Cyprus has published new regulations expanding the scope of golden visa scheme with the criteria of expedited investors permit to third country nationals. The new regulations came into effect on March 27, 2021.
A permanent residence permit issued for investments in real estate, businesses and share capitals. It is not to be confused with citizenship by investment scheme which is closed from Nov 2020
Under previous regulations only residential real estate investments for 300,000 euros were available to investors. But now it is possible to invest in hotels, commercial properties, investment funds and company shares.
The new criteria permits third country nationals to be eligible for golden visa / permanent residence for the following investments
- €300,000 in Residential or commercial properties Hotels, shops, offices
- €300,000 in Share capital of a company with activities in Cyprus.
- €300,000 in Collective investments (AIF, AIFLNP, RAIF)
Besides the above investments, applicant must also meet the rules
- Annual income of at least € 30,000. The annual income increases by € 5,000 for each dependent family member and € 8,000 for each dependent parent (of the same and / or spouse).
- No criminal record
- No work allowed except as director of company
There is a 500 euro application fee to launch the application at the migration directorate.
The citizenship application can be submitted by foreign nationals, who have completed seven years of legal residence in the Republic prior to the date of application. In cases of aliens who are either parents or children of Cypriot citizens the time required is five years rather than seven.
In any case, the applicant must have resided legally and continuously in Cyprus during the twelve months preceding the date of the application.
Cyprus actively pursues for membership in the schengen area. Cyprus is a EU member state with a powerful EU passport.