How to get a Cyprus Golden Visa by Property Investment

Cyprus has been a popular destination for foreign investment, particularly in the real estate sector, due to its favorable tax policies and access to the European Union (EU).

However, it's important to note that Cyprus no longer offers the Citizenship by Investment Program as of November 2020, which was previously available to investors who made significant real estate purchases.

Nevertheless, Cyprus still offers Permanent Residency by Investment for those who invest in property in Cyprus.

To qualify for permanent residency in Cyprus, the investor or purchaser must purchase a property valued at €300,000 (plus VAT) or more, and have a minimum of €30,000 annual income derived from abroad (e.g., dividends, pensions, or rental income). The buyer must also demonstrate that they have sufficient funds to support the entire family in Cyprus.

The investment should be in a new residential property (not a resale property), which makes luxury new residential real estate in Cyprus the focus of buyers seeking the Golden Visa in Cyprus. The property should also be purchased for personal use, not for resale. The property can be within a gated community or a luxury resort in Cyprus, as the criteria is that the price of the property must be €300,000 (plus VAT) or more.

The permanent residency application process is relatively fast, taking approximately 2-3 months from submission to approval. There are a few step in the process of applying for Permanent Residency by Investment. Firstly the buyer or investor must select a residential property in Cyprus worth at least €300,000.

Then the buyer in conjunction with the developer and or legal professional must prepare the financial documentation pr paperwork. The buyer must provide evidence of sufficient income and financial standing statement. Once the legal side or prepared, the application can be submitted to the Civil Registry and Migration Department in Cyprus.

The approval process typically takes around 2-3 months, and once approved, the buyer will receive a permanent residency permit.

Cyprus is an EU member, so permanent residency grants you and your family the ability to live, work, and travel within the EU. There’s no need to reside in Cyprus for a specific period each year to maintain residency. However, you must visit Cyprus at least once every two years.

After living in Cyprus for a period of 7 years (with permanent residency), the buyer can apply for Cyprus citizenship through naturalization. This process typically requires meeting language proficiency, integration into the local community, and other criteria set by the government.

Always keep updated on changes to residency or citizenship laws, as these can be modified over time. Consider the long-term economic prospects of Cyprus and its real estate market, as fluctuations can affect your investment.

Even though Cyprus no longer offers citizenship through investment, it does have a well-established Permanent Residency by Investment program, with relatively straightforward criteria for those wishing to relocate to Cyprus through property investment.