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PassPro

Cyprus Citizenship by Investment

The Naturalization of Investors by Exception Scheme of Cyprus offers a fast track route to attaining a Cyprus citizenship by investment. A Cypriot passport enables its holder 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 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 a secondary passport from Cyprus without any hassles. To know more about our services, reach out to us by dialing +971-56-416-6426.

Country Profile

Visa free countries

159

See Countries

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 26 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, Cyprus’ citizenship program offers greater flexibility and control to its applicants. There are several investment options that the applicants can choose from. 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 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.

General Requirements to Obtain a Cypriot Passport

An applicant hoping to acquire citizenship from Cyprus through their investment program should fulfill the following general requirements:

  • Should hold a clean 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 Cypriot Passport should hold a valid Schengen Visa (Not applicable to Non-EU nationals).
  • 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 under the age of 18.
  • Parents of the principal applicant – but only if he/she invests in an additional residential property within the country.

Timeline

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

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 residence permit is typically issued within five days from the date of application.

Month 02-03

  • Citizenship approval for the principal applicant and spouse.

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. Balance 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 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.

Month 09

  • Citizenship approval received for the dependents of the investor.

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.

The Cypriot government offers several investment options to attract foreign investors seeking a Cypriot passport. Listed below are the investment options that are currently on offer:

  • Invest in one or more residential properties within the country having a combined worth of €2 million.
  • Invest in one or more commercial properties having a combined value of €2 million in addition to private residential property worth at least €500,000.
  • Either create, participate, or purchase a share in a Cypriot business or company that has a net worth of €2 million. Such investors are also required to buy a residential property that is worth at least €500,000.
  • Make financial investments in a Cypriot business or organization which has a net worth of €2 million and a residential property worth at least €500,000.
  • Hold government bonds worth €500,000 and then invest an additional €1.5 million in other assets including a residential property which is worth at least €500,000.
  • Combination of 2 or more options that are listed above with a combined worth of €2 million, plus a residential property that is worth at least €500,000.
  • If the dependents of the applicant include parents, then they are required to make an additional residential investment worth no less than €500,000. Investors also choose to own a single unit, which is worth at least €1 million.

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 holding a Cypriot Passport.

  • No residency requirements to obtain citizenship.
  • Enjoy visa-free or visa-on-arrival access to 159 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 Citizenship.
  • No nationalities are restricted from applying, but those who do must possess a Schengen visa at the time of application.

Frequently Asked Questions – Cyprus Citizenship

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

No, this is not necessary. Spouses and dependent children under 28 years 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. Citizenship by investment programs guarantee a 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 PassPro consultant will travel with you to Cyrus, 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 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 special services including visa updates for Cyprus, consular guidance, assistance opening bank accounts and more.

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