Cyprus Golden Visa: A Comprehensive Guide
Cyprus Golden Visa: An Overview
The Cyprus Golden Visa is a residency by immigration program that enables non-EU nationals to secure Permanent Resident status quickly by investing a minimum of €300,000 in the country.
Holders of the Golden Visa enjoy the freedom to live, study, and reside in Cyprus without restriction.
Following the Cypriot government’s discontinuation of the direct Citizenship-by-Investment scheme in November 2020, the Golden Visa program has become the nation’s primary path for investment immigration.
Investment Requirements:
Based on the most recent amendment to the Permanent Residency Law on May 2, 2023, applicants for the Cyprus Golden Visa must invest at least €300,000 in one of the following categories:
1. New Residential Property:
You must purchase one or up to two new residential properties from different developers, provided the total purchase value (excluding VAT) is no less than €300,000.
This investment option is limited to the purchase of new properties and cannot be used for second-hand real estate.
2. Commercial Real Estate:
You can invest in commercial property, such as offices, shops, or hotels.
For this option, you are permitted to purchase resale (second-hand) properties, provided the total investment remains at least €300,000 (excluding VAT).
Associated Costs:
As you can see, if you apply for the Cyprus Golden Visa via the property option, you must account for various taxes and fees in your budget, in addition to the original property price. Here is a simple list of some unavoidable costs involved when buying real estate in Cyprus:
VAT (Value Added Tax) is the most significant cost, generally set at 19%. However, first-time buyers of a new primary residence may qualify for a reduced VAT rate of 5%.
3. Investment in a Cypriot Company:
You can invest in a company that is legally registered, headquartered, and actively operating in Cyprus. This investment must also lead to the creation of at least five new employment positions for Cypriot citizens.
4. Investment in Collective Investment Funds:
This involves purchasing units in Cypriot Collective Investment Funds (AIF, ALFLNP, or RAIF). The chosen fund must be registered and operational in Cyprus and be regulated by the local securities commission, CYSEC.
Income Requirements:
In addition to the investment criteria, the principal applicant for the Cyprus Golden Visa must demonstrate a stable annual income of no less than €50,000.
If you apply jointly with a spouse, the combined annual income must be no less than €65,000.
For every additional dependent included in the application (beyond the spouse), the required annual income must increase by €10,000.
This income can originate from various legal sources, such as salaries, dividends, rents, or bonuses, but must meet two requirements:
1. Your income must be derived entirely from outside Cyprus.
2. You must provide tax documentation from the income source country to prove the legitimacy of all earnings.
Other Conditions and Employment Restrictions:
All applicants (principal and dependents) must satisfy standard requirements, including having a clean criminal record and being in good health.
Golden Visa holders may run a company in Cyprus and receive returns as shareholders, such as dividends or profits. Crucially, however, they are prohibited from taking up any form of salaried employment within Cyprus. For example, receiving a salary as an executive of a local company would violate the terms of the Golden Visa.
Current Real Estate Market:
Property values in Cyprus have been on a steady upward trajectory over the past two years, bolstered by support from the EU and a consistent influx of foreign investment.
In 2024, Cyprus recorded an overall property price growth rate of 3.4%, the highest in Europe.
This trend continued into the first quarter of 2025, with the average price of apartments increasing by 3.88% and villas rising by 2%.
Cyprus Golden Visa: Application Process
The application process for the Cyprus Golden Visa is generally divided into the following steps:
1. Complete the Investment:
You must first select your investment path, open a bank account in Cyprus, transfer the necessary funds to the country, and complete the investment before submitting the application.
In practice, you do not have to complete the entire investment at this stage, but you must have invested at least €200,000 within Cyprus before applying.
2. Submit the Application:
Once the investment is initiated, you must gather all required documents and submit the application to the Cypriot Civil Registry and Migration Department.
Required documents for this program include:
Applicant Identification Documents: Valid passports for all principal and dependent applicants, the principal applicant’s personal business résumé (CV), and documents proving the relationship between applicants (e.g., marriage certificates, birth certificates).
Clean Criminal Record Certificate for all applicants.
Proof of Income: Unlike many other countries, Cyprus requires you to submit not only your income statements but also tax certificates for all income to ensure its legal source.
Commitment Letter promising not to take up salaried employment in Cyprus.
Investment Proof: Documentation proving the transfer of funds into Cyprus and evidence of the investment status/progress.
Proof of Local Health Insurance Purchase.
Agent Endorsement/Certification.
All documents not in English or Greek must be translated into English or Greek. Furthermore, all documents must be Apostilled (Hague Convention certification) or certified by a Cypriot embassy or consulate.
The official processing time for the entire Cyprus Golden Visa application is theoretically around two months. However, in 2025, the actual processing time is often six months or more.
The visa fee is €500 for the principal applicant (and €70 per dependent). Additionally, the principal applicant must pay a €3,000 background check fee (the total is €3,500 if dependents are included).
3. Visa Issuance and Permanent Residency Card:
If your investment application is approved, you will receive an official confirmation letter. Within one year of receiving this letter, you and your family must travel to Cyprus to provide biometric data (fingerprints) at the Civil Registry and Migration Department and collect your Permanent Residency (PR) Card.
The Cypriot authorities generally prepare your physical PR card within 30 days after your biometric data has been collected. This Cyprus PR card is valid for ten years and is renewable under the original conditions.
Minimum Residence Requirement:
Holders of the Cyprus Golden Visa are not required to physically live in the country. However, you must visit Cyprus at least once every two years to maintain the permanent residency status.
Visa Validity:
The Cyprus Golden Visa is a Permanent Residency (PR) Card. The physical card is valid for ten years and is renewable upon expiry.
To keep the Golden Visa status (if citizenship is not a priority), you must fulfill the following ongoing requirements:
1. Visit Cyprus: Log into the country at least once every two years.
2. Annual Reporting: Submit a report every year confirming that you still maintain the investment and have purchased local health insurance coverage for all principal and dependent applicants.
3. Regular Documentation Update: Submit a report every three years to update the clean criminal records for all principal and dependent applicants.
4. Legal Status: Legally, you must not possess permanent residency status in any other country.
Permanent residents may apply for naturalization (citizenship) after legally residing in the country for seven years, provided they maintain the required investment and meet all other conditions.
Useful Links:
Cyprus Civil Registry and Migration department：http://www.moi.gov.cy/moi/crmd/crmd.nsf/home_en/home_en?openform
Frequently Asked Questions:
Can foreigners purchase property in Cyprus?
Yes, they can. However, before engaging in any real estate transaction, you must first apply for and receive permission from the Council of Ministers of Cyprus.
If you are applying for the Cyprus Golden Visa, your purchase must meet specific criteria: you must acquire a new residential property or any commercial property with a value of at least €300,000.