Cyprus Golden Visa by Investment of 300,000 EUR
Cyprus is a coastal country with a unique climate that attracts a significant number of tourists from all over the world every year. Cyprus’s geographical location makes it an ideal place for Middle Eastern investors to invest.
Located strategically on the Mediterranean Sea between Europe, the Middle East and Africa, Cyprus has one of the fastest and cheapest Golden Visa programs in the European Union.
Until October 2020, the Cyprus citizenship program through investment was also active. Under Cyprus citizenship by investment Program, investors would benefit from visa-free travel to more than 160 countries, including the EU member states, the UK and Canada, with rights to live, work, study and buy property in the EU. The program is expected to reopen and receive applications this year.
Cyprus is one of the safest countries in the world and has a high quality system of higher education and healthcare. It is important to note that as a resident or citizen of Cyprus, you will not be required to reside in Cyprus, there are no language requirements, and as a taxpayer resident you can enjoy one of the lowest tax rates in the European Union.
Cyprus Golden Visa Program
In 2016, the Cypriot government introduced the Golden Visa Program, which allows non-EU citizens invest in and reside permanently in Cyprus. The program aims at attracting wealthy foreigners to the third most populous Mediterranean island.
If the application for permanent residence is approved, the residency will be granted not only to the applicant, but also to their spouse and children under 18 years of age. Applicant dependent children over the age of 18 may also be eligible for the Golden Visa.
Financial criteria of Cyprus residency program
To apply for permanent residence in Cyprus, applicants must meet all of the financial criteria listed below.
- The applicant must deposit a minimum of € 30,000 in a Cyprus financial institution (a bank) for a minimum of 3 years. The source of this capital must be abroad.
- The applicant must provide proof of having an annual income of at least € 30,000 abroad to the Cypriot immigration authorities.
- If the applicant has dependents (for example, children or a spouse), the minimum annual income increases by € 5,000 for each dependent and by € 8,000 for a dependent parent or parent in law. This income may include salaries, pensions, dividends, rental income and interest on fixed deposits.
- The applicant or the applicant’s spouse must purchase a residential property with a market value of at least 300,000 Euros, excluding VAT, the applicant must provide proof of the source of payment from abroad. The formal purchase agreement must be registered with the Cyprus Land Authority.
Cost of living in Cyprus
To plan for immigration, you need to have a mindset about the cost of living in the destination country. It is good to know that the currency of Cyprus is the Euro. The cost of living for a family of four in Cyprus is around € 3,000 per month, and the cost of living per person alone is estimated at € 1,371.
Due to the high quality of life in Cyprus and the low living costs and reasonable education fees in this country, immigration to Cyprus and obtaining a Cyprus passport has attracted the attention of many investors. If you are interested in investing in this beautiful European country, you can visit the investment opportunities in Cyprus page.
For more detailed information, please contact one of our advisors in the UAE, Denmark or Canada, we will accompany you to make the best investments until you receive second citizenship by investment for yourself and your family members.
If you have any questions, experiences or comments about obtaining residency or gaining a second passport, please share them with us in the comments section.