We present a study of proton and neutron electromagnetic form factors for the recently proposed Goldstone-boson-exchange constituent quark model. Results for charge radii, magnetic moments, and electric as well as magnetic form factors are reported. The calculations are performed in a covariant framework using the point-form approach to relativistic quantum mechanics. All the predictions by the Goldstone-boson-exchange constituent quark model are found in remarkably good agreement with existing experimental data.