Citizenship in Cyprus
The Citizenship by investment program in Cyprus was developed by Cyprus Developers Alliance together with globally recognized auditor company KPMG and since then 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: minimum investment amount was reduced from 2,5 million EUR to 2 million EUR and a possibility to include parents of the investor was introduced, provided that an additional property is purchased at the minimum amount of 500 000 EUR + VAT.
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Citizenship for investment program based on purchase of real estate
Investors willing to obtain second citizenship and second passport of Cyprus are welcome to apply via Citizenship by Investment program and invest at least 2 million EUR in exchange for becoming a citizen of Cyprus and European Union, which means receiving full benefits, including free movement in Schengen area. Among others, one of the possible options is to invest in a real estate project located in the country. Different types of properties are eligible for Citizenship by investment program: residential property, commercial property, land development or infrastructure projects.
In addition to the core investment, there is a legal requirement of purchasing an additional property for at least 500 000 EUR + VAT, which is then registered as the investor’s residence in the country. This means that the total investment amount is 2,5 million EUR excluding additional fees, except for one option. In case of investing in a residential property, an investor can register this property as his or her residence and, therefore, not spend additional 500 000 EUR + VAT, making this the cheapest option of gaining second citizenship in Cyprus.
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In order for an investor to be an eligible candidate of becoming a citizen of Cyprus via Citizenship by Investment program, he or she needs to be:
Additionally, the following requirements must be met, in order to successfully apply for Cypriot passport:
State fees and costs
In addition to the core investment, an applicant is obliged to pay following fees:
Applicant will require providing the following documents, as well as other documents, if requested on case-by-case basis:
The application process takes up to 6 months, depending on each applicant and the number of family members applying. Generally, 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.
Only one visit every 7 years is required by the Government of Cyprus in order to keep the second citizenship and your second passport. A residential property worth at least 500 000 EUR + VAT needs to be maintained permanently.