Citizenship in Cyprus: real estate

Citizenship in Cyprus

The Citizenship by investment program in Cyprus was developed by Cyprus Developers Alliance together with globally recognized auditor company KPMG and since then has already attracted more than 3 billion EUR of foreign direct investment.

In September 2016, positive changes were introduced to the Citizenship by investment program: minimum investment amount was reduced from 2,5 million EUR to 2 million EUR and a possibility to include parents of the investor was introduced, provided that an additional property is purchased at the minimum amount of 500 000 EUR + VAT.

If you want to know more or apply – contact us now!

Citizenship for investment program based on purchase of real estate

Investors willing to obtain second citizenship and second passport of Cyprus are welcome to apply via Citizenship by Investment program and invest at least 2 million EUR in exchange for becoming a citizen of Cyprus and European Union, which means receiving full benefits, including free movement in Schengen area. Among others, one of the possible options is to invest in a real estate project located in the country. Different types of properties are eligible for Citizenship by investment program: residential property, commercial property, land development or infrastructure projects.

In addition to the core investment, there is a legal requirement of purchasing an additional property for at least 500 000 EUR + VAT, which is then registered as the investor’s residence in the country. This means that the total investment amount is 2,5 million EUR excluding additional fees, except for one option. In case of investing in a residential property, an investor can register this property as his or her residence and, therefore, not spend additional 500 000 EUR + VAT, making this the cheapest option of gaining second citizenship in Cyprus.

If you have any questions regarding the procedure or you are willing to apply – contact our agents now!

Eligibility

In order for an investor to be an eligible candidate of becoming a citizen of Cyprus via Citizenship by Investment program, he or she needs to be:

18 years or older;
with no criminal record (also the investor’s spouse, children and other dependents);
able to show annual income of at least 30 000 EUR from outside of Cyprus (plus 5 000 EUR per dependent);
No health condition, source of funds and language ability are checked.

Requirements

Additionally, the following requirements must be met, in order to successfully apply for Cypriot passport:

In addition to the core investment, regardless of the option chosen, investor is required to purchase a property, which will be declared as his or her residence in the country. The property’s purchase price needs to be at least 500 000 EUR + VAT. However, this requirement can be ignored if the core investment is made in a residential property;
The core investment needs to be kept for three years from the moment of obtaining a second citizenship. In case of residential property, it can be sold in three years, but another property worth 500 000 EUR + VAT needs to be purchased instead;
The property registered as the residence of the investor needs to be held for unlimited time. If the property is sold, another real estate worth 500 000 EUR + VAT needs to be purchased instead;
In order to qualify for Cypriot citizenship, an investor must hold a residence permit; therefore an applicant is expected to apply for a residence permit, which then will be issued at the moment of applying for a citizenship. This is a EU regulation and no actual relocation is required;
One visit is required in order to obtain biometrics and receive the new passport.

State fees and costs

In addition to the core investment, an applicant is obliged to pay following fees:

Application submission fee – 2 000 EUR per applicant older than 18 years and 80 EUR per minor children – paid at the moment of submission of the application to the Ministry of Interior;
Naturalization Certification issuance fee – 5 000 EUR per applicant older than 18 years, free of charge for minor children – paid at the submission of the citizenship approval to the Civil Registry and Migration Department.

Documents required

Applicant will require providing the following documents, as well as other documents, if requested on case-by-case basis:

Birth Certificate copy;
Passport copy;
Certificate of criminal record;
Marriage and/or divorce certificate copy (if applicable);
CV;
Two passport-sized photos.

Time frames

The application process takes up to 6 months, depending on each applicant and the number of family members applying. Generally, the approval is granted within 2 to 3 months and the rest of the period is intended for document preparation. However, case hearing period extensions are possible.

Annual extension

Only one visit every 7 years is required by the Government of Cyprus in order to keep the second citizenship and your second passport. A residential property worth at least 500 000 EUR + VAT needs to be maintained permanently.

Benefits of holding Cypriot second passport

As soon as you acquire Cyprus citizenship you will be granted the following benefits:

Second passport from Cyprus means full European Union passport with all of its rights to live, work, study and have business freely in any of the member states of EU as well as Island, Norway, Switzerland, and Liechtenstein;
Possibility to travel visa-free to 157 countries, including Schengen area;
There are no requirements to reside in Cyprus;
Favourable location for doing business – at the crossroads of Africa, Europe and Asia;
Cyprus allows double citizenship;
Family friendly - family members can be included with no extra cost (except fees);
The right to security under European Union social and legal system;
No donations required – all investments are recoverable after 3 years;
Ability to acquire local driving license and number plate;
Rights to vote at the European election.

If you still have any questions or willing to apply – contact us!

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