IN612 Residence/'Golden Visa' Programmes: Cyprus, Malta and Portugal

The three Mediterranean countries of Cyprus, Malta and Portugal each offer attractive residence and citizenship programmes.  This Article details the different criteria that are applicable and who the different programmes are available to.

Programme

Cyprus

Permanent Residence Permit

Malta Residence and Visa Programme

Portugal

Golden Visa

Any Jurisdictions excluded?

No

Iran

No

Can dependant unmarried children be included?

Yes, up to 4

Yes

Yes

If yes, any age limit?

25 years

No age limit

25 years

Can dependant parents be included?

Yes

Yes

Yes

If yes, any age limit?

No age limit

Over 55 years

No age limit

Can dependant grandparents be included?

No

Yes

Yes

Investment period

For life

5 years

5 years

Will programme result in Permanent Residence?

Yes

Yes

Yes (under conditions)

When does the applicant receive Permanent Residence?

Day 1

After year 5

After year 5

Is a language test required for Permanent Residence?

No

No

Temporary Residency from day 1, Permanent residency after year 5

Programme period

N/A

5 years

5 years

Can the applicant apply for Citizenship once  Permanent Residence has been issued?

Citizenship - yes, after completing 7 years of legal residency

 

 

Citizenship and passport - yes, but will only be granted after additional 15 years (20 years in total)

Yes, (no need to apply for permanent residence, can go from GV to passport application)

Is a language test required for Citizenship?

No language test is required for citizenship

No

Yes (basic) same as for permanent residence. If you have taken the test for permanent residency there is no need to repeat it

Private health care insurance required?

 No

Yes

Yes

Minimum stay requirement

Holders of an Immigration Permit must visit Cyprus once every two years.

None

Average 7 days/year (7 in the first year; 14 days in subsequent period of two years).

Investment Requirements

 

 

 

Property

 

 + Portfolio investment, + ‘One-off Contribution’ please see below.

 

- Purchase a property (min value)

 €300,000+VAT

 €320,000 OR                                             

€500,000 (€280,000 under very specific conditions) OR

- Purchase a property in designated area (min value)

 N/A

 €270,000 OR                                                

€350,000 (if older than 30 years or in designated urban rehabilitation area, price to include refurbishment project)

- Rent a property (annual min value) OR

 N/A

 €12,000 OR                                                   

N/A

- Rent a property in designated area (annual min value)

 N/A

 €10,000                                                  

N/A

Portfolio Investment

 

+ Property investment as detailed above, + ‘One-off Contribution’ as detailed below.                                            

OR property investment as detailed above OR                                              

see below *

 

 

€250,000

€1,000,000 

 

One-off Contribution

 

 + Property investment + Portfolio investment as  detailed above                                                 

 

Main Applicant

 N/A                                                     

€30,000

 N/A

Per dependant child over 18, and/or dependant parents/grand parents

 N/A

 €5,000                                                     

 N/A

Bank Deposit

 

 

 

Amount

 €30,000                                            

 N/A

 N/A

Retention period

 3 years

 N/A

 N/A

Taxation

 

 

 

Tax status

Resident non-Domicile

Resident non-Domicile

Non-Habitual Residence Regime: Certain international income is tax free up to 10 years.

Tax treatment of applicants

 N/A

Remittance basis

If the applicants do not spend more than 183 days in Portugal they will not become tax residents

Tax rate: income remitted

0%

35%

N/A

Tax rate: capital remitted

0%

0%

N/A

Annual minimum tax payment

 N/A

 €5,000                                                    

N/A

Application period

 2 months

 7 - 11 months

3 - 6 months (depending on the particular immigration authority office)

Personal Financial Requirements

 

 

 

Minimum annual income

€30,000 derived from non-Cypriot sources (increased by €5,000 for every additional dependant and €8,000 for every dependant parent or parent-in-law).

€100,000 OR minimum capital, as detailed below.                                              

No minimum but need to demonstrate means of subsistence.

Minimum capital

 

€500,000 OR

Minimum annual income, as detailed above.                                               

 

Other requirements

The immigration permit does not allow the undertaking of any form of employment in Cyprus.

Applicants are not automatically eligible to take up employment in Malta.

Right to work in Portugal.

 

Portugal GV Additional Investment Options:

  • The creation of, at least, 10 jobs; OR
  • Capital transfer of a minimum €350,000 to invest in research activities undertaken by public or private scientific research companies; OR
  • Capital transfer of a minimum €250,000 to invest in artistic output, supporting the arts and/or Portuguese national heritage; OR
  • Capital transfer of a minimum €350,000 into investment units (with maturity at least 5 years forward), in a fund or venture capital fund dedicated to financing companies. At least 60% of the investment must be in commercial companies with head offices in Portugal; OR
  • Capital transfer of a minimum €350,000, to establish a commercial society with a head office in Portugal, plus the creation of five permanent jobs. Or adding the same minimum amount to the share capital of an existing commercial society, with a head office in Portugal, plus the creation and/or maintenance of at least five permanent jobs, for a minimum of three years.

Dixcart have offices in Cyprus, Malta and Portugal and can assist you with further information and comprehensive details regarding the application process: advice.cyprus@dixcart.com, advice.malta@dixcart.com, advice.portugal@dixcart.com

 

Categories: Cyprus, Malta, Portugal, 2019