Cyprus Citizenship by Investment Program

Cyprus Citizenship by Investment Program

The Naturalization of Investors by Exception Scheme of Cyprus offers a fast track route to attaining a Cyprus citizenship by investment. A Cypriot passport holder has access to almost 80% of the world, including Hong Kong, Singapore, and Australia. Additionally, a Cypriot national can live, work, and study in any country within the EU and also own property within the region. As a specialist in Citizenship by Investment programs, PassPro Immigration Services aims to guide those investors who are looking to expand their horizons. With a team having more than 20 years of combined experience in the industry, we are well-equipped to help our clients attain second citizenship and passport from Cyprus without any hassles. To know more about the Cyprus Citizenship Program and if it’s the right choice for you, contact our consultants today!

Country Profile

Visa free countries

174

Population

1,190,000

Currency

Euro (EUR)

Time Zone

UTC+2

An intoxicatingly vibrant island nation located in the northeastern basin of the Mediterranean Sea, Cyprus offers one of the most sought-after Citizenship by Investment programs in the world today. With a history that dates back to more than 10,000 years, the Republic of Cyprus is a beautiful place to live-in and a dynamic business hub for investors eyeing creation and expansion. The country operates on an open, free-market, high-income based economy with plenty of opportunities in the tourism, shipping, real estate, and financial sectors. A unitary presidential constitutional republic governs Cyprus with the President as the head of the state. Greek and Turkish are the official languages in the country, but English is also widely spoken by the natives here. Cyprus is among the 28 countries that make up the European Union and is also a member of the UN, Council of Europe, and WTO, among other international organizations.

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Legal Basis

Unlike most of the other Citizenship by Investment programs on offer, the Cyprus citizenship program offers greater flexibility and control to its applicants. To attain Cyprus nationality, the applicants are free to choose from any of the different investment options available. However, mandatory donations need to be made to both the Cyprus Land Development Corporation and the Research and Innovation Foundation, irrespective of the choice. The Cyprus citizenship by investment program was initiated in 2013 by amending the existing Naturalization of Investors by Exception Scheme in accordance with the Civil Registry Laws 2002-2013. The legislation has since then undergone further amendments with the latest one being made in February 2019.

For detailed information visit the official Cyprus citizenship by investment government website.

General Requirements to Obtain a Cypriot Passport

An applicant hoping to acquire second citizenship and passport through the Cyprus investment program should fulfill the following requirements:

  • Should have no criminal record.
  • Must be over the age of 18.
  • Should not have any frozen assets within the EU as a result of sanctions.
  • Should not have been rejected for citizenship by another EU state.
  • EU citizens who wish to acquire a second Cyprus passport should hold a valid Schengen Visa (Not applicable to Non-EU nationals).
  • Non-EU citizens must maintain a Cypriot residence permit for at least six months before being naturalized.

Dependents who are eligible to be included under this program:

  • Spouse.
  • Children up to age 28 (eligible adult children must be financially dependent and unmarried).
  • Parents of the principal applicant or spouse – but only if he/she invests in an additional residential property within the country.

Timeline

The application process for getting a Cyprus passport and citizenship has a timeframe that ranges between 6-12 months from the submission of the application. At PassPro Immigration Services, our team of advisors and consultants will help you and your dependents through every step of the journey to obtaining Cyprus nationality.

Month 01

  • Preparation and legalization of the necessary documents.
  • Selection and implementation of the chosen investment option, i.e., the purchase of the selected property.
  • Application of the principal applicant, along with the spouse, is submitted to the Ministry of Interior Affairs. A fee of €2000 is payable at this stage. Additionally, an application to acquire permanent resident permit should also be submitted to the concerned authorities along with the biometric details of the applicants. The permanent residence permit is typically issued within five days from the date of application.

Month 02-03

  • Citizenship approval for ALL applicants.

Month 06-08

  • Naturalization certificates are granted to applicants after they’ve held the residency permit for six months. A Cypriot passport is also issued to the applicant and spouse. All remaining fees are to be paid at this stage (€5000 for investor and spouse). Official ID’s are released after a few weeks.
  • Citizenship application for the dependents of the applicants can be initiated. A fee of €2000 is payable for every dependent adult child/parent of the investor. For children below the age of 18, the cost is only €80. Minors are not required to apply for PR status and are issued Cyprus passports a few weeks after their parents receive the same. However, dependent adults need to apply for citizenship approval, apply for a PR card, and submit their biometrics.
  • All dependents shall receive approval for their citizenship application.
  • Naturalization certificates and passports are issued to the dependents. All remaining processing fees are payable at this stage (€5000 for every dependent). Cypriot ID’s are issued after a few weeks.)

Month 09

  • All dependents shall receive approval for their citizenship application.

Month 12

  • Naturalization certificates and passport are issued to the dependents. All remaining processing fees are payable at this stage (€5000 for every dependent). Cypriot ID’s are issued after a few weeks.

Cyprus Investment Criterions

 

Single applicant/family with eligible dependents

€2.15 million ex VAT

Single applicant/family with eligible dependents + parents of main applicant

€2.65 million ex VAT

Applicant must own a permanent residence in Cyprus worth

€500 000 ex. VAT.

 

A compulsory donation of EUR 200,000 will be required to be made by all investors – this includes EUR 100,000 made to the “Research and Innovation Foundation” and EUR 100,000 to the “Cyprus Land Development Corporation.”

  • Invest in a Residential Property that was not previously used for the Citizenship program worth EUR 2 million (ex VAT).
  • Invest in a previously purchased property under the Citizenship by Investment Program worth EUR 2.5 million.
  • Invest in Commercial Property(ies) worth EUR 2 million, plus permanently held private residential property(ies) worth at least EUR 500,000 (ex VAT).
  • Purchase shares or create or participate in a Cypriot business(es) or company(ies) having a net worth of EUR 2 million, in addition to investing in residential property(ies) worth at least EUR 500,000 (ex VAT).
  • Invest EUR 2 Million in new or existing business based in Cyprus that contributes to the Cyprus economy and employ 9 Cypriot nationals or individual residents in Cyprus for a minimum of 5 years, plus residential property(ies) worth EUR 500,000 (ex VAT).
  • Combination of the above options worth EUR 2 million, plus residential property(ies) worth at least EUR 500,000 (ex VAT).
  • Eligibility of investments made within the Cyprus Shipping Industry or investments made in Registered Alternative Investment Funds (RAIF).
  • If the applicant’s parents are included, they have to purchase a separate residential property (ies worth at least EUR 500,000 (ex VAT), or it can be one unit in common ownership of the primary applicant and his parents worth at least EUR 1 million (ex. VAT).

Benefits of Getting a Cypriot Passport by Investment

A Cyprus citizenship is equivalent to an EU citizenship, and as such, one can reside or work in any of its 26-member countries. Listed are some of the significant benefits of becoming a Cyprus passport holder.

  • No residency requirements to obtain citizenship.
  • Enjoy visa-free or visa-on-arrival access to 174 countries.
  • Cyprus citizenship by investment can be passed onto future generations.
  • Enjoy a high quality of life in a predominantly English-speaking country with superior infrastructure and legal system.
  • No tax is levied on global income from non-resident citizens.
  • Low personal and corporate tax rates for non-domiciled residents.
  • Generous tax breaks for high net worth individuals.
  • Cyprus does permit Dual Nationality.
  • No nationalities are restricted from applying for immigration, but those who do must possess a Schengen visa at the time of application.

Frequently Asked Questions

Do I need to submit separate citizenship by investment application for each family member?

No, this is not necessary. Spouses, parents and dependent children up to 28 years old can be included within the same Cyprus citizenship by investment application, offering them all the benefits of EU citizenship and the right to obtain a Cyprus passport.

What is the difference between residency and a citizenship program?

Residency programs offer immediate residency based on a successful application. However, residency programs do not protect you or provide stable options for your family’s future. Your right to reside in a country could be revoked or rendered invalid at any time if the country’s laws change or if there is a change in your personal circumstances. For instance, residency permits in many GCC countries are tied to the job you hold and only valid for the period of your employment. The citizenship by investment program guarantees full-lifetime citizenship in Cyprus, and your second passport is granted following a successful application. You can also pass on the EU citizenship so obtained to your descendants.

How can I be sure of my investment in Cypriot real-estate?

A consultant from the PassPro Immigration Services team will travel with you to Cyprus, providing you with a full tour of all available real-estate options in your desired area. Based on your selection, our lawyers will provide detailed reports on the status of the chosen investment, enabling you to pick the right investment for your needs.

After I get my Cyprus passport, what resources will be available to me for the next steps?

Acquiring a second passport is not a transaction; we believe it is a lifelong relationship. Our ‘My PassPro’ portal is your online portal for enjoying life as a citizen of a new country. Just sign in and receive access to a host of specialized services, including Cyprus immigration and visa updates, consular guidance, assistance opening bank accounts, and more.

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  • Single applicant starts from $152 800.
  • 150 Visa-free countries.
  • 4-5 months to complete.
  • Family qualifies under one investment.
  • Single applicant starts from $123 810.
  • 130 Visa-free countries.
  • 4-5 months to complete.
  • No restrictions on nationality.
  • Single applicant starts from $194 100.
  • 150 Visa-free countries.
  • 4-5 months to complete.
  • Family qualifies under one investment.
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