Cyprus Golden Visa Permanent Residency 2024
In May 2023, the government of Cyprus proposed modifications to its residency program in response to pressure from the European Commission and worries about citizenship and residency being tracked by investment schemes.
Residency by investment visas are still available from the Civil Registry and Migration Department; however, the minimum investment requirements have increased, and certain extended family members who were previously eligible to be included on the application are no longer accepted.
The previous Cypriot golden visa scheme that allowed foreign nationals to apply for Cypriot citizenship was abolished in 2020, citing abuses when investigators found that applicants under investigation for money laundering had attempted to gain EU passports through the programme.
Revised Qualifications for Cyprus Residency through Investment Visa
The recently revised program, which includes multiple changes to commitments, investment values, and regulations, was introduced earlier this year after being temporarily halted. Any foreign individual seeking Cypriot residency or possessing permanent resident status is subject to the following general qualifying requirements:
At least once every two years, make a physical trip to Cyprus.
To make eligible investments, transfer money to Cyprus from a bank account located elsewhere.
Pay €500 in government fees, plus an additional €70 for each dependent.
Possess a certificate of no criminal record.
Send in all required application materials, and allow two months for processing on average.
Obtain consent from the Interior Minister.
Although foreign nationals are not permitted to work in Cyprus, they are permitted to serve as directors in companies that they are starting in order to meet the investment requirements. They can also be shareholders in a company incorporated in Cyprus, but they can only act as directors in that capacity if they are salary-free.
Qualifications for Investments and Evidence of Wealth
*Foreign investors can now achieve the minimum investment value requirement of €300,000 + VAT by choosing one of the following options:
*Acquiring a recently constructed home. For the same price, investors can purchase two smaller homes, and off-plan real estate qualifies.
*Purchasing a single commercial property or a group of related smaller properties, like stores, offices, or hotels.
*Purchasing stock in a Cyprus-based firm requires that it have a minimum of five workers, a physical presence in Cyprus, and a business model.
*Cyprus Collective Investment Organization to purchase fund units.
The majority of applicants choose to fulfill the investment criterion by buying real estate. Nonetheless, the investment choice selected has no bearing on how an application is handled or prioritized.
Applicants for residency by investment must demonstrate that their money is foreign-sourced and that they have a guaranteed annual income of at least €50,000, in addition to investing in the Cypriot economy. When applying abroad with a spouse, foreign nationals must demonstrate an annual income of €65,000 plus an extra €10,000 for each dependent child.
One can obtain qualifying annual income from a variety of sources, including work, pension benefits, dividend income, rental income, and fixed deposit earnings.
Can I Apply for Cypriot Residency If My Family Is Dependent?
The ability to add a parent or parent-in-law to the application was removed, while foreign nationals can still apply for a residence visa for the following family members in addition to the primary applicant:
A partner—possessing a formal marriage license.
Children up to the age of 18.
Children who are single and enrolled in a university between the ages of 18 and 25.
An applicant must make sure they have the proper student visa if they intend to relocate to Cyprus as a permanent resident and bring a child who is old enough to attend college. The youngster might apply for an immigration permit after completing their education.
Cyprus Residency Benefits from Investment
Cyprus offers several advantages to those who apply for the visa system, which is still in high demand despite the increased investment requirement and the tougher limitations regarding family members. The recipients of successful applications are granted full and permanent resident status, enabling them to live anywhere in Cyprus and move freely inside its borders.
They do not have to fulfill any minimum stay criteria in order to receive treatments and services under the Cypriot General Healthcare System; nevertheless, as we have already stated, they must go to the island at least once every two years.
With no inheritance tax, no tax on worldwide dividends, income, or interest earnings, Cyprus has a tax system that is frequently viewed as advantageous, especially for high-net-worth individuals. Nevertheless, it is still important to evaluate your tax situation and potential exposure to UK inheritance tax.
Because of the stunning scenery, high standard of living, and almost ideal Mediterranean climate—which features miles of sandy beaches and an average of 320 days of sunlight annually—many foreigners also want to relocate to or establish a second home in Cyprus.
A permanent resident can petition for citizenship after five years, at which point they will be granted a Cypriot passport that allows them to travel without a visa and live and work anywhere in the European Union and Schengen Zone.
Possible Future Modifications to Cyprus' Residency by Investment Scheme
It is important to remember that the government might change the qualifying conditions, investment requirements, or Cyprus golden visa program in the future.
Although the revised scheme was unveiled in May 2023, residency by investment programs are still up for debate. The European Commission has expressed concerns in the past about the possibility that residence schemes might be used as a cover for tax evasion and other illegal activities.
Applicants must also be aware that, in order to maintain their permanent residency status, they must submit an annual declaration that includes the following:
Proof that they are still holding the eligible investment.
Evidence of continuous yearly revenue, as stated above.
Evidence of current health insurance coverage, if they do not have a national health service registration.
Clear criminal history confirmed by their home nation and, if relevant, place of origin.
The residence permit is good indefinitely, but if any of the requirements are not followed, the Civil Registry and Migration Department has the right to revoke it at any time. This also applies to any family members or dependent spouses whose permits were granted under the same application.
When a child under the age of eighteen receives Cypriot residency through the investment system, they stay there until they are eighteen. At that point, if they meet all the requirements, they have to reapply.
Please get in touch with our local Cyprus Investments Team in Paphos for any information or assistance with your relocation to Cyprus.
Tel : 70000148
Email : Info@cyprusinvestments.cy