For those who are seeking permanent residency in the European Union, Cyprus has a well-established and popular golden visa program. Foreign investors are required to buy up to two, brand new real estate units, which include VAT. Prices begin from 300 000 EUR (330 000 USD). Additionally, the applicant has to deposit at least 30 000 EUR (33 000 USD) in a local bank account for the duration of the residency. The investor is then free to sell the investment property at any time, but the residency status will be lost in this case.
The program is designed for wealthy foreign investors. Thus, applicants must prove that their income from abroad exceeds 30 000 EUR (33 000 USD). The income from the investment may not be regarded as a source of income for the purpose of the application procedure.
The applicant may also receive the residency for their spouse and dependents. In order to add children over the age of 18, additional documents to prove dependency will need to be provided. Where dependants are involved, the investor will need to prove that their annual income covers all additional costs.