Updated: August 21, 2024
The Cyprus Golden Visa is a program that allows foreign investors to obtain permanent residence by purchasing assets worth € 300,000 in the country and showing an annual income of € 50,000. After living in the country for eight years, investors can apply for Cyprus citizenship.
The citizenship by investment, the so-called “golden passport programme”, was discontinued in November 2020.
Cyprus is a major 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 requirements for obtaining the Cyprus Golden Visa. You will also read about the benefits you might expect when living in Cyprus.
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Broadly, there are 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).
To obtain the Cyprus Golden Visa in 2024, the applicant must invest at least € 300,000 in the Republic.
This investment can be made in one of three ways:
The applicant must show a secure annual income of € 50,000 from abroad.
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.
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.
There are some verification requirements concerning the investors’ visa.
Every year (annually), you should submit the following:
Every three years, you should submit the following:
The requirement that you annually submit proof of holding the necessary income level has been abolished.
However, you must not:
In either case, you lose the right to permanent residence.
The permanent residence holder must personally visit Cyprus at least once every two years.
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.
Under the new policy, the golden visa no longer covers the parents and parents-in-law of the applicant and their spouse.
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:
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.
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.
Read more about Cypriot citizenship by years of residence.
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)).
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:
Investing falls into two broad categories: real estate and business. In both cases, investing in Cyprus seems to be a good idea.
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.
Read more about Cyprus real estate market trends.
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 criteria mentioned in this Guide apply since 2 May 2023.
Visit our office or get in touch for expert advice and help with the application and the application process. Our team of experienced immigration and property lawyers will tell you about your prospects for success and aid you at every step.
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 get permanent residence under the Cyprus permanent residence by investment scheme. The permit lasts indefinitely, though the permanent residence card has to 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 submit the application form MIP1 and the required documents to the Civil Registry and Migration Department of the Ministry of the Interior personally 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.
You will also include a fee of € 500 for the application and a fee of € 70,00 for each person for the Alien Registration Certificate (ARC) if this does not already exist. The process is accelerated and usually takes two to three months.
George K. Konstantinou
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