With its controversial citizenship by investment program effectively terminated, Cyprus has revamped its permanent residence by investment program to take on popular golden visa destinations like Portugal and Greece.
Cyprus Golden Visa: Investment Requirements
To qualify for fast-track permanent residence in Cyprus, the applicant must fulfill one of these investment requirements.
- €300,000 (excluding Value Added Tax) or more in a maximum of two residential real estate units. The property must be purchased directly from the developer.
- €300,000 or more in non-residential real estate. It is not mandatory to buy these properties from the developer.
- €300,000 or more in a company that employs at least five employees. This company must be registered in Cyprus, have a physical presence in the country, and must be based and operating in Cyprus.
- €300,000 in units of a Cyprus Collective Investment Organization (type AIF, AIFLNP, RAIF).
Cyprus has done away with the earlier requirement of creating a pledged deposit in a Cypriot bank for a period of three years. Golden visa applicants must either choose between real estate and equity investments in Cyprus.
The investments must be made from funds brought in from abroad. Applicants are not permitted to borrow from within Cyprus to finance the investment.
This investment covers the applicant, his/her spouse, dependent children, and dependent parents. The inclusion of non-dependent children will be treated as a separate application. The applicant must invest an additional €300,000 per non-dependent children added to the application.
The investments must be made in full before applying for the golden visa. Those buying real estate must invest at least €200,000 prior to the application.
If investments are liquidated, the applicant must invest a similar or higher amount in an eligible investment to maintain status.
Annual Income Requirements
The applicant must have an annual income of €30,000 or higher. If the spouse and/or dependent children are added, then the annual income requirement increases by an additional €5,000 per person.
Further, the requirement increases by €8,000 per person if the parents of the applicant and/or his spouse are added to the application.
Physical Presence in Cyprus
Applicants need not settle in Cyprus. However, they cannot spend a cumulative period of more than two years outside Cyprus through the validity of the visa. The applicant is eligible to apply for citizenship after seven years of permanent residence.
Cyprus Golden Visa and Investment Immigrants
Termination of the Cypriot CIP is negative but the controversial program was plagued by uncertainties. This program does not offer direct citizenship but it does offer an easy route to permanent residence within the EU.
This program is cheaper than Portugal’s golden visa although Greece has a slightly less expensive option.
The option of applying for citizenship after seven years means the route to citizenship remains open to wealthy investors seeking the benefits and advantages of EU citizenship for themselves and their family members.
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