Cyprus Golden Visa program: Full guide

The Cyprus Golden Visa is a great way to get European residency through investment. You must invest at least 300,000 EUR and meet minimum income requirements.¹

In return, you can live in a country with amazing weather, low crime rates and excellent tax benefits. You may even be able to obtain Cyprus citizenship in the future.

✈️ If you're thinking of living in Cyprus, Wise makes it easy to send money there with high-speed, low-cost transfers. It's fast, simple and secure - even when wiring large amounts.

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Table of contents
What is the Cyprus Golden Visa program? Who’s eligible for a Cyprus Golden Visa? Cyprus Golden Visa requirements How much is a Cyprus Golden Visa Buying property abroad? Send money the hassle-free way with Wise Getting a Cyprus Golden Visa: step by step Cyprus Golden Visa program timeline Cyprus Golden Visa renewals Cyprus citizenship by investment Cyprus Golden Visa FAQs

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What is the Cyprus Golden Visa program?

A Golden Visa is a residence permit that you can get by investing money in a country. Many EU countries have Golden Visa programs, but Cyprus stands out. It’s faster and costs less than many other options.

The process is also relatively straightforward: invest in Cyprus and show you have enough regular income coming from abroad. Once approved, you get a residence permit that covers you, your spouse and your children under 25.

You can invest in different ways including residential property, commercial property, local businesses or Cyprus investment funds. But more on that later.

Cyprus Golden Visa quick facts
Minimum investment: 300,000 EUR¹ Processing time: 2 months² Time to citizenship: 5 to 8 years¹²³ Duration: Can be renewed as long as you maintain the investment

Benefits of a Cyprus Golden Visa

A Cyprus Golden Visa opens up exciting opportunities for investors who need European residency.

• Live and study in Cyprus: You can live and study in Cyprus with no restrictions, but you typically can't work in the country. Your income must come from elsewhere

• Visa-free EU travel: Cyprus Golden Visa holders can spend up to 90 days per 180-day period in other Schengen countries⁴

• Quick results: Most people get their Cyprus permanent residency in just 2 months²

• Low investment: You need to invest at least 300,000 EUR, which is less than what many EU countries ask for¹

• No residency requirement: You need to visit Cyprus just once every 2 years to keep your permit¹

• Family benefits: Your spouse and children under 25 can join you. Each family member gets their own residence permit with the same rights as the main applicant

• Tax advantages: There's no tax on inheritances or gifts and you don't have to pay taxes on worldwide income unless you stay for more than 183 days. Cyprus also has double taxation agreements with more than 50 countries⁵

• Path to citizenship: You may be able to obtain Cyprus citizenship after 5 to 8 years¹²³

• No language barrier: Many people in Cyprus speak English, which makes your daily life easier.

As a resident, you and your family members will also be able to open a bank account in Cyprus.

Who’s eligible for a Cyprus Golden Visa?

You can apply for Cyprus permanent residency if you satisfy the following requirements:

• Come from outside the EU/EEA
• Be at least 18 years old
• Have a clean criminal record
• Make the required investment
• Show you have the required minimum income
• Prove you won't work in Cyprus (unless you run your own company)

If you're including your spouse and children on your application, they must have a clean criminal record, too.

Children aged 18-25 must be single when they apply, but they can get married in the future and still keep their Cyprus Golden Visa. But the residency doesn't extend to their own family (spouse or children).

Cyprus Golden Visa requirements

There are two main Cyprus golden visa requirements:

1. Make a qualifying investment
2. Show a guaranteed annual income of at least EUR 50,000¹

Let's break both of these requirements down.

Investment requirements

You must invest at least 300,000 EUR (plus VAT) in Cyprus's economy. There are 4 investment options:¹

1. Buy residential property

Choose up to 2 new homes for a total value of 300,000 EUR plus VAT. These properties can be located anywhere in Cyprus and you can buy from different developers, but they must be first-time sales.

2. Buy commercial property

Purchase up to 2 business properties, such as an office, a shop or a hotel. The total value must be 300,000 EUR plus VAT, but the properties can be new or existing businesses.

3. Invest in a business

Put 300,000 EUR in a physical Cyprus company. To qualify, the company must employ at least 5 people and operate in Cyprus.

4. Choose investment funds

Invest 300,000 EUR in units of the Cyprus Investment Funds Association’s collective investments (AIF, AIFLNP, RAIF).

For real estate investments, keep in mind that the 300,000 EUR threshold excludes VAT.

In Cyprus, the standard VAT is 19%. But for new residential properties, VAT can sometimes be reduced to 5% if certain conditions are satisfied.²

Either way, the VAT makes the required real estate investment higher than 300,000 EUR.

💡 Learn more about buying property abroad as an American in our full guide.

Income requirements

In addition to making the 300,000 EUR investment, you also need to prove you have regular income coming in from outside of Cyprus. The Cypriot government wants to make sure you can support yourself and your family without working on the island.

The income must be stable and guaranteed. It can come from your salary, business profits, pensions or investments abroad. You must make at least 50,000 EUR per year to participate in the investment program.¹

If you're including a spouse or children on your application, your annual income will need to be higher. Here's the breakdown.

Family member	Required annual income²
Main applicant	50,000 EUR
Spouse	+15,000 EUR
Each child	+10,000 EUR

How much is a Cyprus Golden Visa

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Government fees

Cyprus Golden Visa cost includes the investment as well as applicable fees.

The application processing fee to obtain permanent residence in Cyprus is 500 EUR for the main applicant. For dependents, the fee is 70 EUR per person.³

There are no refunds if your application fails.

Property-related fees

If you're applying for a permanent residence permit via a property purchase (residential or commercial), there are certain property-related fees you need to keep in mind.

Fee	Estimated cost²
VAT	Usually 19% (might be 5% for new homes)
Stamp duty	Between 0.15% and 0.2% of property value
Transfer fees	Between 3% and 8% based on property price
Legal fees	Vary by lawyer
Agent fees	Vary by agent (if using one)

These fees make the minimum qualifying property investment higher than just 300,000 EUR.

Additional fees

There are also additional fees associated with getting a Golden Visa in Cyprus that are harder to predict.

For example, you'll likely need to translate and legalize your application documents into Greek or English. Many people also use special Golden Visa agencies to help them successfully apply for Cyprus permanent residence, and they charge their own fees.

You may also lose money in international transfer fees when sending money to Cyprus. Make sure to investigate different financial providers to save up on fees.

Buying property abroad? Send money the hassle-free way with Wise

Now that we covered all the basic costs of a Cyprus Golden Visa, the only question left is: how to send money to pay for your property overseas?

Wise offers you a quick, secure and transparent way of sending money to Cyprus. You get the mid-market exchange rate for your payments and see how much it’s charged for the transfer before sending the money from your bank.

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Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information

Getting a Cyprus Golden Visa: step by step

Here's how the process of getting a Cyprus Golden Visa typically works.

Step 1. Choose your investment option (residential property, commercial real estate, Cypriot company, or investment funds)

Step 2. Make your investment

Step 3. Collect and legalize required documents

Step 4. Submit your application

Step 5. Visit Cyprus in person for biometric data collection

Step 6. Get approval and collect your permit

Here's the list of the required documents you'll need for your application:

• Completed application form
• Valid passport
• Proof of investment and payment
• Bank statements showing income
• Proof of fund sources
• Criminal record check
• Non-employment declaration
• Health insurance certificates
• Marriage certificate (if applicable)
• Children's birth certificates (if applicable)

These documents must be translated into Greek or English by a certified translator. You’ll also need to get them legalized, which you can do at the Cyprus Consulate.

If you're working with a Golden Visa agency, they'll walk you through the process and help you gather all of the necessary paperwork.

Cyprus Golden Visa program timeline

The Cyprus Golden Visa stands out for its quick processing time. On average, it takes successful applicants just 2 months to get approved and receive their Cyprus residence permit.²

But the process will take longer if there are mistakes or incomplete information in your application.

Cyprus Golden Visa renewals

Keeping your Cyprus Golden Visa active is relatively straightforward.

Every year, you'll need to submit proof that you still own your qualifying investment and current health insurance certificates for all family members.³

Every 3 years, you'll have to provide fresh criminal record checks from your home country and any country you've lived in.³

You can live outside of Cyprus, but you must visit at least once every 2 years. You also can't get permanent residence in another country.³

Cyprus citizenship by investment

The Golden Visa can lead to Cyprus citizenship, but the timeline is unclear. Most third-party sources indicate a waiting period of 5 to 8 years of legal residence before you can apply.¹²³

The path to citizenship has its own set of requirements beyond just maintaining your Golden Visa status. You'll need to actually live in Cyprus and pass a citizenship test.

Overall, it's possible if you maintain your residency, but you can't get a Cyprus golden passport purely by investment.

Cyprus Golden Visa FAQs

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How much money do you need to get residency in Cyprus?

Cyprus Golden Visa cost starts at 300,000 EUR for your main investment, plus enough money to show an annual income of at least 50,000 EUR. The real cost often ends up being higher when you include taxes, fees, and other expenses.

For real estate investments, you'll also need to cover the VAT payment, which adds 5 to 19% to the purchase price.²

How long can a US citizen live in Cyprus?

Without a residence permit, US citizens can stay in Cyprus for 90 days in any 180-day period. For longer stays, you need a residence permit like the Golden Visa.⁴

Can a US citizen retire in Cyprus?

Yes, US citizens can retire in Cyprus, but you'll need to have a proper residency status.

The Cyprus Golden Visa works well for retirees who can make the 300,000 EUR investment and show steady retirement income. Your pension, investment returns and other retirement funds must amount to at least 50,000 EUR per year if you're single and 65,000 EUR per year if your spouse is retiring with you.²

Can US citizens own property in Cyprus?

Yes, but you'll need to get a permit to acquire property in Cyprus from the Council of Ministers of Cyprus.⁶ You can purchase any type of real estate, from apartments to villas and commercial buildings.

But only certain property investments qualify for the Cyprus Golden Visa program. You'll need to buy a new residential property or any commercial real estate worth at least 300,000 EUR (excluding VAT).¹ This way, you can get permanent residence in Cyprus. If you don't have residency, then you'll only be able to stay in your property for 90 days in any 180-day period.⁴

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You can get a Cyprus Golden Visa by investing at least 300,000 EUR in residential property, commercial real estate, a local business or Cyprus investment funds.¹

To qualify, you'll also need to show that you have a guaranteed and regular income of at least 50,000 EUR per year (more if you have a spouse or dependent children).²

Overall, Cyprus residency by investment program has quick processing, reasonable requirements and valuable benefits like European Union travel rights and potential path to citizenship.

When you’re ready, use Wise to securely transfer large amounts to Cyprus. Over half of Wise transfers get there in under 20 seconds*, and there are no exchange rate markups.

*Transaction speed claimed depends on individual circumstances and may not be available for all transactions

Sources

1. Henley & Partners - Cyprus
2. Global Citizen Solutions - Cyprus Golden Visa
3. George K. Konstantinou Law Firm - Cyprus Golden Visa
4. US Department of State - Cyprus
5. Immigrant Invest - Cyprus tax benefits for residents and non-tax residents
6. Immigrant Invest - Buying property in Cyprus

Sources checked 10.24.2024