Citizenship in Cyprus
|Financial contribution||2 000 000 EUR|
|Purchased real estate price||From 500 000 EUR|
|Applicant's annual income||30 000 EUR|
|Application state fees||7 000 EUR|
|Length of the process||~ 6 months|
|Visa-free travel||158 countries|
The government of Cyprus has developed various incentives in order to attract foreign direct investment into Cyprus. Citizenship by investment program can be considered as one of them and grants full citizenship and second passport to investors and their family members along with full benefits of living, working and studying in European Union. The program was developed by Cyprus Developers Alliance together with an internationally known audit company KPMG and has already attracted more than 3 billion EUR of foreign direct investment.
In September 2016, positive changes were introduced to the Citizenship by investment program by reducing the minimum investment amount from 2,5 million EUR to 2 million EUR and a possibility to include parents of the investor provided that an additional property will be purchased at the minimum amount of 500 000 EUR + VAT.
If you want to know more or apply – contact us now!
Citizenship for investment program based on financial contribution
Any eligible investor who wants to become a citizen of Cyprus can apply through Citizenship by investment program and after fulfilling several financial and other requirements will be granted a second citizenship and second passport of Cyprus with full benefits including free movement in Schengen zone. The financial contribution of 2 million EUR can be invested in several different ways:
- A purchase or a creation (full or partial) of an eligible business based and operating in Cyprus. The business is required to demonstrate a tangible presence in the country and employ at least five citizens of Cyprus; or
- Investment in Alternative Investment Funds or Cypriot businesses licensed by the Securities and Exchange Commission in the form of stock or debt securities; or
- A combination of the above options, provided that the total contribution is at least 2 million EUR. In this case, an applicant can also purchase special government bonds of Cyprus in the amount of up to 500 000 EUR.
The main applicant wishing to obtain a second passport of Cyprus via Citizenship by investment program needs to be:
- At least 18 years old;
- with clean criminal record (also the investor’s spouse, children and other dependants);
- able to show a minimum income of 30,000 EUR per year from outside of Cyprus (plus 5,000 EUR per dependant);
- No source of funds, health condition and language ability is checked.
Additionally, the following requirements must be met, in order to successfully apply for Cypriot passport:
- In addition to the core investment regardless of the option chosen, investor is required to purchase a property, which will be declared as his or her residence in the country. The property’s purchase price needs to be at least 500 000 EUR + VAT;
- The core investment needs to be kept for three years from the moment of obtaining a second citizenship;
- The property registered as the residence of the investor needs to be held for unlimited time. If the property is sold, another real estate worth 500 000 EUR + VAT needs to be purchased instead;
- In order to qualify for Cyprus citizenship, an investor must be a holder of a residence permit; therefore an applicant needs to apply for a residence permit beforehand which then will be issued at the moment of filing of the citizenship application. This is due to an EU regulation and no actual relocation is required;
- One visit is required in order to obtain biometrics.
State fees and costs
In addition to the core investment, an investor will be obliged to pay fees as described below:
- Application submission fee – 2 000 EUR per applicant older than 18 years and 80 EUR per minor children – paid at the moment of submission of the application to the Ministry of Interior;
- Naturalization Certification issuance fee – 5 000 EUR per applicant older than 18 years, free of charge for minor children – paid at the submission of the citizenship approval to the Civil Registry and Migration Department.
Applicant will require providing the following documents, as well as other documents, if requested on case-by-case basis:
- Passport copy;
- Birth Certificate copy;
- Marriage and/or divorce certificate copy (if applicable);
- Certificate of criminal record;
- Two passport-sized photos;
Generally, the application process takes up to 6 months depending on each applicant and the number of family members applying. The approval is granted within 2 to 3 months and the rest of the period is intended for document preparation. However, case hearing period extensions are possible.
In order to keep the second citizenship and your second passport only one visit every 7 years is required by the Government of Cyprus. A residential property worth at least 500 000 EUR + VAT needs to be maintained permanently.
Benefits of holding Cypriot second passport
As soon as you acquire Cyprus citizenship you will be granted the following benefits
- Cyprus passport means full European Union passport with its rights to live, work, study and have business freely in any of the EU member states as well as Norway, Switzerland, Iceland and Liechtenstein;
- Visa-free travel to 157 countries, including Schengen area;
- No requirements to reside in Cyprus;
- Favourable location for doing business – at the crossroads of Europe, Africa and Asia;
- Double citizenship is allowed;
- Family friendly - family members are included with no extra cost (except fees);
- The right to security under European Union social and legal system;
- No donations required – all investments are recoverable after 3 years;
- Ability to acquire local driving license and number plate;
- Rights to vote at the European election.
If you still have any questions or willing to apply – contact us!