Obtaining a Cypriot Passport immediate route
Non-Cypriot citizens may apply for the acquisition of a Cypriot Passport / EU Citizenship through the purchase of real estate in Cyprus.
* The investment in real estate is the preferred route of the majority of the applicants for a Cypriot Passport / EU Citizenship.
* A very simple and straight-forward procedure.
* It takes approximately 6 months for the procedure to be completed.
Investors can apply for Cyprus Citizenship by submitting a stand-alone application, upon making an investment which must be retained for a period of three years. The applicant must have invested at least €2 million in one or more residential properties, provided that the value of one of the properties is of at least €500.000 (excluding VAT), which must be kept as the permanent residence of the investor in Cyprus.
Benefits of Cypriot Passport
* Free movement within the EU: travel, live, work.
* Travel visa-free to more than 150 countries.
* Passed on to family members: spouse and dependent children.
* The investor does not become a tax resident, unless he / she spends more than 183 days in a calendar year in Cyprus.
* Not necessary to reside in Cyprus before or after the obtainment of the passport.
* The Republic of Cyprus allows investors to keep their original passport.
* No need to pass a language test.
* The investors have the right to rent the permanent residence in Cyprus.
* The investors have the right to sell the permanent residence in Cyprus, given that another permanent residence will be purchased.
* The applicant’s parents are also entitled to apply for Cyprus Citizenship provided that they own a lifetime residence of at least €500.000 (excluding VAT). The application is submitted after the investor had acquired the Cypriot citizenship.
The less expensive route
1. Accelerated process (only 2 months) from the date of the submission of the application for Residence.
2. No need to reside in Cyprus as long as the applicant and his family included in the Cyprus Residence Immigration Permit, visit Cyprus at least once every two years.
3. To be eligible for the Cyprus Residence Program the applicant should be an owner of a property (sold for the first time by a development company) in Cyprus, a house, an apartment or any other building, for a minimum value of €300.000 + VAT (if any).
4. Options in property purchase – i.e. two independent housing units or one housing unit and a shop or one housing unit and an office as long as the total amount is for a minimum value of €300.000 + VAT (if any).
5. The immigration permit issued to an applicant covers his spouse and children under the age of 18. The said permit is also applicable for unmarried children aged 18 to 25 who may prove that they are students at a University and are financially dependent on the applicant. The said permit will be valid for life.
6. Documentation as proof that the applicant and/or his spouse have a secured minimum annual income of €30.000, (increase by €5,000 for each dependent person) from sources originating from abroad (salaries, pensions, dividends, fixed deposits, rents etc.).
7. The parents of the main applicant and those of his spouse are also able to apply and obtain the Permanent Cyprus Residence Permit by just showing an extra 8,000 euros each on the main applicant‘s income certificate.
8. The applicant should submit a confirmation letter from a financial institution in Cyprus that he has deposited a minimum capital of €30.000 into an account, which will be pledged for a period of at least three years. It must be proved that the said amount has been transferred to Cyprus from abroad.
9. The applicant and his family included in the Cyprus Immigration Permit must submit with their application, all documentation needed as per the checklists provided by the Cyprus Government.
10. The applicant and his spouse shall confirm that they do not intend to be employed in Cyprus but it is to be noted that the applicant and/or his spouse may be a shareholder(s) in a Company registered in Cyprus and the income from the dividends of such a company in Cyprus are not deemed an impediment for the purpose of obtaining a Cyprus Immigration Permit.
Please note there are legal costs dependant on circumstances that range from €5000 for immediate citizenship and additional costs for registering at the immigration office of €20 per applicant. There is a requirement for Health insurance which can cost around 200 Euro per applicant or if you are from an EU country proof of transferable health care.