- Purchase real estate worth at least €300,000 – either one or two properties; residential and commercial real estate qualify under the program. Residential properties must be new construction from a licensed and approved developer.
- Real estate investment is a cash purchase – mortgages are not permitted.
- The investor is required to have a clean criminal record and must be over 18 years old.
- A foreign-based annual income of at least €50,000. If the Golden Visa application includes family members, an additional €10,000 per child and €15,000 for a spouse is required.
- Spouse’s foreign-based income can also be considered when calculating the total annual income.
- Legal Source of Funds evidence is required.
- Individuals who are on – or have assets on – any sanctions lists are barred from the program.
- Golden Visa holders have 12 months after approval to visit Cyprus and provide biometrics and receive the permanent residence permit card.
- Golden Visa holders are required to visit Cyprus once every two years.
- Golden Visa holders are not eligible to be employed in Cyprus, only own and operate a business and generate income from it.
- In cases where investments are not in a company’s share capital, the applicant and/or spouse may be a shareholder of companies registered in Cyprus, and dividend income should not be considered an obstacle to obtaining permanent residency.
- If the applicant decides to invest in commercial real estate, a business, or units, they must provide information about their place of residence in the Republic (i.e. proof of ownership, sale/purchase agreement, or lease agreement).
Cyprus residency – Considerations
- Real estate purchased must be finalized before applying for the Golden Visa – proof of ownership is required for the application.
- Cyprus Golden Visas are typically only denied for reasons such as: Investor provides false information, has a criminal record or ongoing legal proceedings in any country, or posing a potential threat to national security and the state’s reputation.
- Cyprus is part of the European Union but not yet part of the Schengen Zone. Golden Visa holders are bound to the visa requirements that apply to their country of origin and not their Cypriot residency status.