Cyprus Golden Visa: more than 28,000 approvals since 2014 and program prospects

Since its launch in 2014, the Cyprus Golden Visa program has attracted significant attention from investors around the world. According to official data, since the beginning of the program, 28,660 applications have been approved, including family members of investors. The largest number of applications were received from citizens of China (10,100) and Russia (8,478), which is almost two thirds of all permits issued. A significant number of applications were also approved from citizens of Lebanon (1,822), Ukraine (983), Jordan (907), Iran (699) and Egypt (586). US and UK citizens received 277 and 251 permits, respectively.

Terms of participation in the program

In order to obtain a permanent residence permit in Cyprus through the Golden Visa program, investors must meet the following conditions::

• Real estate investments: Minimum investment of €300,000 in residential or commercial real estate.
• Financial soundness: Proof of stable income to ensure life in Cyprus.
• Purity of reputation: No criminal record and provision of a certificate of non-criminal record.
• Visiting Cyprus: It is necessary to visit the country at least once every two years to maintain the status of a resident.

The program also allows you to include spouses, children under 25, and parents of the main applicant in the application.

Advantages of the program

Cyprus Golden Visa offers a number of advantages for investors:

• Permanent residence permit: It is granted indefinitely, without the need for renewal.
• Path to citizenship: The possibility of applying for citizenship after 8 years of residence.
• Tax benefits: Cyprus offers one of the most attractive tax systems in Europe, including low income tax rates and no inheritance tax.
• Family association: The possibility of including family members in the application.
• Security and quality of life: Cyprus is known for its high level of security and well-developed infrastructure.

Challenges and changes

Despite the success of the program, it has faced criticism and the need for reform. In 2020, the citizenship by investment program was suspended after violations and abuses were identified. In response, the Cypriot authorities have tightened controls and introduced stricter criteria for applicants, including the mandatory provision of a criminal record certificate every three years and the annual submission of data to maintain resident status.

Conclusion

The Cyprus Golden Visa program continues to be an attractive option for investors seeking stability, tax advantages and the opportunity to live in the European Union. However, potential applicants should take into account the stricter requirements and the need for strict compliance with all program conditions.