Cyprus Citizenship By Investment
Classical mythology associates the island of Cyprus with the birth of Aphrodite, and with its golden beaches, wondrous sea caves, and dazzling sunshine, it is no surprise that these early traditions linked the Mediterranean nation to the Greek goddess of love and beauty. Today, Cyprus is the destination of choice for hundreds of thousands of tourists every year, all seduced by the island’s ancient riches and spectacular coastline.
Non-EU investors and their families may gain citizenship in Cyprus through a programme called ‘Cyprus Investment Scheme’. Applicants must first purchase Cypriot real estate, which is declared as their permanent residence. They must then make an investment in the Cypriot economy, such as an investment in Government bonds. Finally, before obtaining their passport, they must visit Cyprus to provide their biometrics.
Visit the official website: www.investcyprus.org.cy
Cypriot citizens may take advantage of a range of benefits, including:
The benefits of Cyprus’ Naturalisation by Exception Programmes include:
Applicants must be over 18 years old and be of good character without any criminal convictions. They may apply with their spouse and children up to the age of 18. Children between the ages of 18 and 28 may be included in the application if they are financially dependent on the main applicant.
The process of applying for citizenship is rigorous and requires diligent preparation in order to gather all the information needed. Application timelines can vary and be difficult to predict, although they usually depend on how easily an applicant can access the required documentation, as well as the complexity of the application as a whole. We generally advise clients that it will take between 4 to 6 months to obtain citizenship after an application for citizenship is submitted to the Government of Cyprus.
The process may be simplified into the following steps:
Step 1: Application preparation and pre-approval by CS Global Partners.
Step 2: Purchase of real estate.
Step 3: Citizenship application submission and qualifying investment made in an escrow account.
Step 4: Government processing of the application.
Step 5: Approval in principle.
Step 6: Government fees paid and investment released.
Step 7: Citizenship certificate issued.
Step 8: Passport application, biometrics, and passport issuance.
1. An investment of €2 million in residential real estate in Cyprus
The investment in residential real estate must be retained for a minimum period of 3 years. At the end of 3-year period the investment can be reduced to a €500,000 residential property which should be held indefinitely.
The applicant can make multiple property purchases, so long as the total value of €2 million is retained for 3 years, and as the total value of the residential property owned indefinitely in Cyprus remain equal to or above €500,000.
2. €2.5 million (combination of real estate and/or investments)
A 3-year investment of €2 million in one or more of the following:
- Interest bearing Cypriot government bonds, provided the investment does not exceed €500,000.
- An investment, of €2 million in “eligible real estate” situated in Cyprus, namely:
d. Land, provided there is a development plan in place
- Creation, acquisition or participation in a Cypriot company or business where the applicant is a majority shareholder, with activities in Cyprus, and employing 5 Cypriot or EU nationals, who have been resident in Cyprus for a duration of 5 years prior to the filing of the citizenship application.
- The alternative Investment Fund or financial assets of a Cypriot entity licensed by the Cyprus Securities and Exchange Commission (CySec), with activities in Cyprus.
- A €500,000 investment in residential property, which must be held indefinitely.
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