ABOUT CYPRUS CITIZENSHIP BY INVESTMENT
In 2022, the government of Cyprus officially launched the citizenship by investment program. Individuals that are above 18 are eligible to apply for this program. In addition, the interested applicant must be in good health condition and without any record of a criminal offense. Also, the individual is expected to be a Schengen Visa holder.
Furthermore, applicants must invest in real estate projects approved by the government or make a non-refundable donation to the Cypriot government projects.
Country Statistics
Cyprus provides investors from various parts of the world a conservative geographical location ideal for nurturing families and other life functions. Cyprus is a great country for world tours because it is situated right at the crossroads of Europe, Africa, Asia, and the Middle East. The country is a reputable member of the European Union and a functional member of the British Commonwealth. The country is rich with diverse cultures and adventures. With the Cyprus Citizenship by Investment Program, investors are open to diverse investment and business opportunities in the country.
Facts About Cyprus
- The country is officially known as the Republic of Cyprus, an island country in the mediterranean sea with over 1.1 million population.
- In 1961 and 2004, Cyprus joined the British Commonwealth and European Union.
- The country adopted the euro currency in 2008, becoming a part of the Eurozone currency union.
- Cyprus is an advanced, productive economy with a creditable score on the Human Development Index and a $28,000 per capita GDP.
- The country owns a grounded offshore banking sector, low corporation taxes in the EU, lucrative international tax planning potentials, and several tax exemptions for non-residents. Plus, free trade in the European Union communities.
- English is the official language in Cyprus.
- Have a high standard of social amenities and welfare for all.
- The legal system of Cyprus is based mainly on English Common Law and has signed doubled taxation treaties with 43 countries. The economy is boosted by financial services, offshore gas fields, tourism, and
shipping. - The island offers a welcoming climate with over 340 days of sunshine every year.
- Prices and profits of Real Estate are booming.
BENEFITS OF CYPRUS CITIZENSHIP
Visa-free Travels
Cyprus citizenship gives the holder access to visa-free or visa-on-arrival to over 170 countries worldwide. These countries include the EU, UK, and Canada.
Consular Support
Every citizen of Cyprus is entitled to consular support and protection from any European Union consulate worldwide.
Minimal Residence Allowed
It is not compulsory to live in Cyprus to acquire Cyprus citizenship.
Health and Education
Citizens gain easy access to all sorts of educational institutes and standard healthcare.
Dual Citizenship Allowed
Citizens of foreign countries are allowed to maintain their nationality and keep up with permanent stay as a resident in Cyprus.
Tax Relief
Cyprus is known to be one of the lowest tax-paying countries in Europe. You can enjoy zero foreign income tax, no withholding tax on interest profited, and no inheritance tax as a citizen.
VISA FREE COUNTRIES FOR CYPRUS CITIZENSHIP HOLDERS
Owning a Cyprus passport gives you access to over 170 countries with a visa.
According to Passport Index for 2021, Cyprus Passport maintains the 15th most dominant passport globally. This is a big save from wasting time at Embassies and Consulates.
With Cyprus Citizenship, You Can Travel To the Following Countries Listed Below:
- Albania
- Andorra
- Angola
- Antigua and Barbuda
- Argentina
- Armenia
- Australia
- Austria
- Azerbaijan
- Bahamas
- Bahrain
- Bangladesh
- Barbados
- Belarus
- Belgium
- Belize
- Benin
- Bolivia
- Bosnia and Herzegovina
- Botswana
- Brazil
- Brunei
- Bulgaria
- Cambodia
- Canada
- Cape Verde
- Chile
- Colombia
- Comoros
- Costa Rica
- Croatia
- Czech Republic
- Denmark
- Djibouti
- Dominica
- Dominican Republic
- Ecuador
- Egypt
- El Salvador
- Estonia
- Ethiopia
- Fiji
- Finland
- France
- Gabon
- Gambia
- Georgia
- Germany
- Greece
- Grenada
- Guatemala
- Guinea-Bissau
- Haiti
- Honduras
- Hungary
- Iceland
- India
- Indonesia
- Iran
- Ireland
- Israel
- Italy
- Jamaica
- Japan
- Jordan
- Kazakhstan
- Kenya
- Kiribati
- Kuwait
- Kyrgyzstan
- Laos
- Latvia
- Lebanon
- Lesotho
- Liechtenstein
- Lithuania
- Luxembourg
- Macedonia
- Madagascar
- Malawi
- Malaysia
- Maldives
- Marshall Islands
- Mauritania
- Mauritius
- Mexico
- Micronesia
- Moldova
- Monaco
- Montenegro
- Morocco
- Mozambique
- Myanmar
- Nepal
- Netherlands
- New Zealand
- Nicaragua
- Norway
- Oman
- Palau
- Panama
- Papua New Guinea
- Paraguay
- Peru
- Philippines
- Poland
- Portugal
- Qatar
- Romania
- Rwanda
- Saint Kitts and Nevis
- Saint Lucia
- Saint Vincent and the Grenadines
- Samoa
- San Marino
- São Tomé and Príncipe
- Senegal
- Serbia
- Seychelles
- Singapore
- Slovakia
- Slovenia
- Solomon Islands
- Somalia
- South Africa
- South Korea
- Spain
- Sri Lanka
- Swaziland
- Sweden
- Switzerland
- Tajikistan
- Tanzania
- Thailand
- Timor-Leste
- Togo
- Tonga
- Trinidad and Tobago
- Turkey
- Tuvalu
- Uganda
- Ukraine
- United Arab Emirates
- United Kingdom
- Uruguay
- Vanuatu
- Vatican City
- Venezuela
- Zambia
- Zimbabwe
GUIDELINES FOR APPLICATIONS FOR CYPRUS CITIZENSHIP
Document Screening
We assist you in screening your document in preparation for government approval. For this process to go smoothly, applicants are expected to make a down payment for opening the application.
Signing of Reservation Agreements & Naturalization Application
At this point, the applicant is required to select a property anywhere in Cyprus and sign the reservation agreements. Also, the signing of the naturalization = application by the applicant at the Embassy of Cyprus.
Preparation of Property Documents, Due Diligence, and Sales Agreement
Our professionals will help applicants prepare the property documents, carry out due diligence on the property, and draft the sales agreement. Finally, the applicant must sign the sales agreement and tender it to the land registry. The purchase amount would be paid at this stage.
Collection of Documents for Naturalization
Our team will guide you through how to get all the required documents for the
naturalization application. Applicants would be required to visit Cyprus to apply for a Permanent Residency permit (according to the newly introduced condition based on the revised criteria in September 2016).
Application Review
It takes about 3 months for the application for naturalization to be reviewed and granted.
Swearing the Oath of Allegiance
Based on the revised condition for naturalization in 2016, six months must elapse starting from obtaining the Immigration Permit. After the six-month expiration, the applicant is expected to travel to Cyprus to swear an oath of allegiance. After the swearing, the balance of the professional fees has to be settled, and then the applicant can now receive the Cypriot passports and IDs.
COST FOR CYPRUS CITIZENSHIP
According to the regulation provided by the Civil Registry Laws, every applicant seeking to obtain the Cypriot citizenship by investment must meet up to the following conditions:
1. Donation
Every applicant (investor) must donate to the Research Promotion Foundation (RPF).
RPF Donation – EUR 75,000
Investors (applicant) must donate to the Cyprus Land Development Corporation (CLDC).
CLDC Donation – EUR 75,000
2. Real Estate Purchase in Cyprus
Applicants are required to purchase a Residential property anywhere in Cyprus. It could be as a single property or portfolio.
Minimum Investment – EUR 2,000,000
If the residential property purchased had been used by another investor in the CIP, the investment cost would be increased.
3. Government Fees
Application fees
Per person – EUR 2,000
Minor child – EUR 80
Approval fee Per person – EUR 5,000
PROGRAM DURATION
The duration of 6 months is the specified timeframe for the application process. However, the initial duration of document collection could be a bit longer depending on how fast the applicant provides the required documents. We are fully on the ground to assist our client (applicant) pass-through this stage faster with samples and professional advice.
The duration of the renewal stage depends on the availability of the agency that would handle it. We have no regulation over this particular process. However, we assure you that we work with the best Government agencies to hasten the entire process and make our client (applicant) get quick approval.
PROGRAM REQUIREMENTS & LEGAL GROUNDWORK
MAIN APPLICANT CRITERIA
QUALIFIED DEPENDENTS
*Note that parents and children above 18 are dependent on the applicant.
LEGAL GROUNDWORK
The Cyprus Citizenship by Investment program is based on the “Scheme for
Naturalisation of Investors in Cyprus by Exception” based on Section 111A (2) of the Civil Registry Laws of 2002-2013, based on a Council of Minister’s decision dated March 19th, 2014. Accordingly, on May 24th, 2013, according to subsection (2) of section 111A of the Civil Registry Laws of 2002-2013.
The Cyprus Council of Ministers may offer citizenship by naturalization to foreign investors based on the above-stated law. Thereby implementing beneficial immigration policies and boosting a way of acquiring Cypriot citizenship by investment. Moreover, the new government regulation on citizenship acquisition jas simplified the whole process.
In addition, the law offers approval of Cyprus citizenship to the applicant’s spouse and dependent adult children. However, the spouse nor the adult children are not required to meet up with any financial responsibilities.
CONDITIONS
The investor (applicant) can sell off the investment after 5 years. Notwithstanding, the investor (applicant) must maintain a property worth a minimum of EUR 500,000
The applicant is required to have a valid Schengen Visa
A property purchase requirement is a must for 3 years before submitting the citizenship application. These criteria will count towards the investment.