CyprusResidency By Investment

Overview

Cyprus Residency by Investment (RBI), or the ‘Golden Visa’ program, offers foreigners three avenues to obtain residency in this EU country in exchange for investment:

Buying immovable property(ies)
Invest in a Cypriot company
Placing money in Funds

The investment threshold stands at EUR 300,000, excluding VAT and other applicable fees. Investments in commercial properties, such as offices, shops, or hotels, can also qualify. However, the property must be brand new, and the purchase agreement must be signed with the developer. Renting out the property is allowed.

Additional Requirements

Only non-EU nationals can apply for Cyprus ‘Golden Visas’. Main applicants are required to demonstrate an annual income of at least EUR 50,000 from sources outside of Cyprus, increased by EUR 15,000 for a spouse and EUR 10,000 for each minor child. All applicants must have a clean criminal record and be in good health. They also must not be included in any EU sanctioned list.

Investors must also confirm that they do not intend to seek employment in Cyprus, except for key positions within the company in which they choose to invest.

Family Inclusion

Main applicants for the Cyprus ‘Golden Visa’ program can include spouses, minor children up to 18 years old, as well as financially dependent children under 25 years old in the RBI application.

Permanent Residency & Citizenship

Successful applicants for the Cyprus RBI program are granted one-year residence permits. During this period, they must travel to Cyprus to provide biometrics and obtain permanent residence status. The permanent residence ID cards are valid for five (5) years, but to maintain this status, it is necessary to keep the investment and visit Cyprus once every two years.

Cypriot permanent residents become eligible to apply for Cyprus citizenship after five (5) years of legal residence, subject to meeting additional requirements.

Benefits

Fast Processing

Processing time for the Cyprus PR program applications is short and straightforward.

Potential ROI (Return on Investment)

The purchased property can be rented out to generate yields. There is no income tax for non-residents.

Healthcare & Education

Access to premium healthcare and education after getting a residence permit in Cyprus.

High Living Standards

Cyprus is a member of the European Union and its residents enjoy secure environment and high-quality lifestyle.

Tax Optimization

Cypriot permanent residents can be exempted from taxes on income generated outside Cyprus. No inheritance tax and low property tax rates. Corporate tax just 12,5 percent.

Low Residency Requirement

Cypriot golden visa holders are required to visit Cyprus just once every two (2) years to maintain their residency status.

Investment Options

There are three investment options available in the Cyprus Residency by Investment program, each with a mandatory holding period of five (5) years:

Investment in a real estate

EUR 300,000 (plus VAT of 19 percent)

The property must be brand new and can be either residential or commercial, including offices, shops, or hotels.

Investment in the share capital of a Cypriot company

EUR 300,000

Investors are required to physically reside in Cyprus and actively participate in the company’s day-to-day activities. The enterprise must create at least 5 new jobs.

Placing money in funds

EUR 300,000

Investments in compartments of Cypriots UCITS (the Undertakings for the Collective Investment in Transferable Securities), such as AIF, RAIF or AIFLNP. AIF – Alternative Investment Fund AIFLNP – Alternative Investment Fund with Limited Number of Persons RAIF – Registered Alternative Investment Fund

Other Applicable Fees

Legal services	at least one (1) percent of the transaction amount, increased by one (1) more percent and EUR 500 per added family member in the application.
Due Diligence	EUR 25,000+
Application submission	EUR 500 per person in the application
Registration	EUR 70 per person in the application
Medical Insurance	EUR 170-380 per person in the application
ID card of permanent residency	EUR 70

Application Process

Step 1 : Internal Due Diligence and Qualification Assessment

Bayat Legal Services’ compliance team will conduct an internal due diligence check, which entails a background security screening of the applicant, Preparation of KYC (Know Your Client) and a qualification assessment.

Step 2 : Study the Application and Agreement Signing

Bayat Legal Services will meticulously analyze the client's application. Once this is done, the client will proceed to sign a retainer agreement with the firm. Subsequently, Bayat Group will curate a customized list of necessary documents – recognizing that each client's situation is unique – to facilitate the application preparation process.

Step 3 : Application Submission

The application for the Cyprus Golden Visa, along with all the necessary documentation, will be submitted to the pertinent Cypriot authorities.

Step 4 : Investment Options, and Opening Bank Account

Applicants will choose their preferred investment option and open a bank account in Cyprus to streamline future financial transactions related to the application.

Step 5 : Residence Permit Issuance

The processing time for the Cypriot Golden Visa applications can vary, but generally lasts 2-3 months. once approved, applicants will receive residence permits allowing them and their family members to enter and live in Cyprus. It's important to monitor the residence permit's expiration date and renew it promptly every five years.