- August 7, 2020
- Posted by: Editor
- Category: Law
Golden visas in Cyprus are awarded to foreign citizens who are able to make a significant investment in this country, which can take the form of investments in real estate properties or investments in existing or new businesses. Golden visas provide a set of advantages, given the foreigner’s financial effort invested in the Cypriot economy.
At the moment, the Cypriot legislation provides for two types of golden visas: one can provide the right of moving to Cyprus on a permanent basis and it is available for persons willing to purchase a property in this country and the other one can provide very rapid access to Cypriot citizenship, with the mention that the investment required is rather large (of EUR 2 million). Our team of Cyprus immigration lawyers can present the legal requirements associated with the issuance of each type of document and can also assist investors when relocating here.
How can one obtain permanent residency through the Cypriot golden visa?
The Golden Visa program through which foreigners who are citizens of countries outside the European Union (EU) can obtain permanent residency was designed to attract high net worth individuals, able to invest in this country. Thus, wealthy persons interested in moving to Cyprus can benefit from an accelerated program if they are willing to purchase a property here.
In all other cases, the right to permanent residency can be granted after a foreigner has been living in Cyprus for a period of 5 years. Upon their arrival, such persons first have to apply for a temporary residence permit, if they will stay here for a period longer than three months. Under the Golden Visa program, foreigners can avoid this process by meeting the following criteria:
• investing a minimum of EUR 300,000 in a real estate property;
• the minimum value of the deposit for the purchase of the property is of EUR 200,000;
• the applicant can purchase 2 residential properties, with a cumulative value of EUR 300,000, value added tax excluded, as long as they are bought from the same developer;
• the foreigner can also purchase 1 property and 1 shop with a minimum surface of 100 square meters;
• it is also allowed to purchase 1 residential property and 1 office, with a minimum surface of 250 square meters;
• the foreigner must open a bank account in Cyprus, where he or she is required to deposit at least EUR 30,000.
How can one obtain Cypriot citizenship through the golden visa?
The Golden Visa program also allows foreigners to gain access to Cypriot citizenship in a very rapid manner. Those relocating to Cyprus for investment purposes can apply for a permanent residence permit at the same time when they are preparing their papers that are to be analyzed by the Ministry of Interior, this being an exemption granted to this particular immigration procedure. You can find out more on the Web Portal of the Republic of Cyprus. The particularities of the Golden Visa which grants the right to citizenship are mentioned below:
• make a donation of EUR 75,000 to the Government Research and Development Fund;
• be able to invest at least EUR 2 million in real estate, infrastructure projects or alternative investment funds;
• make another donation of EUR 75,000 to the Land Development Organization;
• the investment in the local economy has to be maintained for at least 5 years;
• after 5 years, the value of the investment can be reduced to EUR 500,000;
• if these basic requirements are met, the foreigner can relocate to Cyprus in a period of 6 months.
The Cyprus migration laws stipulate that in the case in which the application will be refused by the local authorities, the foreign applicant can be refunded, but this can apply for specific types of real estate investments. Our team of Cyprus immigration lawyers can present more details on the rules of law available for foreign investments in real estate projects.
Investors applying for this Golden Visa should also consider that the local authorities will not require the applicants to know the local language. They will not have to pass an interview with the local authorities, as it is the case of most of the persons interested in obtaining Cypriot citizenship.
This is the fastest way of moving to Cyprus and obtaining Cypriot citizenship at the same time, and this type of Golden Visa is not met anywhere else in the EU. Another important advantage of this type of program is that the foreigner can bring his or her family in this country – the spouse, children and the applicant’s parents being eligible. For more details on the documents an applicant should submit and information on the entire process, we invite you to address our Cyprus immigration lawyers.