Cyprus

Cyprus

PROGRAM HIGHLIGHTS

CITIZENSHIP BY INVESTMENT PROGRAMME
ADVANTAGES

– A European Union (EU) member country.
– The applicant can live, travel, work and study anywhere in the EU.
– Spouse and any dependent children up to 28 years old in full-time university education can be included.
– Dependent parents can be included.
– Safe living environment, a beautiful location with a high standard of living.
– Dual citizenship is allowed.
– Allows visa-free to travel to more than 170 countries, including the EU, Canada, Hong Kong, Singapore, and New Zealand.
– A reasonable cost of living.
– Skilled, educated, and multilingual society.
– Free access to high-quality public education and healthcare system.

REQUIREMENTS

– No language, education or upper age requirements.
– The applicant must prove a clean criminal record.
– Must be at least 18 years old.
– The main applicant and adult family members must hold a valid Schengen visa*
– The applicant must invest at least €2 million in Cyprus.
– The applicant must purchase and retain a residential property in Cyprus with a value of at least €500,000, to be treated as a permanent residence in order to maintain citizenship.
*Effective May 15, 2019

INVESTMENT OPTIONS

– An investment of at least €2 million in a single residential property used as a permanent residence; and
– A donation of at least €75,000 to the Research and Innovation Foundation and the Cyprus Land Development Corporation*
– Where the residential units have been previously used for CIP, the minimum investment amount increases to €2.5 million*
– An investment of at least €2 million in multiple residential properties, including at least one property with a minimum value of €500,000 as a permanent residence; or
– An investment of at least €2 million in commercial or mixed properties, plus at least one property with a minimum value of €500,000 as a permanent residence.
– Dependent parents must also hold one property with a minimum value of €500,000 as a permanent residence, or hold a share of a permanent residence with a minimum value of €500,000
– The investment properties may be rented out to provide an income for the investor.

PROCESS

– The main applicant and dependents must visit Cyprus at least once in order to take an oath to obtain citizenship.
– Once the applicant has obtained citizenship, the dependent relatives (spouse, children up to 28 years old and dependent parents) can apply for citizenship.
– To maintain citizenship, the applicant must;
– Keep the investment properties for a minimum period of 5 years*
– Always retain a permanent residence with a minimum value of €500,000 (+VAT)
– The investment properties may be sold after 5 years

PERMANENT RESIDENCE PROGRAMME
ADVANTAGES

– A European Union (EU) member country.
– Spouse and any dependent children up to 18 years old can be included.
– Safe living environment, a beautiful location with a high standard of living.
– Permanent residency holders can get a multi-entry Schengen visa from 6 months to 5 years, depending on passport held and frequency of travel to Schengen countries.
– Can apply for citizenship after 7 years of permanent residence.
– Can own companies in Cyprus and receive dividends.
– Opportunity to own Freehold property.
– No inheritance or wealth taxes.
– Low annual property taxes.

REQUIREMENTS

– Must purchase a qualifying property in Cyprus.
– Must have an overseas annual income of at least €30,000 plus €5,000 per year for each dependent.
– Must deposit at least €30,000 in a Cyprus bank.
– May not take up employment in Cyprus.
– Must visit Cyprus at least once every 2 years.
– No criminal record.
– In good health.
– Must have acceptable Medical Insurance.

INVESTMENT OPTIONS

– An investment of at least €300,000 + VAT in a single residential property used as a permanent residence; or
– Two residential properties providing the total value exceeds €300,000 + VAT; or
– One residential property, plus a shop unit not exceeding 100 square meters providing the total value exceeds €300,000 + VAT; or
– One residential property, plus an office unit not exceeding 250 square meters providing the total value exceeds €300,000 + VAT
– The investment may be made personally or through a wholly owned company, or through a company owned jointly with the spouse of the applicant.

PROCESS

– Application submitted to the Civil Registry and Migration Department of Cyprus.
– Submission of supporting documents plus evidence of intended investment.
– Decision made within 2 months of completed application. Applicant and dependents must visit Cyprus to obtain permit.
– The Cyprus Cabinet has approved fundamental regulatory changes to the Programme on February 13, 2019. The effective date of these changes is to be confirmed.

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