The essentials you need to know to apply for the Golden Visa of Cyprus

The Republic of Cyprus is situated in a privileged position in the Mediterranean Sea. Being part of the major ancient trade routes, it became a meeting point for diverse cultures.

Currently, it boasts the reputation of being the safest country in the European Union. With a low cost of living, its economic activity revolves mainly around tourism and services.

Thus, while the Cypriot Stock Exchange serves as an investment bridge between EU member countries and the Eurasian Economic Union (EEU), its favorable tax conditions make it a financial hub.

This island nation – the third-largest island in the Mediterranean, after Sicily and Sardinia – has a population of just over 1 million people (2023) concentrated mainly in the capital, Nicosia, and the southern cities of Paphos, Limassol, and Larnaca.

Can I apply for residency by investment in Cyprus?

Certainly. This country’s Golden Visa program is highly attractive. Its main features are:

The investment starts from €300,000, which can be in real estate, businesses, or investment funds.

When applying for the visa, you can include your spouse and children, if they are under 25 years old.

You must demonstrate an international income of €50,000, plus €15,000 for the spouse and €10,000 for each child (under 25 years old).

It does not grant the right to work.

The minimum residency requirement to apply for residency is just 1 day every 2 years. It is renewed every 3 years.

In the 5th year of residency, you can apply for citizenship, however, for this application, you must have fulfilled a minimum stay of at least 6 months per year.

Cyprus is currently in the process of joining the Schengen area, so some restrictions may exist when traveling.

Legal changes reducing processing times

In November 2023, the Cyprus House of Representatives enacted an amendment that reformed the Civil Registry Law. Along with modernizing various aspects related to the naturalization of foreigners, this law officially established that the processing time for naturalization applications should be a maximum of eight months, as reported by the specialized medium IMI Daily.

This makes Cyprus the only European country with a Golden Visa program that has the naturalization application processing time set by law.

Why is this important? In most cases, there is often a significant discrepancy between the time required to apply for naturalization and the time the local government takes to process that application effectively.

As an example: a country may establish that those who have been living there for 5 years can apply for naturalization. But its immigration services, in practice, take years to process the application, and those 5 years turn into 8.

With this legal reform, Cyprus now offers a faster and more efficient process than other European countries such as Portugal, Greece, Spain, or Italy.

If you are interested in exploring Golden Visa options for this beautiful country, schedule a meeting with our team. We are experts in international mobility, and our goal is to help you achieve your projects. We accompany you throughout the process.

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