Cyprus Golden Visa

The route marketed as the Cyprus golden visa is an Immigration Permit, Cyprus's permanent residence permit, issued on a fast track to non-EU nationals who invest in Cyprus. The criteria in force are the fourth revision, from May 2023 (Migration Department).

• Status: active
• Investment: at least €300,000 in one of four categories
• Income: at least €50,000 a year; EUR 15,000 more for a spouse and EUR 10,000 more for each dependent minor child
• Bank deposit: No longer required; the May 2023 criteria set no deposit
• Fees: €500 per application plus €70 per person
• Decision: about 2 months

Criteria from before May 2023 no longer apply. The Cyprus guide compares this route with Category F, which needs income but no investment.

The applicant must be a non-EU national who invests at least €300,000 in one category (criteria, May 2023):

• A: a new house or apartment bought from a development company, first sale only, plus VAT.
• B: other real estate such as offices, shops or hotels. Resales are allowed.
• C: share capital of a new or existing Cyprus company that operates in Cyprus, has a physical presence there and employs at least five people.
• D: units of a Cyprus collective investment fund (AIF, AIFLNP or RAIF) whose investments are held in Cyprus.

The money must come from abroad, from the applicant's or the spouse's bank account, and not from borrowing in Cyprus. Selling the investment without an immediate replacement of equal or greater value cancels the permit.

Income must be at least €50,000 a year; EUR 15,000 more for a spouse and EUR 10,000 more for each dependent minor child. For category A the income must come from abroad and be proved with a tax return; for B, C and D part of it may come from Cyprus. The spouse's income counts.

Family allowed: Yes. The permit covers the spouse and children under 18 as dependents.

Local work allowed: No, except as a director of the company invested in. The applicant and spouse may hold shares in other Cyprus companies and serve on their boards unpaid.

The criteria list these documents and conditions (Migration Department):

• For property, a title deed or sale contract in the applicant's or spouse's name, filed at the Department of Lands and Surveys, with payment receipts for at least €300,000 excluding VAT, whatever the delivery date.
• Proof that the money came from abroad, such as remittances, foreign card payment receipts or a bank certificate.
• Proof of the income, including a tax return from the country of tax residence for category A.
• Clean criminal record certificates for the applicant and spouse from the country of origin and the country of residence, if different.
• Health insurance covering inpatient and outpatient care for the applicant and dependents.
• For categories B, C and D, proof of a home in Cyprus, such as a title deed, sale contract or rental agreement.

• Application: €500 per application.
• Alien Registration Certificate: €70 for each person included.
• Investment: at least €300,000, plus VAT where it applies to a new home.

Legal, transfer and translation costs vary by transaction and are not set by the Migration Department (Migration Department).

In person at the Migration Department or through an authorized representative, by appointment.

1. Make the investment and collect the payment and source-of-funds evidence.
2. Book an appointment and file the application with the documents, then pay the fees.
3. Wait about 2 months from the filing of a complete application for the decision (Migration Department).
4. Give biometric data and collect the permits for the applicant and dependents.

Validity: Permanent residence of unlimited validity; the residence card expires after 10 years and must be replaced (Migration Department).

Conditions to keep it: Keep the investment (proof every year), keep health insurance if outside GESY and give fresh criminal record certificates every three years; the permit lapses after two years of absence from Cyprus.

Residence: It is itself a permanent residence permit (Immigration Permit).

The investor permit carries no special tax regime, and holding it does not by itself make anyone a Cyprus tax resident.

The Tax Department treats a person as tax resident after more than 183 days in Cyprus in a tax year. Under the 60-day rule, a person present for at least 60 days can also be tax resident if they spend no more than 183 days in any other country, carry on business or hold an office in Cyprus and keep a home there, a test that investors who serve as directors of a Cyprus company may meet (Tax Department).

Special Defence Contribution applies only to tax residents who are also domiciled in Cyprus (Tax Department). Investors should check the day count, domicile and any tax treaty with their home country.