EUR 4 Billion Raised by the Golden Visa Program in Cyprus in the Last Year
- Written by: Editor
- Posted: 2017-08-05
The Golden Visa Program in Cyprus, which enables citizens of non-EU countries to obtain Cypriot passports and residency permits through investing in real estate and other industries, has raised EUR 4 billion in the last year.
In this article, our lawyers in Cyprus further develop on this subject and explain the different aspects involving this huge gain.
Further details on the Golden Visa Program in Cyprus
Actually, the gains which are derived from the Golden Visa Program in Cyprus represent 25% of the Gross Domestic Product in the country.
According to this program, a foreign citizen has to invest minimum EUR 2 million on property or EUR 2.5 on local government bonds or a company in order to obtain a passport. Our Cypriot lawyers can offer more details on this matter.
There were around 2,000 passports which were granted to foreign citizens originating from non-EU states, according to Harris Georgiades, the Finance Minister in Cyprus.
Approximately half of these passports are probably issued to Russian citizens, according to the estimates made public by PricewaterhouseCoopers.
The increasing interest of Russian citizens in the real estate market in Cyprus is due to the good diplomatic relationship between the two states.
The local government has cut the bureaucracy as well, to ensure the process is simpler for foreign citizens. Our attorneys in Cyprus can assist you in the procedure of acquiring a visa through this special program, if you wish.
The Golden Visa Program in Cyprus compared to Greece
In Greece, a similar Golden Visa Program was introduced since 2014. It offers residence permits for five years to foreign citizens who spend in excess of EUR 250,000 in property purchases.
The program in Greece registered a certain success, however not as great as in Cyprus. According to the latest official reports issued in January of this year, the Greek government has issued 1,573 residence permits for foreign citizens who invested in the local real estate sector. Our lawyers in Cyprus can offer more information on this subject.
In Greece, most of the residence permits issued through the Golden Visa Program were offered to Chinese citizens, followed by Russians and Egyptians, as well as other nationalities.
If you would like to know more about the Cyprus Golden Visa Program, or for any legal matters in this country, please contact our law firm in Cyprus.