Cyprus Residency vs. Citizenship: What’s the Difference?

Cyprus is not an excellent destination for calm and unforgettable vacation only. This jurisdiction is also well-known as a global business hub. Among the reasons that make Cyprus so attractive for foreign investors, favorable terms of taxation and a stable banking system are probably the most valuable ones. Aside from these reasons, Cyprus is also very friendly to expats across the globe. A person who is willing to contribute to this state may expect to get a lot from it as well.

There is one example. If in many other countries people have to live and work for years to get the residency permit at least, in Cyprus, they can easily enjoy the option of Cyprus residency by investment and live absolutely legally. This permit gives almost the same set of rights as a Cypriot citizen has, except for the right to vote. In this review, we will dig into details why it is beneficial to invest in Cyprus and become its resident.

Residency by Investment vs Citizenship: a Brief Comparison

We have already touched on the primary difference between citizenship and residency by investment – which is often called the Golden Visa. These are political rights first, attributed exclusively to citizenship. On the other hand, there are many other differences, and we will cover the most important ones:

• Grounds and procedure. The procedure when citizenship in Cyprus is granted to expats is called naturalization. It will take more than 8 years and envisages lots of requirements to follow, including the actual living and having a stable financial income.

In contrast, the Golden Visa can be obtained after investing at least €300,000. This can be real estate acquisition, for instance. The process, in this case, will take around 6-9 months overall, without any too strict requirements to follow.

• Validity. Both citizenship and Golden Visa are given for a lifetime.

• The requirement to stay in Cyprus. There are no residency requirements for citizenship. However, if you choose to become a holder of the Golden Visa, you have to visit the island personally at least once every two years.

• Family cover. Children under 18 years old may also obtain citizenship along with the applicant. On the other hand, the Golden Visa extends the list of relatives to the spouse and children under 25 years old.

• Traveling. The citizenship will give an opportunity of visa-free traveling to more than 160 countries across the globe. The Golden Visa will also cover visa-free traveling to the Schengen-zone countries only.

Aside from these highlighted aspects, there are many other nuances in the procedures, grounds, and, in the end, benefits each option may give it its potential holder. If you need more details about them, contact Astons lawyers.

How to Get the Cyprus Golden Visa?

The Golden Visa is a much more favorable option for many foreigners, given its simplicity and large scope of benefits. Anyone who complies with the below requirements may get it:

• Invest €300,000+ in Cyprus
• Being older than 18 years
• Have legal and steady income (proof is required)
• Have no previous criminal records
• Have no entry bans to other EU countries and are not included in the sanctions lists.

If you need a more detailed assessment and help, keeping the peculiarities of your case in mind, contact Astons lawyers for more detailed advice and comprehensive support.

Benefits of Getting the Golden Visa of Cyprus

If you get permanent residence in Cyprus by investment, you may easily enjoy a bunch of good benefits:

• Calm and comfortable living. This is a very calm and safe country which is confirmed by a low crime rate. It has a stable economy and high EU living standards. The lifestyle on the island is very chilling overall.

• Advantageous terms of doing business. This jurisdiction has elaborated on and implemented a super-beneficial tax system, an exemplary one. The corporate income tax is very low. There are no taxes on dividends and interests. The inheritance tax is not applicable in this jurisdiction at all too.
• Developed infrastructure. Cyprus greatly fosters tech advancements, infrastructure is no exception. Cyprus has really a world-class infrastructure that suits perfectly for doing business.
• Free travel. The jurisdiction we consider belongs to the EU, meaning you can travel across the territory of the Union when you are a holder of the Cyprus Golden Visa.

Invest in Cyprus: Become a Resident of a Dream Island and a World Business Hub

Investing in Cyprus is a winning decision. You can enjoy numerous benefits of doing business and having superior vacations at the same time. When you opt to invest in recreational real estate, this solution can bring you double or even triple benefits.

All of these things you will be able to do without any restrictions for staying on the island. The residency by investment will give you such opportunities easily. Opt for one island only but enjoy many more!