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Guide on the Golden Visa Program in Cyprus

Guide on the Golden Visa Program in Cyprus

Updated on Thursday 13th July 2017

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Guide-on-Golden-Visa-Program-in-CyprusCyprus is one of the largest islands in Europe, the third in size in the Mediterranean Sea and serves as a connection between Asia and the Old Continent. These are just a few of the reasons why foreign investors come to open companies in Cyprus, while foreign citizens move here for other purposes.

A less known fact about Cyprus is that on the background of other countries enforcing stricter rules for immigrants, the Cypriot government has enabled various immigration and residency programs through which foreign citizens can acquire a Cypriot residency and citizenship. One of these programs is the Golden Visa Program.

Our lawyers in Cyprus can offer information on the Aliens and Immigration Regulations.

What is the Cyprus Golden Visa Program?

The Cypriot Golden Visa Scheme was created for non-EU citizen seeking to relocate to the European Union by obtaining a residence permit or by becoming Cypriot citizens. Among the advantages of the Cyprus Golden Visa Program are:

  • -          it has accessible requirements;
  • -          the residence permit is issued in a relatively short time;
  • -          family members are also allowed to join the program;
  • -          there is no need for the applicant to reside in Cyprus;
  • -          the residency is granted for life;
  • -          it can be passed to heirs.

Our Cypriot lawyers can provide you with additional information on the advantages of the Golden Visa Residency Program.

Requirements for obtaining residency in Cyprus through the Golden Visa Program

The main requirement to obtain residency in Cyprus through the Golden Visa Scheme is to purchase real estate in the country. The property must be new and its market value must be 300,000 euros without the VAT. Foreign investors owning a company in another country may also apply for the Cyprus Golden Visa Program and buy a property through the company as long as:

  • -           the business is incorporated under the name of the applicant and his or her spouse, if that is the case;
  • -          the applicant and the spouse are the only shareholders of the company.
     

How to obtain Cypriot citizenship through the Golden Visa Program

As mentioned above, the Cyprus Golden Visa Program is also dedicated to foreigners who want to acquire citizenship. They must fulfill the following criteria in order to become Cypriot citizens through the Golden Visa Scheme:

  • -        by purchasing real estate property worth at least 2 million euros (without VAT) or 2,5 million euros (VAT included);
  • -          to keep the property for at least 3 years from the purchase date;
  • -          the children of the applicant must be aged below 28 in order to be considered dependents.

It is not mandatory for the applicant to live in Cyprus after receiving the citizenship.
 

How to apply for a Cyprus Golden Visa

The documents to be filed with the Immigration Control Board when applying for the Cyprus Golden Visa Scheme are:

  • -          the application form;
  • -          information on the applicant and the other dependents;
  • -          the sale-purchase contract for of the property;
  • -          proof of minimum payment of 200,000 euros of the real estate acquisition price.
     

For full information on the Golden Visa Program, please contact our law firm in Cyprus. You can also rely on the company formation services we offer in Cyprus.

 

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