fbpx
Obtain European Citizenship by Investment
EU citizenship by investment in Real Estate In Cyprus
EU citizenship by investment in Real Estate In Cyprus
EU citizenship in Cyprus
ArrowArrow
ArrowArrow
Slider

The Cyprus Investment Program

The Cypriot Government has devised a number of incentives to attract foreign investment into the country. One of these incentives is The Cyprus by Investment program that allows full Cypriot citizenship to applicants that invest more than EUR 2 million in real estate and who meet certain other requirements.

PROGRAM OVERVIEW

The Cyprus Investment programme offers the most simple and efficient means of obtaining Cypriot Citizenship with an approval period of 6 months. Investors and their families can obtain full rights, including the ability to live and work in Cyprus.

Cyprus citizenship offers an effective tool for international tax planning and provides financial privacy for banking and investments. It improves personal security, enables freedom of movement and allows access to the best healthcare and education opportunities.

THE ALLURE OF MULTIPLE CITIZENSHIP

In today’s globalized world, individuals live and contact business on an international scale. The option of a second or even third residence or citizenship and the freedom and safety that come with it are enormously attractive. Countries themselves are also looking for new ways to attract investments and generate growth thus governments have increasingly become focused on the benefits of offering individuals’ residence or citizenship in return for some form of economic investment.

 

Why Cyprus?

 

The Cyprus Investment program is considered one of the most attractive programs available. As a member of the European Union with stable economic and political environment, Cyprus has long been established as a thriving business hub with a vast array of investment opportunities in key growth sectors of the economy. Cyprus’s simple and transparent tax system is one of the most attractive in Europe. Its modern legal system, based on English Common Law, is widely recognized as being effective and business-friendly that ensures transparency and reliability in business practices. Despite being developed into a destination of choice for doing business, Cyprus offers numerous reasons to relocate and live on the island. Its ideal strategic location makes the island a safe haven blessed by the beautiful nature, year-round sunshine, modern advanced infrastructure, a high standard of living and a genuine culture of warmth and hospitality. The low cost of living and the high quality of life is without a doubt two of the Cyprus’ most compelling advantages. Indicatively, the island was ranked as the 5th best relocation destination worldwide.

INVESTMENT/FINANCIAL CRITERIA

Cypriot citizenship can also be granted to the spouse or partner of the investor, to the minor children of the investor, to the parents of the investor and to the financially dependent adult children of the investor as well.

The adult family members of the investor prior to their naturalization as Cypriot citizens must hold a residence permit in Cyprus. If the applicant does not already hold a residence permit, he/she may apply for an immigration permit on the basis of Regulation 6 (2) of the Aliens and Immigration Law, simultaneously with the application for naturalization. In the case where the application for acquiring an immigration permit will be submitted solely for the purposes of acquiring the Cypriot citizenship, in accordance with the provisions of this Programme, there are no other conditions than those stated in the Programme.

If the application for naturalization is rejected for any reason, the immigration permit, obtained in accordance with the provisions of this Decision, will be canceled immediately.

Spouse/ Partner

The investor’s spouse or partner may acquire the Cypriot citizenship after filing the relevant application. In order to facilitate the procedure of the acquisition of the Cypriot citizenship by the investor’s civil partner or spouse, the Council of Ministers decided to allow the submission of the spouse’s or civil partner’s application along with the application of the investor, so that both spouses/civil partners will be able to acquire the Cypriot citizenship simultaneously.

Minor Children

The application for the grant of the Cypriot citizenship to the children of the investor that are under the age of 18 is submitted after the investor had acquired the Cypriot citizenship and provided that the other parent consents to the grant of the citizenship.

 

Adult Children

 

The right to apply for Citizenship is also granted to the financially dependent adult children of the investor after the investor had acquired the Cypriot citizenship. Financially dependent adult children individuals are those belonging to one of the below categories:

(a) students up to the age of 28 that are attending an institution of higher education aiming to obtain a diploma or an undergraduate or a master’s degree (excluding individuals who are studying for the acquisition of a professional qualification (e.g. chartered accountants or barrister).

(b) children with severe physical or mental disability that renders them unable to work.

 

Investor’s Parents

 

The parents of the investor may apply for citizenship after the investor had acquired the Cypriot citizenship. In order for the investor’s parents to be able to apply for citizenship they need to hold a permanent privately-owned residence in the Republic of Cyprus, the purchase price of which must be at least € 500 000, plus V.A.T. It is noted the investor and his/her parents, may collectively acquire a residence, provided that the total value of this home-property is at least €1 000 000, plus V.A.T.

INVESTORS FAMILY MEMBERS

Cypriot citizenship can also be granted to the spouse or partner of the investor, to the minor children of the investor, to the parents of the investor and to the financially dependent adult children of the investor as well.

The adult family members of the investor prior to their naturalization as Cypriot citizens must hold a residence permit in Cyprus. If the applicant does not already hold a residence permit, he/she may apply for an immigration permit on the basis of Regulation 6 (2) of the Aliens and Immigration Law, simultaneously with the application for naturalization. In the case where the application for acquiring an immigration permit will be submitted solely for the purposes of acquiring the Cypriot citizenship, in accordance with the provisions of this Programme, there are no other conditions than those stated in the Programme.

If the application for naturalisation is rejected for any reason, the immigration permit, obtained in accordance with the provisions of this Decision, will be cancelled immediately.

Spouse/ Partner

 

The investor’s spouse or partner may acquire the Cypriot citizenship after filing the relevant application. In order to facilitate the procedure of the acquisition of the Cypriot citizenship by the investor’s civil partner or spouse, the Council of Ministers decided to allow the submission of the spouse’s or civil partner’s application along with the application of the investor, so that both spouses/civil partners will be able to acquire the Cypriot citizenship simultaneously.

 Minor Children

 The application for the grant of the Cypriot citizenship to the children of the investor that are under the age of 18 is submitted after the investor had acquired the Cypriot citizenship and provided that the other parent consents to the grant of the citizenship.

 

Adult Children

 

The right to apply for Citizenship is also granted to the financially dependent adult children of the investor after the investor had acquired the Cypriot citizenship. Financially dependent adult children individuals are those belonging to one of the below categories:

(a) students up to the age of 28 that are attending an institution of higher education aiming to obtain a diploma or an undergraduate or a master’s degree (excluding individuals who are studying for the acquisition of a professional qualification (e.g. chartered accountants or barrister).

(b) children with severe physical or mental disability that renders them unable to work.

 

Investor’s Parents

 

The parents of the investor may apply for citizenship after the investor had acquired the Cypriot citizenship. In order for the investor’s parents to be able to apply for citizenship they need to hold a permanent privately-owned residence in the Republic of Cyprus, the purchase price of which must be at least € 500 000, plus V.A.T. It is noted the investor and his/her parents, may collectively acquire a residence, provided that the total value of this home-property is at least €1 000 000, plus V.A.T.

BENEFITS OF CYPRUS CITIZENSHIP
  • Get your initial investment back in 3 years
  • Pure Investment. No donations of wealth required
  • Approval period of 6 months. Permanent residency provided in the meantime
  • Citizenship granted to the whole family including dependent children up to the age 28 and parents of the investor and it is passed onto future generations as an inheritance right
  • Dual citizenship permitted. Acquisition of Cyprus citizenship is not reported to other countries
  • Cyprus Passport ranks 13th on global power scale
  • Visa free travel to 158 countries worldwide including Europe, Canada, Hong Kong and Switzerland
  • No requirements to learn the local language. No history tests required.
  • No health checks required
  • Mediterranean climate. Average 320 days of sunshine
  • Strategic location of Cyprus allows easy access to Europe, Middle East and Africa 
CONDITIONS

Clean Criminal Record 

Applicants must have a clean criminal record from the country of origin and the country of residence (if different). Furthermore, their name must not be included in the list of persons whose assets, within the boundaries of the European Union, have been frozen as the result of sanctions.

 

Residence in the Republic of Cyprus

The applicant must possess a permanent privately-owned residence in the Republic of Cyprus, the purchase price of which must be at least € 500 000, plus V.A.T. Members of the same family, who apply separately as investors, can collectively acquire a residence, provided that the total value of this home- property covers the amount of € 500 000 per each applicant. In case that the purchase value of the permanent privately-owned residence in Cyprus exceeds the amount of € 500 000, part of this additional amount can be used for purposes of supplementing the total amount of the investment made. Additionally, it is noted that if the applicant has invested in housing unit/units on the basis of the aforementioned criterion, the purchase of another permanent residence in Cyprus will not be required, if at least one of these housing units is worth at least € 500 000, plus VAT, provided that the applicant retains the possession of the residence for life.

 

Residence Permit in Cyprus

The applicant, prior to his/her naturalization as a Cypriot citizen must hold a residence permit in Cyprus. If the applicant does not already hold a residence permit, he/she may apply for an immigration permission the basis of Regulation 6 (2) of the Aliens and Immigration Law, simultaneously with the application for naturalization. If the application for acquiring an immigration permit is made solely for purposes of acquiring the Cypriot citizenship, in accordance with the provisions of this Scheme, there are no other conditions than those stated in the Program.

 

For the issuance of the Immigration Permit the collection of the applicant’s biometric data (fingerprints and photograph) and signature is mandatory. In order for the biometric data to be collected the applicant is required to appear in person at the Civil Registry and Migration Department. Moreover, the applicant needs to present an original travel document. After the collection of the biometric data, the Immigration Permit (card) is issued within 5 working days.

 

It is noted that all of the above also apply for the adult members of the family of the investor, who will apply for naturalization. The legislation pertaining to the grant of the Immigration Permit provides that only the spouse/ partner and minor children (under the age of 18) of an Immigration Permit holder are considered dependent family members and therefore they may acquire the Immigration Permit without the submission of separate applications. All the other family members (i.e. parents and financially dependent adult children of the investor) need to submit separate Immigration Permit applications.

 

In case the application for naturalization is rejected for any reason, the immigration permit, obtained in accordance with the provisions of this decision, will be cancelled immediately.

TAXES
  • VAT may be reduced to 5% on the 1st property purchase (first 200m²), instead of 19%, provided that this residence will be used as the permanent residence of the investor.
  • Standard VAT rate is 19% (2nd property and over)
  • Additional taxes and duties apply (approximately €3,000)
EARTH-CYPRUS

THE PROCEDURE

STEP 1 – Review and select a real estate investment
STEP 2 – Preparation of citizenship application – the client will receive a detailed application package and document checklist.
STEP 3 – Acquire pre-approval via a pre-clearance check from a lawyer
STEP 4 – Citizenship application submitted to government

STEP 5 – Issue of Cypriot citizenship
STEP 6 – Naturalization of children
STEP 7 – Completion of acquiring property

source : www.moi.gov.cy

Translate »