Golden visa comparison: Spain vs Cyprus

There are many reasons to move abroad, from environmental conditions to martial law. Therefore, it is worthwhile to have a plan “B” and choose a territory for a possible move. However, it is not always necessary to obtain a second passport as a matter of urgency. Sometimes you need to move for the period of study, work, treatment, long vacation and so on. What to choose – a peninsula in Western Europe or an island in the Mediterranean Sea – is up to you. And we will tell you what are the cardinal differences between the golden visas of Spain and Cyprus, what are the advantages of programs for residents of non-EU and Schengen territories.

Golden visa features
Investment residency schemes, also known as ‘golden visas’, allow people to get permission to live in a country for a while if they have bought a house there, made excellent donations.

Spain Golden visa
“The Golden Document is valid for 365 days. During this time you should request residence by investment in Spain, and soon you will be able to claim more. It is maintained subject to renewal every two years.

It is possible to choose from several offers:

• purchase of residential real estate for a total amount of at least five hundred thousand euros
• the purchase of a share in a Spanish company for an amount not less than 1 million euros
• opening a deposit account in a bank in the amount of one million euros for a period of five years
• and other types of investments

To maintain and extend the “permit” is not necessary to live in the region, which is one of the advantages of this proposal. But if you want to eventually apply for a permanent place, you need to live in the territory for a total of 5 years.

Investment criteria
Depending on the choice of the form of deposit, the conditions also differ. However, there are some requirements common to all participants in the investment process:

• age of majority
• trustworthiness and financial solvency
• no criminal record
• no previous refusals to issue a Schengen permit
• medical insurance

To be sure not to miss anything, it is better to contact a consulting organization and consult.

Benefits and advantages
The main advantages are undoubtedly:

• relatively low cost of renewal
• no pressing need to stay in the territory to renew your documents
• family members and the applicant get access to high quality standards of education and medicine
• the opportunity to legally work for a state-owned enterprise

The pass documents allow wealthy people to virtually “buy” Spain residence by investment – sometimes without even having to live in the state.

Application process
The whole process consists of submitting documentation to the migration authorities. You will need a form, two photos, photocopies, police certificates. As well as proof of solvency and health insurance. Be sure to take care of the cadastral number obtained a few months before the application, if you buy real estate. Along with the documents, take paid receipts confirming the purchase of the property and payment of fees.

Cyprus Golden Visa
The fastest way to get Cyprus Permanent Residence is through an investment program, which ensures that the paperwork is reviewed as soon as possible and that sensitive information about you does not get out.

Investment criteria
There are several investment options: in newly built real estate, resale property, equity in a local company with at least 5 employees.

The basic requirements for an internationalist are:

• prove age (18) and that the person has no criminal record
• prove that he/she earns more than 50 thousand euros during the year
• that he/she is a legal citizen of a third country that is not part of the EU
• not to own real estate in the home country in “frozen” form

One must also prove moral rectitude and pass a comprehensive background check. In the end, it is checked whether the collected documents and certificates on the financial situation correspond to reality.

Benefits and advantages
The main advantages of Cyprus PR can be emphasized:

1. Low crime rate, which makes life comfortable and safe
2. Cultural heritage
3. International education
4. One of the best healthcare systems in Europe
5. Economic growth is attractive to internationalists

According to Immigrant Invest expert Vladlena Baranova, the state is one of the best places to buy real estate on the European continent.

Application process
The processing of the application usually takes no more than 2 months, if all the details of the paperwork according to the legal aspects are observed:

• collect the package of documents for the Migration Department)
• fill in the application form and include all dependents
• submit in person at the registration office or through an authorized representative
• pay the fees equivalent to 500 euros
• wait for approval and pay the remaining amount, i.e. the main contribution you planned to make

In this way, the applicant and each dependent will also receive a certificate of alien registration. That makes you eligible to live in the territory for ten years, work, study, create your own company, travel and so on. After 7 years, you have the full right to apply for Cyprus permanent residence. You can apply if you have lived there for a full year before applying.

Final comparison
These are just some of the main commonalities and differences between the permits of the sunshine states. The issuance of a permit is faster in Cyprus. There is no need to renew or update the papers. It is recommended to get detailed information from official sources or contact immigration specialists before deciding to travel.