Cyprus Residency by Investment is a program that this year has two types of golden visas that you can choose from, the first visa is a visa that leads to residency, while the second gold visa is more focused on permanent residence.
Conceptually, these two visas can be said to be the same, the difference is only in the amount of investment issued. For the first type of visa, namely a visa whose purpose is to obtain Cypriot residency through investment, applicants are required to purchase or invest in real estate properties with a minimum value of €2 million.
Then for the second type of visa, namely permanent residence, you will only spend an investment of at least €300,000. The Cyprus residency by investment program can be said to be the fastest way to get residency from all countries in Europe.
This can happen because if you become a citizen of Cyprus, then you also automatically become a citizen of the European Union. The process of obtaining this residency can take up to six months.
In the process, the Cyprus Residency by Investment program does not require investors to reside in Cyprus prior to submitting an application. In fact, investors will also not undergo a language proficiency test.
There are several conditions that must be met before you can get residency through investment, namely:
Purchase real estate for a minimum of €2 million (excluding VAT). This purchase is valid for a single property as well as multiple properties with a value of up to €2 million.
Made a €100,000 donation to the Cyprus Government Research and Development Fund, as well as another €100,000 to the Cyprus Land Development Organization. If calculated in total, investors must provide an investment of around €2.2 million.
Have a clear track record or background of a criminal record.
Make money transfers for investments from abroad.
Have a commitment to the chosen investment before applying for the Gold Visa.
Have various documents required to fulfill the application requirements. These documents are like property purchase documents, proof of legal funds, and so on.
You can enjoy the same rights as a citizen of Cyprus, if you have obtained residency from the investment route. Here are some of the benefits:
Investors have access to live, study and work in any country in the European Union
Investors do not need to take an interview or pass a language proficiency test
Before applying for residency, investors are not required to reside in Cyprus first. However, investors must still hold a permit to stay for six months while waiting for the application to be completed
Investors can include parents, both self and spouse, provided that they add an investment of €500,000
Investors can rent out the properties they have purchased
Investors can reduce their investment by €500,000 if it has been going on for five years
Investors can freely make payments through companies or foundations.
To apply for residency, you must visit the Ministry of Home Affairs, provided that your chosen investment has been completed. Here is an outline of the application process:
Come to Cyprus on a regular visa.
After coming to Cyprus, the next step that must be done is to send an application to the Cyprus Ministry of Home Affairs. Later this ministry will work closely with the Ministry of Finance and have a goal to reach a resolution of the application you sent.
After that, you just have to wait, because currently your application is being forwarded for approval by the Council of Ministers.
Next, you will get a permit to stay for 6 months, which you can later use to live in Cyprus or just travel.
If that's the case, you just have to wait for the announcement and later get a Naturalization Certificate. This process can occur when the application is complete.
The final process, you can apply for a Cypriot passport and Identity Card at your local local office.
Note: if a family member joins, then make sure all the application processes are submitted at the same time. Then, before you become a full Cypriot citizen, you must attend a ceremony right before the Registrar of the Cypriot Court after the application is received.
The second type of visa, a visa that requires you to invest in real estate in exchange for permanent residency. Here are some of the requirements:
Investors must buy or invest in real estate properties that are worth at least €300,000.
Investors must make a €30,000 deposit to a Cypriot bank. The money will be kept for three years.
The investor must have proof that he has an annual income of at least €30,000 for himself and €5000 for his spouse and children.
Then if the family members increase, such as including parents, either yourself or a spouse, then investors are required to have an additional at least €8000 in your income.
Here are some of the benefits when applying for Cyprus residency through investment:
You will get a Permanent Residence Permit Card which is valid for life.
You do not need to live in Cyprus just to maintain your residence permit. You can only visit for one day every two years too.
You and your family can visit other countries in the European Union.
You can include the parents of both parties as well as children under the age of 25.
Permanent residency will also result in a Cypriot passport, provided that after seven years of uninterrupted residence.
There are several stages to taking care of a Cyprus residency on an investment basis. You must have an entry visa before visiting any country, including Cyprus. For this visa, you have to apply to the Cyprus immigration authorities. Here's the outline:
Enter Cyprus on a regular visa previously applied for at the Cyprus Embassy in the country of origin.
Complete the investment and submit the application for permanent residency to the Department of Civil Registry and Migration (CRMD) Ensure all documents are prepared. In this process, you are allowed to apply yourself or use a trusted legal representative.
Your application will then be sent to the Cyprus Ministry of Home Affairs, with a processing time of approximately two months.
If it is approved and ends positive, then you will get a letter of approval. So, within one year of this approval, you and your family must go to Cyprus and see the Department of Civil Registry and Migration to provide biometric information and receive your Permanent Residence Card.
Note: unlike before, in this type of visa, you and your family do not have permission to engage in work in Cyprus. Income for these investors must come from abroad. This is a brief information about Cyprus residency by Investment along with the two types and the differences between each visa.
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