How to Get Cyprus Golden Visa In 2024

The Cyprus Golden Visa Programme in Cyprus is a Permanent Residence programme designed to attract non-EU entrepreneurs who want a secure long-term residency and a five-year citizenship path.

Cyprus is ideal as both Plan B and Plan A because it has splendid sceneries, stunning beaches, cheap cost of living, high standard of living.

What makes this Cyprus Golden Visa different from the other three Investment-for-Residency Programs in Europe is that the holder gets his/her permanent residence (PR) privileges directly upon being granted with it.

Cyprus has one of the best tax systems in Europe. This country does not have inheritance taxes and its property and income tax rates are relatively low. Non-resident investors are exempted from paying taxes on foreign revenues. It also has the lowest corporate tax rate within EU countries.

We will take a look at how relocating into another continent and country like Cyprus through purchasing resident permit can help you to travel around the world more easily.

Why Cyprus Is a Good Place to Live

This is due to its fantastic beaches and tropical Mediterranean climate that non-EU nationals consider as the ideal place to reside. Here are some reasons why one should choose Cyprus as a relocation destination:

1. If all necessary requirements are met, the application process will have a high acceptance rate and efficiency. In order to retain their citizenship, residents must spend two years in every five-year period on the island.
2. Dependents can attend highly reputable private schools which offer instruction in English.
3. The main applicant’s spouse and children aged under 25 are also entitled to stay there.
4. With the exception of biometric capture, this entire process can be organized outside of the country.
5. After living for five years in Cyprus, successful applicants may apply for naturalization.

Cyprus Golden Visa Requirements

Importantly, you must have the following qualifications if you want to be a resident:

1. If you want to buy from two different contractors, then it is essential that at least two newly constructed residential properties with a total market value of EUR 300,000 + VAT are purchased.
2. You can buy up to two non-residential properties (offices, shops, hotels and other property) for no less than EUR 300 000 + VAT in their total market value.
3. Buy shares worth EUR 300,000 in a company which employs at least five people and has its operations registered in Cyprus.
4. Put EUR 300,000 into units of collective investments of Cyprus Investment Funds Association (AIF, AIFLNP, RAIF).
5. Provide confirmation of your regular foreign income not less than EUR 50 thousand per annum for every year (extra: each dependent spouse requires another EUR 15 thousand and each underage child needs ten more thousand).

Also candidates are required to meet the conditions below:

1. Present clean criminal records every three years from their home countries and place of origin (also applies to all adult dependents).
2. Give an official statement confirming that one is unemployed (This does not concern applicants who are company’s directors whose business they invested into).

How the Cyprus Golden Visa works

The official name for Golden Visa Cyprus is the Scheme for Naturalisation of Investors. Another name for it is the Permanent Residency of Cyprus.

A golden visa is an unrestricted, free right to live indefinitely in Cyprus for non-EU nationals.

A golden visa may also be issued to a spouse and other dependents of a primary applicant.

The permit is not limited in time, meaning that the resident will be relieved from the obligation to renew their golden visa annually.

However, the visa program intended to boost the country’s economy through the inflow of other large-scale investments after the financial crisis of 2013. The Cyprus government entrenched the golden visa scheme and rule 6.2 to make conditions more alluring to the foreign investors who would have to be given permanent residency in exchange for investment in Cyprus and further conditions.

Since its establishment in 2013, with its launch in 2016, more than 3,000 investors have been given citizenship in the years that have intervened. Most investors come from China, Belarus, UAE, Ukraine, Russia, Norway, and Lebanon.

The privileges and incentives of citizenship from Cyprus create a kaleidoscope of opportunities for international investors. This allows them to relapse, thus making the golden visa one of the best 20 programs for investment worldwide. The Republic of Cyprus is advanced and has the finest infrastructures in health and education, high living standards, flourishing educational institutions, and a variety of other advantages, such as measures that are friendly on tax and investors.

Minimum Annual Income Requirements

1. The investor must have an annual foreign income of more than €50,000.
2. This could be in total income as well if the applicant happens to be married.
3. Every included dependent child needs to provide an extra €10,000.
4. Dependent spouse costs for another €15,000.
5. Examples of this kind of income include rents, dividends, pensions, fixed deposits, salaries, and pension funds.

What The Golden Visa Contains

1. The golden visa also avails the dependents to spouses and those under eighteen.
2. Indeed, applicants who would fall under the ages of 18 to 25 years of age could apply as long as this class the following:; If the course being studied is abroad, then not less than six months of the course should remain at the time of making an application.
3. There would be the need to add €10,000 per dependent annually.
4. Children above 25 years who do not meet the above criteria shall be admitted without question. However, the case denies the fact regarding potential spouses and children as dependents.
5. That means if they want to register for any long-term course, they need to apply for a temporary residence visa as a learner in Cyprus.
6. College graduates will be able to apply for permanent residency at any age. This will also include older children with more expensive investments.
7. In cases of a higher quantum of investment, immigration permits may also be valid for the adult, non-dependent children of the applicant.
8. Immigration permission is granted by multiplying the market value investment of €300,000 by the adult children. Parents and parents-in-law: Deletion as eligible dependents with the investor starting May 2, 2023.

Note: Evidence must be submitted indicating that the annual income for each independent adult child is a minimum of €50, 000. Each dependent minor child and spouse has to be given a part of this amount, which is €10,000 and €15,000, respectively.

Conditions and Restrictions of the Golden Visa program

1. A golden visa holder must visit Cyprus at least once every two years. Otherwise, the visa will be cancelled.
2. No European Union country, other than Cyprus, has a right to entry for holders of these visas since the golden visa is valid and issued for Cyprus.
3. This allows them to travel, reside, and work freely in the European Union, but only by the golden visa and Cypriot passport.
4. In meeting the requirements, of course, it is up to the applicants to declare that, except for a directorship offered as an added benefit with the investment, they will not work in Cyprus.

Cyprus Golden Visa Cost

Applicants shall first make the financial outlay in the economy and be rewarded with the ‘permanent golden visa.’ All investments should amount to not less than €300,000 combined for the Cyprus Golden Visa.

This money then has to be invested in such a fashion that applies the correct strategies according to the government of Cyprus. The costs of processing by the government are not part of what is invested.

Admin Fees Below are the administration fees for Cyprus:.

The Candidate

1. There will be a €500 immigration fee inclusive of dependents.
2. The cost of the registration of each person is 70 euros. All the same, the overseas spouse and the minor children are exempted from paying the fees for immigration submission.

For Adults with Children Application

1. For Adults with Children Application fee for immigration: €500 per applicant. This includes a €70 registration fee per person.

What is the General Type of Residence Permit Available in Cyprus?

Anyone who wishes and is willing to transit through the Cyprus territory must also have a similar visa relevant toward that end. It can be a visa with a 30-day validity or a transit visa through Cyprus. It should be understood that groups that wish to travel to Cyprus must enter the host country, stay for some time, and leave in the same manner as they entered.

Here are the most common travel authorizations that are issued by the Cyprus government:

1. Group Visas
2. Long-stay visas
3. Short-stay visa
4. Transit Visas

1. Group visas

The visa holder can pass through the international transit area at Cypriot points of entry. You may pass through the territory of Cyprus only for up to five days. Then, you shall travel to a third-country destination. Writings shall be submitted, proving that the applicant holds the air ticket towards the subsequent destination. You must also prove that your travel itinerary necessarily requires you to make a layover on the Cypriot territory.

2. Long-stay

This type of visa is given to persons willing to stay in Cyprus for an extended period, going over three months. Other reasons, such as Job, Studies, or Business, could also ease this sort of visit organizing.

3. Short Validity Period

A temporary visa shall be granted to anyone who proves that they do not intend to reside in Cyprus for a duration exceeding three months.

This visa permits you to stay in Cyprus for up to a maximum total of six months in any one year: one visit, or several. With a single-entry visa, you may only stay in Cyprus for up to three months. In the case of having a multiple-entry visa, you may remain for even six months every year.

This just allows you to stay for the period of six months in Cyprus because after that you have to go out before you come back. Each stay is for three months only.

4. For Airport Transportation

With such a transit visa, one can also land at the airport of Cyprus before going to another nation’s line. One remains in Cypriot cities just for a concise while. Under this, only Cypriot international transit area entrance permission allows you to continue with your travel.

Cyprus Visa Application Documents Required

1. All your Cyprus visa application documents have to be in the English language.
2. The passport should be valid for at least three months before the intended departure from Cyprus.
3. Residence document, immigrant visa document for land, passport, or permanent residence card
4. signed and filled out the visa application form
5. one standard passport-sized photograph, to be pasted on the visa application
6. Such as an invitation letter from a host, associate, or business in the Republic of Cyprus, in case the latter is inviting the applicant
7. The Responsibility to Host Form must be completed by the host and notarized.
8. Ticket reservation (Visa to Cyprus applicants are also requested not to buy tickets at this stage)
9. Reservation of a hotel or any other document confirming accommodation
10. Where the applicant is a minor the following additional documents are required: Letter of Consent to a visa being granted to the Minor to Cyprus, signed by a parent or legal guardian
11. Evidence in such relationships could be, for example, custodians’ passports and a birth certificate of the minor applicant, indicating the parents’ names.
12. Death certificates are required if one or both parents are dead. In case the applicant is in the sole custody of one of them, he has to provide a copy of a document attesting to his sole custody. For this guard, it is considered that the bank guarantee should be made in the following form: vesting in the Director, Department of Civil Registry and Migration; the same shall have at least ten years remaining valid.
13. The supporting documents for the visa application shall contain a copy of a bank guarantee sealed by the Department of Civil Registry and Migration and the original of the bank guarantee shall be surrendered to it.
14. Documentary evidence of employment, i.e., tax return or employer-signed employment letter stating employer’s full name, telephone number, complete address, and telephone number; applicant’s job terms; salary; and letter from employer on leave from work. These include, for self-employed applicants, proof of registration and business activity in the country of registration in the form of bank certificates, income tax records, and evidence of the financial standing of the company’s situation.
15. Proven evidence that the applicant has at their disposal sufficient means of subsistence for the period of stay in Cyprus and for the return to their country of residence/citizenship or for the travel to a third country for which they hold a Visa or Residence Permit already issued or applied, such as bank statements and saving records of the last three months.
16. This Evidence of Status could derive from Old Passports, Passport Statements by the Immigration Office, Family Histories, or Books.

Note: The visa holder might be required to submit certain documents upon entry.

Applying for A Cyprus Visa

A foreigner is required in advance to obtaining a visa for Cyprus, shall:

• Complete all sections of the Cyprus visa application form.
• Download the visa application form for Cyprus, fill it out, print out a hard copy, then sign the form.
• Book the appointment for Cyprus visa.
• Meet with the Embassy of Cyprus for an appointment or its nearest representative office in your residence.
• Reschedule the visa appointment at the Cyprus Embassy or Representation Visa Office. Submit the Cyprus Visa application form with all the additional documents.
• Wait for your Cyprus visa application procedure to be concluded; if successful, you will collect it at the Embassy or the Cyprus Representation. Examine the visa to verify that the data in the visa are concordant with the data in your passport and are correct.

Tips For A Visa Interview In Cyprus

1. Know the Visa Needs

Find out specific requirements concerning a visa that you might want to apply for while in Cyprus.

Refer to the website of the Embassy or Consulate of Cyprus in your country for the most up-to-date information.

Please remember that you need to be ready and have all the necessary papers with you, meeting the qualification criteria.

2. Organise Your Papers

Ensure that you will put into order all the papers in a logical and orderly way. This will even help you further and will show that you are an organized person while going on with the interviews. Common documentation includes:

• A genuine passport
• Visa application form completed duly.
• Proofs for Accommodation
• A Travel Itinerary
• Definition: Financial statements
• Prove that you have health insurance.

3. Financial Stability

You should be prepared to show an immigration officer several financial documents that show you are in a position to take care of yourself upon arrival in Cyprus. 8. Be Positive Courtesy and politeness throughout the interview At the end of the interview, face the officer directly, and thank him/her for spending time.

Frequently Asked Questions

1. What is A Golden Visa?

The 2024 Cyprus Golden Visa will be a residency-investment program. This may require a non-European Union citizen to invest in real estate in Cyprus to attain permanent residency. The general minimum any investor has to show is €300,000 in real estate or any other appropriate form of investment. In other words, the visa will embrace residency for the investor and his family.

2. Is There a Process for Applying for Citizenship Regarding a Cyprus Permanent Residence?

Cypriot permanent residence can be obtained with a residency visa. The easiest way for a non-EU person is through a scheme called the Cyprus Golden Visa, granted for investment in property or other forms.

Then, one can apply to become a citizen after having maintained their permanent resident status for a continuous 5-year period and after satisfying other requirements, such as the length of their residency and their language knowledge.

3. How do I Apply for a Cyprus Passport?

Following is the process you need to follow if you want to take up Cyprus citizenship:

• Gain legal residency in Cyprus through employment, investment, or family unification.
• Permanent Residency: Eligibility to apply for permanent residence after five years of continuous residence. Naturalization: Regarding naturalization, the second generation passes citizenship, provided they have resided in the country permanently in the last seven years, of which two years should be under permanent resident status. They should also be of good character and competent in the Greek language.

4. What is the Least Expensive Golden Visa in Europe?

The Portuguese Golden Visa is the cheapest in Europe, with a low investment threshold: 280,000 euros in low-density zones. The low investment threshold is considered one of the desirable characteristics, mainly because of the pathway it offers toward permanent residency and, later on, citizenship.

5. Can I Fill in the Online Application for a Cyprus Visa?

Online visa application to enter Cyprus is provided. Application is submitted online, with the required documentation and appointment scheduling to interview with biometrics at a Cyprus Consulate or Visa Application Centre.

6. How Much Does the Cyprus Visa Cost?

Just note that visa fees in Cyprus vary depending on the type of visa one would wish to apply for: a short-stay tourist or business visa runs typically between 20 and 60 euros, while long-stay visas and residence permits become even more expensive, ranging from 70 up to 140 euros or more, depending on the specific category and duration.

7. What Is Required During Cyprus Visa Application

These are mostly the documents that are required for one to apply for a Cyprus visa:

• Application Form: Duly filled and signed.
• Passport valid for a minimum of six months. (recent passport size photographs to specification).
• Tickets and itinerary to prove travel arrangements.
• Proof of accommodation: hotel reservation or an invitation letter from a relative/friend residing in Cyprus.
• Financial proof, such as a bank statement or proof of employment, is necessary to determine if enough funds are available.
• Travel insurance for the entire length of the intended stay.
• Cyprus visa fees: Pay for the visa fees.

8. How long does a Cyprus visa take to process?

A Cyprus Visa shall typically take around 10-15 working days for processing. But in some particular cases and some particular seasons, it may take longer for a few nationalities. Therefore, it would be prudent to allow enough processing time by making applications well before actual travel dates.

9. What Benefits Can I Expect from Cyprus Citizenship

Therefore, obtaining citizenship in Cyprus has some of the following advantages:

• Right to reside, work, and study in all countries of the European Union.
• Visa-free travel to over 170 countries, and on-demand visas where such are required.
• Business Advantages: Create business-friendly and tax regimes.
• High quality of life: healthcare, educational, and standards of living.

10. The Validity Period of a Cyprus Visa?

The kind of visa one receives determines the validity period of a Cyprus visa. Usually lasting up to 90 days within a 180-day period, short-stay visas (Schengen Type C) Depending on the purpose of stay—such as study, employment, or family reunion—long-stay visas ( Type D) might be valid for several months up to a year.

11. For Cyprus Residents, How Does the Tax System Work?

The favourable tax regime that Cyprus residents enjoy consists in:

• Inheritance tax is not applicable; estate tax is not applicable either.
• With a 12.5% low Corporate Tax, one of the lowest in the EU.
• Progressive rates with many allowances and deductions define personal income tax.
• For those who qualify, non-domiled status exempt from taxes on foreign profits and interest.

Last Words

Under the Cyprus Golden Visa programme, non-EU, non-EEA, and non-Swiss citizens may acquire legal permanent residency in Cyprus by means of economic investment.

With the Cyprus golden visa, often known as Cyprus permanent residency, or Cyprus PR for short, foreign individuals are permitted to start businesses or make real estate investments in Cyprus.

It is sometimes described as limitless dwelling as it offers perpetual residence free from restrictions. It does not expire and is not renewed.

Investors might apply for residence via this residency process under a fast-track route. They have to raise minimum €300,000.

The visa programme also increases the applicant’s chances to seek for European citizenship and a Cyprus passport.

After five to seven years of residency and maintaining their investments and permissio, people may seek for Cyprus citizenship.