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FAQ on the Golden Visa Program in Cyprus

FAQ on the Golden Visa Program in Cyprus

Updated on Thursday 26th October 2017

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faq-on-the-golden-visa-program-in-cyprus.jpgHere are a few of the most frequently asked questions about the Golden Visa Program in Cyprus our lawyers in Cyprus get from our clients.
 

1. What does the Golden Visa Program in Cyprus represent?

 
The Golden Visa Program in Cyprus represents a program put in place by the Cyprus government so that non-EU citizens who want to relocate inside the European Union can obtain a residence permit or the Cypriot citizenship. 
 

2. What are the requirements of the Golden Visa Program?

 
The main requirement for the Golden Visa Program in Cyprus is to buy a property in Cyprus. The real estate has to be new and its market value should be of at least EUR 300,000 without VAT. 
 
Our Cypriot lawyers can assist you in obtaining a visa under this program. Foreign entrepreneurs who own a company in another country can also apply for the Golden Visa Program in Cyprus and acquire a real estate through their company under certain circumstances.
 

3. What are the criteria for obtaining the Cypriot citizenship through the Golden Visa Program?

 
The criteria for obtaining the Cypriot citizenship through the Golden Visa Program are:
 
The investment has to be of at least EUR 2 million;
A clear criminal record;
There are no language requirements, interviews or medical tests for the applicants.
 
 

4. What types of properties can I purchase to obtain the citizenship through this program?

 
It is a frequently asked question we often get on the Golden Visa Program in Cyrpus. In order to obtain the citizenship through the Golden Visa Program, you can acquire residential real estate, commercial property, as well as projects in the tourism industry.
 
Our attorneys in Cyprus note that real estate development projects can be purchased as well, provided that the project value is of at least EUR 2 million.
 

5. For how long do I have to keep the investment in Cyprus?

 
The investment in Cyprus has to be kept for at least three years after the golden visa has been issued. After this period of time, you are free to sell or retain the investment, however, you have to keep your private residence.
 

6. What are the advantages of obtaining the citizenship through this program?

 
The main advantages of obtaining the citizenship through the Cyprus Golden Visa Program are:
 
It offers full family qualification (including children younger than 28);
It is extremely flexible. There is no requirement to reside in the country;
Cyprus is a full member of the EU;
It is a rapid and simple procedure;
You can obtain a second European passport in only six months. Our lawyers in Cyprus can provide further details on this subject.
 

7. Can I sell the property after I bought it?

 
You can sell the property you bought any time you want to. In case you do, though, you have to acquire immediately another residential real estate which has the same or a higher value. 
 
Shortly, you have to keep a private residence worth minimum EUR 500,000 for life after you obtain the citizenship.
 

8. Do I have the right to work in Cyprus after I obtain the citizenship through this program?

 
Yes, after you obtain the Cypriot citizenship, you have the right to work not only in Cyprus, but in another 28 countries of the European Union.
 

9. What taxation regime is imposed under the Golden Visa Program in Cyprus?

 
Cyprus offers a beneficial tax regime for local passport holders, there are no foreign income taxes, there is no inheritance taxation, no withholding tax on the interest gained and it has the lowest tax rates in Europe for residents.
 

10. Why Cyprus?

 
The main reason foreign investors choose Cyprus is because of the low taxes imposed here. Also, 80% of the population speaks English and there are great education facilities which include several UK universities with campuses in Cyprus.
 
For more about the Cypriot Golden Visa Program, or if you need assistance in any legal matter in the country, please contact our law firm in Cyprus.

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