Authorities in Cyprus have issued a total of 28,660 golden visas since the introduction of the scheme in 2014.
The statistics have been provided by Finance Minister Makis Keravnos, Schengen.News reports.
These statistics also show that nationals of the following countries benefited the most from this scheme:
- China – 10,100 beneficiaries
- Russia – 8,478
- Lebanon – 1,822
- Ukraine – 983
- Jordan – 907
- Iran – 699
- Egypt – 586
At the same time, nationals of several other countries also received a large number of permits through Cyprus’ Golden Visa scheme that offers residency in exchange for financial investments, Imi Daily explains.
Based on the statistics from the Ministry of Finance, nationals of Syria received a total of 346 permits through the Residency-by-Investment scheme of Cyprus, nationals of Vietnam 412, while Americans received 277 permits, and Britons received 251 permits.
The statistics include family dependents, while the government processed a total of 14,646 individual requests since 2014.
In order to benefit from the scheme, applicants are required to invest a total of €300,000 in real estate, funds, or shares. Applicants are also required to demonstrate annual post-tax income of at least €50,000.
The scheme restricts qualifying purchases to new properties. It means that international buyers seeking residency do not compete directly against Cypriots purchasing resale homes.
The letter also revealed that Cyprus issued a total of 61,128 residence permits of all types to third-country nationals for a period from 2014 to 2025.
It means that a large number of the residence permits were investment-based.
Cyprus Enhances Start-Up Visa Program to Boost Innovation
Earlier this year, the Council of Ministers approved new changes to the start-up visa scheme to make the program more attractive and effective.
The introduction of these new changes was confirmed by the Deputy Minister for Research, Innovation and Digital Policy, Nicodemos Damianou.
The scheme allows founders and senior executives from non-EU countries to enter, work, and reside in this country.
The revised scheme reinforces our key strategic objectives regarding the strengthening of the country’s innovation and entrepreneurship ecosystem. The Deputy Minister for Research, Innovation and Digital Policy, Nicodemos Damianou
Back then, the Minister said that the program contributed to creating a critical mass of start-ups and talent which would contribute positively to Cyprus’s further economic growth as well as the enrichment of Cyprus’ economic model.
Among the most significant changes to the program was also extending the residence permit from two to three years, while stressing that the renewal periods doubled to two years.