Latest Cyprus Golden Visa Costs - Obtaining Cyprus Permanent Residency
Settling on the island of Cyprus is a dream for many people around the world. With its natural beauty, scenic landscapes, modern infrastructure, and high-quality social life, the Republic of Cyprus has attracted many applicants for the Cyprus Golden Visa. So, what are the costs associated with the Cyprus Golden Visa, and what are the benefits and conditions? Let’s delve deeper into the details in the article below.
Understanding the Cyprus Golden Visa Program
The Cyprus Golden Visa is an investment program that offers permanent residency (Golden Visa) and citizenship (Golden Passport) to non-EU nationals, giving them the opportunity to live and gain citizenship in Cyprus.
The Golden Passport program has been suspended since November 2020.
Due to numerous scandals and frauds associated with the program, Cyprus officially stopped accepting applications for the Golden Passport (Cyprus citizenship) as of November 1, 2020. Instead, foreigners can now only participate in the investment program to obtain a permanent residency card in Cyprus.
Why Participate in the Cyprus Golden Visa Program?
The Golden Visa or permanent residency in Cyprus is highly sought after as it provides the quickest route to becoming an EU citizen for the following reasons:
Enjoy global tax exemption for individuals and businesses, with no inheritance tax.
Allows dual nationality and the entire application process can be completed in Vietnam.
Cyprus has ample opportunities for tourism development, opening investment avenues in hospitality and accommodation services.
No language, education, or experience requirements.
High quality of life in a safe country with the lowest crime rate in Europe.
Freedom to travel, live, and use public utilities for free within the EU.
Low national crime rate, making it one of the safest countries in the world.
Access to education at British-standard institutions and free healthcare services.
After 7 years of residency in Cyprus as a permanent resident, the entire family can apply for Cyprus citizenship, becoming EU citizens.
Cyprus Golden Visa Costs for Foreign Investors
As of May 2023, the permanent residency program in Cyprus has been revised with stricter regulations regarding the costs of the Cyprus Golden Visa. Here are the details:
To obtain a Cyprus Golden Visa, investors must commit a substantial amount of money.
1. Real Estate Investment Costs in Cyprus
Property Purchase: Minimum investment of 300,000 EUR in real estate (excluding VAT).
VAT: VAT on new properties is typically 19%, but a reduced rate of 5% may apply for the first home if certain conditions are met.
2. Administrative Fees
Application Fee: Approximately 500 EUR for the Golden Visa application.
Residence Permit Fee: Approximately 70 EUR per person.
Permanent Residency Certificate Fee: 220 EUR per person.
3. Legal and Representation Fees
Lawyer/Representative Fees: Usually range from 1% to 3% of the total investment amount.
Service Fees: Include advisory services, financial verification, and processing additional documentation.
4. Other Costs
Translation and Notarization Fees: Different types of investments and visa applications require various documents to be translated and notarized in English.
Health Check Fees: Fees for general health check-ups, depending on the healthcare provider.
Insurance Fees: You need to purchase insurance for the duration of your stay in Cyprus to cover health and accident risks.
5. Additional Costs
Annual Income: Applicants must prove an annual income of at least 50,000 EUR, increasing with dependents (15,000 EUR for a spouse and 10,000 EUR for each child).
Financial Commitment: You need to demonstrate sufficient funds and income to support yourself during your stay in Cyprus.
Note: These costs may vary based on actual conditions and regulations set by the national immigration department.
Conditions and Investment Options for the Cyprus Golden Visa
Applicants seeking permanent residency in Cyprus must invest a minimum of 300,000 EUR and meet the following conditions:
Basic Requirements
These are the prerequisites set by the government for investors wishing to participate in the Cyprus Golden Visa program:
The cost of the Cyprus Golden Visa is an investment of 300,000 EUR.
Applicant Requirements:
Must be at least 18 years old and in good health.
Provide a clean criminal record with no prior convictions.
Have valid health insurance covering medical expenses in Cyprus.
Demonstrate an annual income of at least 50,000 EUR, increasing if dependents are included.
Provide proof of relationship with dependents (spouse, children under 25 who are unmarried).
Dependent Requirements
Children under 25 must be financially dependent on the main applicant.
Must provide a clear criminal record with no prior convictions.
Must have valid health insurance during their stay in Cyprus.
Investment Options
Investors must have a minimum capital of 300,000 EUR (excluding taxes) for the following:
Real Estate Investment: Applicants can purchase up to two residential properties, commercial real estate for investment such as offices, shops, hotels, etc.
Equity Investment: You can invest in shares of an operating company in Cyprus with a workforce of at least 5 members.
Funds Investment: You can invest in government bonds with a maturity of 3 years or donate to cultural, educational, or social organizations.
Post Golden Visa Issuance Requirements
After receiving the permanent residency card, applicants must:
Important Notes After Being Granted Permanent Residency in Cyprus
Maintain the Real Estate Investment: Keep the minimum real estate investment of 300,000 EUR throughout the permanent residency period.
Submit Annual Reports: Provide annual tax reports and income proof for yourself and dependents.
Maintain Insurance: Ensure all family members are covered by health insurance.
Update Criminal Records: Keep the criminal records of all residents in Cyprus up to date.
Visit Cyprus: The main applicant must reside in Cyprus at least once every two years to maintain permanent residency status.
Contact Us for the Best Cyprus Golden Visa Services
Given the increasing demand and competition for the Cyprus Golden Visa and other European golden visas, it is crucial to ensure a smooth preparation and investment process. Reach out to us for support.
Our team of professional lawyers and experienced document processing specialists is well-versed in legal procedures, paperwork, and immigration processes. We address all customer issues promptly.
Contact us now for detailed Cyprus Golden Visa cost information.
The application and waiting period for Cyprus investments is lengthy and challenging for first-time applicants. At https://quoctichthuhai.com/, we provide detailed guidance on procedures, minimizing the need for corrections or travel.
Our success rate for golden visas in Cyprus, Malta, Portugal, Spain, and Greece is 99.9%. We rigorously evaluate and screen the strongest applications, giving customers the best chance of quickly obtaining Cyprus permanent residency.
Conclusion
With a Cyprus Golden Visa investment of just over 300,000 EUR, you can secure the golden visa and enjoy numerous benefits. If you are interested in applying for the Cyprus Golden Visa, contact https://quoctichthuhai.com/ for detailed consultation and service pricing!
