Citizenship By Investment In Cyprus
Dual Citizenship has a number of important benefits, from tax planning, to investment privacy, and the EU remains enormously popular as a second Citizenship location. The Cyprus EU Citizenship program is one of the fastest and simplest routes to EU Citizenship, with passports issued in just six months. The Overseas Investor CBI program for Cyprus works purely on the basis of a secure financial property investment. The aim of the recent changes as a general matter points to enhancing trustworthiness and efficiency of the Cyprus Investment Program as well as widening the investment opportunities with the ultimate goal of benefitting the economy and wellbeing of Cyprus in general.
- All nationalities can apply
- Dual citizenship
- Passports in 6 months
- Visa-free travel to over 168 countries
- Travel throughout Europe easily
- Family included
- Healthcare & education
- Financial freedom
Cyprus - gateway to the EU
Cyprus has been a full EU member state since 2004 and joined the EU Monetary Union in 2008. In 2014, legislation was introduced allowing foreign investors to become Cypriot (EU) citizens, acquiring a Cypriot passport through naturalisation.
A Cypriot passport holder is an EU passport holder and a passport holder of any EU country and is also considered an EU citizen. EU citizens can work, reside, study and travel within the EU, as well as Iceland, Liechtenstein, Switzerland and Norway.
The benefits of Citizenship
Becoming an EU citizen opens up the right to live and work anywhere in the EU. Visa-free travel is available to 168 countries and free trade rules within the EU provide access to a potential business market of 500 million EU citizens. There are numerous advantages to obtaining this access via the Cyprus Citizenship program.
Speed and flexibility
Passports are granted within six months and there is no requirement of residency in Cyprus.
Open to all
Any nationality can apply for Cyprus EU citizenship and there is no language requirement, medical test or interview to complete.
EU passports are made available to the investor, a spouse, parents of the investor, as well as dependent children aged 28 or less who are in full time education.
Exit after 5 years
The main investment can be sold on after five years, as long as a property with a value of at least €500,000 is maintained.
Only those who choose to become tax resident in Cyprus need worry about changes to taxation. For those who do, Cyprus has no inheritance tax, friendly corporation tax and a strong double tax treaty network.
Both current and future generations will have the right to either live in Cyprus or remain in their home country.
Investors can own a business in Cyprus or set up an internationally trading business using Cyprus as a base. It’s simple to make use of Cyprus’ excellent business and tax advantages.
Investors of any nationality can apply for EU Cyprus Citizenship. No donation is required only the investment deposits, information and documentation mentioned below. In addition to an investor, a spouse, minor children and unmarried adult children up to the age of 28 who are studying outside of Cyprus can also benefit from citizenship. The parents of the investor can also become Cyprus Citizens. Once citizenship is obtained it is valid forever.
- EU Cyprus Citizenship can be obtained via an investment in Cyprus resident real estate of at least €2 million. This can be invested in a single property or can be made via a portfolio of properties.
- If any property has been purchased in the three years prior to applying for citizenship this can be included as part of the €2 million investment amount.
- Where the parents of the investor wish to be included in the application, they only need to purchase a permanent residence property that is worth at least €500,000. This can either be purchased separately or pooled with the rest of the main investment.
Documents and conditions
In addition to the property purchase, a number of documents must be supplied by an investor, including:
- A certificate of police clearance from country of origin (or country of residence, if different). There is a requirement that the investor has a clean criminal record from their country of origin and country of residence if the two are not the same.
- The investor must not be named as one of the people whose property is ordered to be frozen from within the EU.
- A copy of an original passport
- A birth certificate
- A marriage certificate, where applicable
- A detailed biography
Application fees apply:
- €2,000 per adult/€80 per minor child.
- The main applicant should make a donation of €75.000 (minimum) to the Research and Innovation Foundation.
- The main applicant should donate at least €75.000 (minimum) to the Cyprus Land Development Corporation for the financing of housing schemes for affordable housing, but also for the materialization of other housing schemes/measures.
- €5,000 per adult
Taxes apply to the property purchase:
- VAT standard rate is 19%. However, this may be reduced to 5% on the first property purchase (first 200m2)
- Additional taxes and duties apply (approximately €4,000)
The steps involved
The process of applying for EU Cyprus Citizenship has been made very simple and is designed to be completed quickly. For most investor applicants it takes just six months to arrange a passport.
Step 1. Choose and purchase a real estate investment. This can be arranged through a visit to Cyprus or via correspondence. Once the property purchase agreement is signed, the funds are held in a secure account and a receipt issued – this receipt is essential for the citizenship application.
Step 2. Create citizenship application. This involves putting together the documents mentioned above. Note that these must be officially translated into either Greek or English. They also need to be officially certified or stamped. In a country that has signed the Hague Convention of 1961 these documents can be certified with apostille. Otherwise they must be stamped by the Ministry of Foreign Affairs and relevant Cyprus Embassy.
Step 3. A pre-clearance check is carried out by legal advisors
Step 4. Submission of documents. The citizenship application, along with the property purchase agreement, receipt of funds and fees payable are all submitted to the Ministry of the Interior
Step 5. Becoming a Cypriot Citizen. The application will be ratified by the Council of Ministers and citizenship is official. Within six months of the grant of citizenship a certificate of citizenship must be signed by the investor, either in front of a Registrar of a Cypriot Court or a Consular at any Cypriot Consulate abroad. After this passports can be issued and applications for children to be naturalised can begin.
Children - dependent or non-dependent
Children can apply to be naturalised once a parent investor has obtained EU Cypriot citizenship.
For minor children this normally takes around three weeks. Minor children can collect their documents from Cyprus at any time.
Applications for naturalisation of adult children take up to two months and passport and identity card must be collected from Cyprus within three months. Adult child naturalisation is subject to fees, including a submission fee of €2,000 and approval fee of €5,000.
Please contact us for any queries or information requests in relation to the Citizenship program in Cyprus.
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