seems to be a good idea.
Investment options for the investor immigration permit
The data show that real estate is still a safe investment method. The RICS Cyprus Property Index for the second quarter of 2024 indicates that residential property prices have risen. Apartments have seen the highest year-on-year (YoY) increase at 6,32%, while houses show a 2,89% increase.
The outlook for the economy and investing generally looks good. In a statement made on 30 March 2023, the International Monetary Fund (IMF) notes that the Cyprus economy has proved resilient to the fallout from the war in Ukraine; despite inflation and some deceleration (slowing down), “the medium-term outlook is robust”. The measures employed by the government to counter “war-related pressures” are proving “well-targeted” and do not burden the state’s budget.
Moreover, the US research and educational institution The Heritage Foundation commends the application of the rule of law in Cyprus, especially regarding judicial effectiveness and property rights.
Internally, the BFU (Business Facilitation Unit), with its “One Stop Shop” structure, provides efficient business registration to eligible foreign investors and other easements.
The Cyprus government is implementing the Cyprus Recovery and Resilience Plan (RRP) for 2021-2026; the EU has allocated € 1,2 bln to Cyprus to strengthen the economy, growth and welfare.
The new policy
The criteria mentioned in this Guide apply since 2 May 2023.
Application Process
The application process for the Cyprus Golden Visa program is straightforward and efficient, designed to facilitate a smooth transition for investors. To qualify, applicants must meet the minimum investment threshold of €300,000 in a residential property or €2 million in other types of investments. Applicants must also hold a valid passport, be at least 18 years old, and not pose a threat to public order or national security.
In addition to the investment requirements, applicants must satisfy several personal criteria. These include having a clean police record, not being a threat to public health, and not being a threat to national security. Once the application is submitted, it typically takes between 2 to 5 months for approval, making it one of the fastest citizenship by investment programs in Europe. This efficiency, combined with the program’s clear guidelines, makes the Cyprus Golden Visa an appealing option for those seeking a swift and secure route to European citizenship.
Frequently asked questions
What is a Cyprus golden visa?
The Cyprus golden visa is the permanent residence by investment programme in Cyprus. Under this programme, you and your family can permanently reside in the Republic, provided you meet investment, income, and personal/quality criteria.
What should you invest to obtain a Cyprus golden visa?
To obtain the Cyprus Golden Visa, you must invest at least € 300,000 in the Republic. This investment can be made in one of three ways. First – investment in a new residential property bought from a developer or developing company. It can be a house, a flat, or two properties. The investment can be commercial property like offices, which can be resale. In both cases, you must show that they have paid the amount in full and that the money came from abroad. It is impossible to pay with money from sources inside Cyprus or borrowed from sources inside Cyprus. Second, investment in shares in a company registered and located in Cyprus, employing personnel of at least five (5) people. Third, units in the Cyprus Investment Funds Association collective investments (AIF, AFLNP, RAIF).
Do I get permanent residence in Cyprus with a golden visa?
Yes. You, your spouse, and your dependent children can obtain permanent residence under the Cyprus permanent residence by investment scheme. The permit lasts indefinitely, though the permanent residence card must be renewed every ten years.
Moreover, you will lose the permanent residence permit if you fail to verify some criteria (see Question 5 below).
How much do I need to invest to get a Cyprus golden visa?
The investment amount is € 300,000. Note, however, that there is also an income criterion. You must show an independent annual income of € 50,000, with an additional 15,000 for your spouse and 10,000 for each dependent child.
What are the new rules for the Cyprus golden visa?
The new rules for the Cyprus golden visa have increased the annual income amount, restricted the family members covered by the visa, and introduced verification criteria.
The yearly income amount has increased from € 30,000 annually to € 50,000.
The so-called golden visa no longer covers the applicant’s parents and parents-in-law. It covers the spouse and children only.
Finally, every year (annually), you should submit evidence that you maintain the investment and a health insurance certificate for yourself and your family (in case you are not GESY beneficiaries). Every three years, you should submit a clean criminal record for yourself and your family from your country of origin and residence.
How to apply for a golden visa?
You will personally submit the application form MIP1 and the required documents to the Civil Registry and Migration Department of the Ministry of the Interior or through an authorised representative.
All supporting documents must be officially translated (unless initially in Greek or English) and certified. If you are submitting through a representative, you must include a certified authorisation letter signed by you and specifying the particulars of the representative.
The process is accelerated and usually takes two to three months.
Conclusion
In conclusion, the Cyprus Golden Visa program is an attractive investment opportunity for foreign investors looking to obtain European citizenship and residency rights. With its fast and efficient application process, competitive investment requirements, and range of benefits, the program has become a popular choice for high net worth individuals. Whether you’re looking to visit Cyprus, invest in real estate, or acquire Cypriot citizenship, the Golden Visa program offers a unique and rewarding experience. With its strong economy, high standard of living, and stunning natural beauty, Cyprus is an ideal destination for those looking to invest in a new home or business.