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How to obtain citizenship in Cyprus

In a world where everything is so globalized, people are becoming more accustomed to looking for a second passport that lets them increase their personal security and travel with greater freedom without needing to request visas. Currently, Cyprus’ citizenship by investment program is among the most employed because it offers various advantages for the investor and his family.

Cypriot citizenship has multiple benefits. In the first place, the person can count on the same rights as any European citizen; in addition, this program allows you to include the entire family and there’s no need to renounce your previous citizenship because Cyprus provides for multiple citizenships. With a Cypriot passport, it is possible to travel to more than 157 countries, on all continents, without needing to request a visa. A very attractive element is that the financial regime in Cyprus is extremely easy-going, since there are no taxes set for inheritances and property. With Cypriot citizenship, capital, services and goods can be moved freely throughout the entire European Union.

A second option is to invest in several residential properties. One of these properties must be used as the permanent residence of the investor and have a minimum value of 500,000 euros; meanwhile, the other 1.5 million must be invested in other properties which can be sold after three years.

The investor’s parents can also apply for Cypriot citizenship, once the investor has acquired his own. In order to achieve this, his parents will have to buy a property in the Republic of Cyprus, at a value of no less than 500,000 euros.

An advantage of this citizenship by investment program is that it includes the investor’s immediate family, meaning his spouse and dependent children up to the age of 28.

To apply for this program, it’s essential that the investor presents a clean criminal record, issued by his original residential country. A big advantage of the program is that the investor and his family won’t have to physically reside in Cyprus, neither before nor after the approval of his citizenship. Another element that distinguishes Cyprus’ citizenship by investment program is that, once he has presented all of the documents, approval time is only 3 months.

How is Cypriot citizenship obtained? The citizenship by investment program has various options. One of them is to invest 2 million euros in buying real estate. The investor will have to keep this property for a period of at least three years. Once this period has concluded, the investor has the right to sell his property, but he will have to buy another at a minimum value of 500,000 euros.

The main benefits of granting the Cyprus citizenship include:

  • An express procedure, it takes only 3 months to be approved
  • The investment is as low as €2 million
  • The investor must retain the investment for 3 years after which s/he is free to release it
  • Citizenship granted to spouse of the investor and minor children as well as to the financially dependent adult children up to the age of 28 who are full time students.
  • An investor’s parents are now entitled to apply for Cyprus citizenship provided that they own a permanent residence worth at least €500.000. Alternatively, the investor and parents acquire one residential property with a total value of minimum €1mn.
  • Visa-free travel to over 157 countries worldwide
  • No language proficiency tests
  • Dual- citizenship is allowed and the acquisition of citizenship in Cyprus is not reported to other countries

Financial Criteria

The applicant should have direct investments in Cyprus amounting to a minimum of least three (3) years, in any of the following:

Investment in real estate, land development and infrastructure projects:

The applicant must have made an investment of at least €2mn for the purchase or construction of buildings or for the construction of other land development projects or other infrastructure projects. The investment in real estate must be retained for a minimum of three (3) years, after which point the overall investment in real estate can be reduced to a minimum of €500,00 in residential property (excluding V.A.T. that was paid on initial acquisition).

Investment in financial assets of Cypriot companies or Cypriot organizations:

Purchase, creation or participation in Cyprus businesses and companies based and operating in Cyprus with investment cost of at least €2mn. The invested funds shall be channeled towards the financing of the investment objectives of these companies exclusively in Cyprus, based on a specific investment plan. Such companies or organizations are required to have a physical presence in Cyprus and to employ at least five (5) Cypriot citizens or citizens of the European Union member-states, with significant activity and turnover.

Investment in Alternative Investment Funds (“AIFs”) or financial assets of companies or organizations established in Cyprus and licensed by CySEC

which invest exclusively in Cyprus, in investments that meet the criteria of this Scheme or in areas approved by the Ministry of Finance.

Combination of the aforementioned criteria amounting to €2mn

In the context of this criterion, the applicant may also purchase special Cyprus governmental bonds of a maximum amount of €500.000, which will be issued by the Public Debt Management Office of the Ministry of Finance, on condition that the investor will retain these bonds for a three (3) year period. If the applicant wishes to invest in both real estate and in another option of the criteria above, the overall investment should be at least €2,500.000. In case that the purchase value of the permanent privately owned residence in Cyprus exceed the amount of €500,00 plus V.A.T., part of this additional amount can be used for purposes of supplementing the total amount of the investment made on the basis of the above criteria.

Other Conditions

In addition to the above criteria, the applicant must fulfil the following conditions:

  • Clear Criminal Record from the country of origin or/and the Cyprus Police
  • Confirm that the applicant’s name is not included in the list of sanctioned person in the EU, whose property is ordered to be frozen within the EU
  • Permanent privately-owned residence in Cyprus, the costs of which must exceed the amount of €500.000, excluding VAT, at current prices
  • In case the investor’s parents are included in the application either purchase an additional property of at least €500.000 or the investor and parents acquire one residential property of a total value, minimum, €1mn
  • The applicant must hold a resident permit in Cyprus. Filing of the citizenship application and residence permit application can take place simultaneously. A simplified procedure of obtaining a residence permit is introduced where an application for residence permit is filed exclusively for the purposes of the citizenship application.
  • Have at least one visit to Cyprus must exceed the amount of in case the investor’s parents are included in the application either purchase an additional property €500.000 or the investor and parents acquire one residential property of a total value, the applicant must be resident before being granted simultaneous citizenship thus the application for both residency and citizenship have at least one visit to Cyprus

Cost:

Legal fees and Due Diligence: 28.000 EUR

Taxes: 7500 EUR

Time of process:

90 days


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