What you need to know to qualify for the Cyprus Golden Visa

The Republic of Cyprus occupies a privileged position in the Mediterranean Sea. As part of the major trade routes of antiquity, it became a meeting point for diverse cultures.

They currently enjoy a reputation as the safest country in the European Union. With a low cost of living, their economy is primarily based on tourism and services. 

Thus, while the Cypriot Stock Exchange functions as an investment bridge between EU member states and the Eurasian Economic Union (EAEU), 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 through investment in Cyprus?

Absolutely. This country's Golden Visa program is highly attractive. Its main features are:

• The investment starts at €300.000, and can be in real estate, companies or investment funds. 
• When applying for the visa, you can include your spouse and your children, if they are under 25 years old.

• An international salary of €50.000 must be proven, 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 stay requirement to qualify for residency is just 1 day every 2 years. It is renewed every 3 years.
• After 5 years of residence, one can apply for citizenship (nationality); however, for this application, a minimum stay of at least 6 months per year must have been fulfilled.

Cyprus is currently in the process of joining the Schengen Area, so some travel restrictions may apply.

Legal changes that reduce deadlines

In November 2023, the Cypriot House of Representatives passed an amendment reforming the Civil Registration Act. Along with modernizing several aspects of the naturalization process for foreigners, this law officially established a maximum processing time of eight months for naturalization applications , according to the specialized media outlet IMI Daily.

This makes Cyprus the only European country with a Golden Visa program, which has a legally set processing time for naturalization applications.

What is the importance of this? In most cases, there is usually a large discrepancy between the time needed to apply for naturalization and the time the local government takes to actually process that application.

For example, a country might stipulate that those who have lived there for five years are eligible for naturalization. However, in practice, its immigration services take years to process the application, effectively turning those five years into eight. 

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're 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 goals. We'll guide you through the entire process.