September 28, 2022 | By admin | Blog | The easiest way to obtain permanent residency in Cyprus in about three months is through the golden visa program in Cyprus. Applicants must spend at least €300,000 on a business or piece of real estate. The permanent resident card from Cyprus has an infinite length and provides free travel, education, and other privileges across Europe. What is a Cyprus golden visa? The golden visa programme in Cyprus offers investors a path to permanent residency status. Comparing the golden visa programme to other choices like naturalization, family reunion, or marriage, it is the fastest method to get permanent residency in Cyprus. If a candidate satisfies all the conditions of the Cyprus visa programme, they will be granted permanent residency after three months. There was one more way to obtain a Cyprus golden visa before November 1, 2020, which led to a Cypriot passport. Individuals from outside the EU may invest in Cyprus by acquiring real estate valued at least €2 million. It takes at least six months to obtain a passport. Cyprus citizenship by investment, however, was revoked. Cyprus golden visa features: 3 months processing time of obtaining Cyprus permanent residency. €300,000 Minimal investment regardless of the number of family members Investors in the Cyprus Golden Visa programme have four investment options. An investor may expect to receive about 5% per year in rental income from real estate if they choose a real estate investment plan. After 7 years of stay, an investor with a golden visa can apply for citizenship The entire Cyprus Golden Visa application process may be done online. Once the application has been accepted, the investor is the only one who needs to go to Cyprus to provide the biometric information. Applicants may visit Cyprus anytime they choose or relocate there after receiving their residency permit. You must visit the nation at least twice every two years in order to maintain your permanent residency. Cyprus Golden Visa Benefits: Living in the country: Holders of a Cyprus Golden Visa are permitted to reside there without limitation; Cyprus is among the five safest nations in the world. Cyprus is regarded as a desirable location for both business and living due to its pleasant and consistent temperature and advantageous geographic location. Unlimited residency: The Cyprus permanent residency permit does not need to be renewed after it has been granted. When investors need to renew their identification cards every few years, this sort of residence permit is more practical than a temporary residence permit. EU country residence: Since May 1, 2004, Cyprus has been a member of the EU. After obtaining a golden visa, investors who become citizens of Cyprus have the freedom to reside, study, work, or travel in any of the 27 EU nations. The formal application procedure for Cyprus to join the Schengen Area has begun. Holding this change, investors with Cyprus golden visas will soon be able to travel to Schengen countries without a visa. Economic growth: Cyprus has a rapidly expanding economy; during last year, it expanded by 8.4% over the year before. Favorable taxation for business.: Those who are granted a Cyprus golden visa may purchase stock in a local business, establish their own company, or transfer their running enterprises to the jurisdiction of the island. Global income, inheritance, and property are not subject to tax. One of the lowest corporation tax rates in Europe is 12.5%. If a business obtains revenue through dividends, currency rate fluctuations, securities trades, or a foreign branch of a Cypriot business, it is not subject to tax. Opportunity to get citizenship: Investors are eligible to apply for citizenship by naturalization seven years after acquiring their Cyprus golden visa. You must pass an interview as well as a test on the language and history of the nation. The applicant won’t have to give up his original citizenship because Cyprus accepts second citizenship. The holder of a Cypriot passport is eligible for visa-free travel to more than 170 nations, including the Schengen Area nations, the UK, and Canada, as well as unrestricted residence, employment, and education in any EU member state. Cyprus Golden Visa investment options: Buying residential or commercial property for at least €300,000: Housing must be purchased or rented in Cyprus if the applicant intends to engage in business property, shares, or funds. Investors should provide a lease or buy arrangement and may select any residential property. A residential property purchase by an investor must be the initial transaction involving the asset. On the resale market, you may buy additional real estate types such as offices, stores, hotels, and associated items. Investment in a business with a share capital of at least €300,000 is considered to be an investment in a company with a Republic of Cyprus registration. The business must be active there, have a physical presence there, and have at least five employees. Units can be bought via Cypriot investment funds AIF, AIFLNP, and RAIF for a minimum investment of €300,000. A $300,000 minimum investment is required. The investor also covers the associated costs. Investments may only be recovered when they are replaced by new ones. Otherwise, the golden visa for Cyprus will be revoked. Cyprus Golden Visa requirements: The investor is over 18 years old; The annual income of at least €30,000, plus €5,000 per spouse and child and €8000 per parent; No criminal record; Investors must be from a Non-European country nation; Only when applicants purchase shares in a Cypriot firm are they allowed to work in Cyprus. Spouses, children under the age of 18, children under the age of 25 who are not married and financially dependent, children with physical impairments of any age, investors, and the parents of their spouses are all considered dependents. Even after receiving it, the investor’s children retain their right to live in Cyprus permanently, even if they have turned 25 years old, gotten married, finished college, or no longer depend on the primary applicant. Basic Required Documents: Valid passport. Tax return confirming the amount of annual income in the amount of at least €30,000. Proof of investment, such as a share purchase agreement, a real estate ownership document, or a Certificate of Shareholder and Incorporation. Testimony about unemployment in Cyprus. Certificate of no criminal record. Birth certificate. Marriage certificate. Divorce certificate. The application process for Cyprus permanent residence program: Preliminary Due Diligence. Choosing an investment option. Collection of documents. Submitting the necessary paperwork to the Department of Civil Registry and Migration (CRMD).  Since our representative in Cyprus can submit all the documentation, the applicant does not need to travel to the island. For two to four months, the government evaluates the application. Application approval. Obtaining a residence card. In order to submit their biometrics, the investors must go to the island.  Within 40 days, the permanent resident card for Cyprus is granted. Contact FlyingColour Immigration for professional guidance on citizenship/residency programs and which country is best for you. We provide assistance with global residency, citizenship, and investment migration programs. For more information, contact our experts at +971 529933135, send an email at op2@flyingcolour.com, or visit our website at https://flyingcolourimmigration.com/