Acquiring property in Cyprus can indeed be a pathway to securing residency. However, it is important to note that the criteria for property investment have become more stringent in recent years, and there is now a significant minimum income requirement.
Exploring various visa options with a qualified immigration lawyer can help you find the most suitable pathway for your situation.
Contents
- The Cyprus golden visa scheme
- Benefits of the golden visa scheme for permanent residency
- Golden visa scheme for citizenship benefits
- Alternate routes to residency in Cyprus
There are simple ways to strengthen your visa application
The Cyprus golden visa scheme
Cyprus offers a golden visa programme, allowing individuals to gain residency through property investment, similar to other countries targeting expatriates. This scheme is particularly appealing due to its relatively low entry barrier compared to its European counterparts.
By investing in specific categories of property valued at over €300,000, buyers can obtain permanent residency. It is essential you source a new build home from a reputable developer, rather than a resale. The total purchase price must be settled in full before submitting your residency application.
Additionally, you must demonstrate a minimum annual income of €50,000, with an extra €15,000 required for a spouse and €10,000 for each dependent child.
Benefits of the golden visa scheme for permanent residency
- It offers a straightforward and expedited application process.
- Residency is maintained with just one visit required every two years.
- Holders enjoy the freedom of movement throughout the EU.
- Residency is extendable to family members and dependants under the age of 25.
Golden visa scheme for citizenship benefits
If your property investment is valued at €2,000,000 or more, you automatically qualify for full citizenship in Cyprus.
- You become a full EU citizen, enjoying the rights that come with it.
- The citizenship process is swift, often taking only around two months to secure a European passport.
- All children under the age of 28 are also granted citizenship.
Both permanent residency and citizenship obtained through the golden visa programme benefit not only the individual investor but also their family. Spouses and children can enjoy these rights for life.
Alternate routes to residency in Cyprus
In addition to real estate investment, there are other non-property-related routes to obtaining a golden visa in Cyprus. It is advisable to explore these alternatives to determine the most effective path for your situation.
If you are a citizen of a non-EU or EEA country, you will need to apply for a visa to stay beyond the standard 90-day period within any 180 days in Cyprus.
If you want to know more about any stage of the buying process, download our free Cyprus buying guide:
