As Greece And Portugal Restrict, Cyprus Emerges As The Top Destination For Golden Visas

• Published date: 01 April 2024
• Subject Matter: Immigration, General Immigration, Work Visas
• Law Firm: S&A
• Author: Mr Charles Savva

In recent developments within the European Union's investment migration landscape, Cyprus emerges as the most attractive destination for individuals seeking golden visa programs that grant permanent residency to the applicant and his/her family, for life. This surge in appeal can be attributed to changes in the Greek and Portuguese golden visa schemes, positioning Cyprus's program at the forefront for investors, especially from Israel, Arab countries, China, and Russia.

The Greek golden visa program, despite its popularity with a robust demand observed in January 2024, is on the brink of substantial change. With the government recently announcing an increase in the investment threshold'to '800,000 for major cities and popular islands, and '400,000 for other areas'the program's accessibility is set to diminish. This adjustment is anticipated amidst a backlog of nearly 30,000 applications, indicating a high demand yet a significant processing delay.

On the other side, Portugal has recently taken a dramatic step by eliminating the real estate purchase option from its golden visa program. This move not only narrows the pathway to Portuguese residency through investment but also reflects a shifting European landscape regarding investment migration.

Amid these shifts, Cyprus stands out with its golden visa program, characterized by its low investment threshold of EUR 300k, plus applicable VAT. This program not only offers an easy and straightforward property investment option but also provides an efficient solution to obtain all the benefits of Schengen visa-free travel'despite Cyprus not being a part of the Schengen Zone. Savva & Associates are at the forefront, offering detailed guidance on this easy solution to interested investors (for more information contact Charles Savva at c.savva@savvacyprus.com).

Cyprus' strategic positioning within the EU investment migration sphere is further underscored by its appeal to specific investor demographics. Israelis, Arabs, Chinese and Russians, particularly, find Cyprus' golden visa program the most viable option. Notably, Russians, facing restrictions under other EU golden visa programs, view Cyprus as the sole European gateway available for investment-driven...