Investors in the economy of Cyprus are provided with citizenship.
Introduction to Cyprus
- 3rd largest island in the Mediterranean Sea
- Joined the European Union in 2004
- A reliable legislative and regulatory framework
- Currency - Euro
- High standards of international and university education
- A convenient tax system (an agreement on eliminating double taxation with Russia)
- Corporate income tax – 12%
- No property, gift, inheritance, capital gains tax
- Foreign direct investment in the economy of Cyprus
- Low cost of registration and setting up a company
- More than 340 sunny days per year
- One of the safest places in the European Union
Benefits of the Program
- Visa-free regime with more than 157 countries, including EU countries and Canada
- A Cyprus Passport provides all the rights of an EU citizen: freedom of stay, study, work, business in any EU member state, as well as Switzerland, Liechtenstein, Norway and Iceland
- Dual citizenship is allowed. Acquisition of Cyprus citizenship is not reported to other countries
- No history and language proficiency tests
- Citizenship is granted to the investor's spouse* and all financially dependent children under the age of 28. All next generations of the investor retain EU citizenship
- The parents of the investor also have the right to obtain citizenship on condition that they are owners of residential property in Cyprus costing from €500,000 (here and further the amounts are indicated without VAT, where it is charged).
- Fast track procedure – 3 months to approval, 6 months – to the release of the Cyprus passport.
- The investor is not required to reside in Cyprus (1 visit in 2 years)
- The minimum amount of investment is €2 million for the whole family
- The investor must own property costing the specified amount only for 3 years, after which he is only obliged to keep property at a purchase price of no less than €500,000.
- The investor may lease out his/her residential property.
- There are no deeds of gift or monetary donation to the state
- You get the right to vote in elections to the European Parliament
*(The Civil Union Law (184 (I) / 2015) entered into force on the day it was published in the official government newspaper of 09/12/2015, and the law introduces the institution of civil union to the legal system of Cyprus. The Civil Union ceremony and the issuance of the Civil Union Certificate take place at the District Office where at least one person resides, in case the persons concerned do not permanently reside in Cyprus, at the district of their choice.
Documents that need to be presented:
- Utility bills confirming place of residence (apostilled);
- The Civil Union Application Form filled out by both parties;
- Valid passports.
Affidavit (made no earlier than a month before the date of application; it can also be sworn abroad at a Cyprus embassy). Each person intending to enter in the union must present a Non-Impediment Certificate issued by the Director of the Civil Registry (for those residing in Cyprus) or by their competent authority (for those living abroad) confirming that neither of them is married or part of a religious, civil or other union. All public documents issued in any other country (that is not a party to the Hague Convention) must be certified, apostilled and translated into English or Greek.
The Procedure for Obtaining EU Citizenship in Cyprus
Step 1: selecting property for investment
- Chooses a property worth €2 million (residential property) or costing from €2.5 million (commercial).
- Signs the contract of sale.
- Makes full payment for the property.
Step 2: preparation of documents
- Collects documents for certified translation into Greek or English.
- Obtains the seals of the Ministry of Foreign Affairs and of the relevant Cypriot embassy for the documents.
Step 3: preliminary check
- The assigned lawyer conducts a preliminary check.
Step 4: applying for a PR permit in Cyprus and EU citizenship
- The investor submits an application for a PR permit (by the fast-track procedure) together with an application for granting EU citizenship.
Step 5: payment of the state duty and submission of documents to the authorized body
- Payment of the application fee for each adult applicant.
- Submission of an application to the Ministry of Internal Affairs.
Step 6: obtaining Cypriot citizenship of the EU
- Issue of Cypriot certificates of EU citizenship.
- The applicant signs the certificates within 3 months after receiving the permit in the presence of a Cypriot court administrator or a consul at any consular office in Cyprus.
- Issue of passports to the main applicant and his / her spouse.
Step 7: submission of applications for the children and/or the parents of the investor
- Submission of applications for naturalization of children and/or the parents of the investor.
Step 8: obtaining Cypriot citizenship of the EU by the children and/or the parents of the investor
- Issue of Cypriot certificates of EU citizenship to the children and/or the parents of the investor.
- Adult children and/or the parents of the investor must visit Cyprus within 3 months to obtain passports and identity cards.
An investment asset can be:
- Residential property
- Commercial property
- Developing projects
- Setting up Cypriot companies, purchase of companies or investing in them
- Shares of investment funds, financial assets of Cypriot companies and organizations
- Government bonds (a maximum of €500,000, the remaining €1.5 million must be invested in other assets)
- Combination of the options above
Requirements for Investors
- The main applicant must be at least 18 years old.
(Also the spouse of the investor, minor children, dependent children under the age of 28 who attend the higher educational institutions for the purpose of obtaining a diploma, a bachelor's degree or a master's degree have the right to citizenship. The investor's child with serious physical or mental disabilities that make him incapacitated is also considered financially dependent).
- The applicant's parents can also obtain citizenship on the condition that they have a residential property at a purchase price of at least € 500,000.
- Clear criminal record.
(The applicant's name must not be included in the list of persons whose property is ordered to be frozen in the territory of the European Union).
- The applicant must purchase residential property in Cyprus with a minimum cost of €500,000. Such property must be owned permanently, but may be replaced by other property of equal or higher purchase price.
- Before acquiring the citizenship of Cyprus, the applicant must have a residence permit in Cyprus for a period of at least six months.
In addition, the applicant can choose one of the following options and schemes of investment, which can be reversed three years after the acquisition of citizenship:
Private residential property + investment worth €2 million
Apart from owning a private residential property of a purchase price from €500.000, the Applicant must invest €2 million in:
- Real estate, land development and infrastructure projects
- Financial assets of Cypriot companies or Cypriot organizations
- Alternative investment funds or financial assets of Cypriot companies or Cypriot organizations licensed by CySec
- A combination of the aforementioned investment options: the applicant may proceed with a combination of the specified options provided that the total investment amount is at least €2 million. In particular, the applicant may purchase special government bonds of the Republic of Cyprus up to €500,000.
The investment amount is €2 million total
If the applicant has invested in residential property on the basis of criterion 1, the purchase of other residential property in Cyprus will not be required, if at least one of those residential properties is worth at least €500,000 provided that the applicant holds possession of the property for the purpose of residence.
Obtaining citizenship by the standard procedure (naturalization)
A foreigner is entitled to make an application for obtaining Cyprus citizenship after living in the Republic of Cyprus for 7 years (the period is determined by border control marks in the passport) within 10 consecutive years.
Citizenship, unlike a residence permit, is not granted to the entire family. It is granted only to that of the spouses who has lived in Cyprus for 7 years. Within a few months citizenship will be automatically granted to the minor children.
The other spouse will obtain citizenship when he/she has been lived in Cyprus for the same 7 years. Otherwise he/she will be granted citizenship in 3 years automatically as a spouse of a Cyprus citizen.