The stunning beaches, crystal clear waters, and diverse landscapes define the natural beauty of Cyprus, an island country in the eastern Mediterranean Sea. The island has a well-known Nissi beach of white sand and a Golden beach that provides mesmerizing views and attracts a large number of people to the country. Moreover, the country offers a residency by investment program that provides EU residency to non-EU citizens. According to ETIAS, Cyprus has granted over 28,660 golden visas to foreign people since 2014.
From Golden Passport to Residency by Investment
Due to corruption scandals, in 2020, the old golden passport or citizenship by investment program of Cyprus was terminated. Now, global investors and their families benefit from the Cyprus golden visa program, as it provides a streamlined path to permanent residency in Cyprus by making significant economic contributions to the country. Moreover, the best part is that after residing in the country for 8 years, the non-EU citizens can apply for citizenship in Cyprus, which means they can easily access the EU healthcare and education services like the citizens of the country.
Cyprus Golden Visa Cost Explained
Applicants can qualify for a golden visa Cyprus by purchasing residential or commercial real estate, or by purchasing shares of local companies or investing in private investment funds in Cyprus. The investors can choose from the following four options, whichever they find feasible for them:
Residential Real Estate Purchase
Investors by purchasing residential real estate worth a minimum $300,000 can get a golden visa of Cyprus. However, when buying the property, VAT must be paid; its rate varies depending on the type of property that is being purchased. The standard rate is 19% but for residential properties, it can be reduced to 5%.
Commercial Real Estate Purchase
Investors by purchasing one or two business properties, such as offices or hotels, worth a minimum $300,000 can get the golden visa of Cyprus.
Purchasing Local Companies Shares
An investment of $300,000 in a share of a Cyprus company that employs at least 5 people qualifies the investors for Cyprus residency.
Cyprus Private Investment Funds
Investment of $300,000 in private investment funds of Cyprus also makes applicants qualified for its golden visa program.
Eligibility Requirements of Cyprus Residency by Investment
The Golden visa of Cyprus requires that applicants should be adult, i.e, at least 18 years old, have a clean criminal record, and good health. Moreover, they must provide proof of secure annual income, at least 50,000 per year from sources outside Cyprus.
Family Inclusion Rule Under the Cyprus Golden Visa
Applicants can include their family members, including spouse and children under 18 and unmarried dependent children aged 18-25 in the golden visa application. However, an additional amount is required for them i.e, $15,000 for the spouse and $10,000 for the minor children.
Benefits of the Cyprus Residency by Investment Program
Cyprus golden visa holders gain the right to live in a European country.
Investors can benefit from tax regimes for non-domiciled residents.
Have access to EU travel.
Benefit from diverse investment options.
Can live in a beautiful destination with a good quality of life.
Conclusion
The investors who seek entry to Europe for business or work purposes and also want their family members to travel with them can consider investing in the Cyprus golden visa program as a better option.