How to Obtain Citizenship in Cyprus through the Investment Program
Mastering the seas of Eastern Mediterranean and serving as an age – old crossroad between the 3 surrounding continents (Europe, Asia and Africa), the island of Cyprus forms a unique cultural amalgam, physical beauty and ideal working environment for employees and entrepreneurs who need to travel frequently in the general region.
True enough, Cyprus suffered a major blow because of the economic crisis the shock global economy in 2009, but, mainly because of the island’s undeniable strategic position and diverse value, its economy rapidly recovered and recession is considered already an ordeal of the past. Cypriots made of the most of this unfortunate period, by identifying areas of the economy that needed to be changed and improved, including trade, transportation and tourist infrastructure, as well as legislation and financial services. Hence, a great number of investors from abroad didn’t take long to flood the island, and financial development quickly recovered.
Probably you are wondering if Cyprus is the right place for you to move since your business plans would greatly benefit from such an action.
Apart from all things already mentioned, Cyprus boasts an excellent – and 100% typical – warm Mediterranean climate, which most Europeans find ideal both as a working and living environment. In addition, the country is ranked among the safest in the world, it is stable and offers excellent education options for families with children. Communications and means of transportation are more than efficient, and Cypriot citizens enjoy one of the most preferable and advantageous taxations in the world.
If you seriously consider getting citizenship in Cyprus, there is an excellent way to do that through the so called “Investment Program”. Let us take a closer look.
The Program’s Benefits
- It is a very fast procedure;
- you can submit the residency and citizenship applications at the same time;
- the approval of your citizenship application seldom takes more than 90 days;
- you are not required to have an actual residence while or after the whole application procedure. Actually the only thing the Law requires you to do is to visit the island at least once every 7 years;
- you are not required to know or even try to learn the native language to get a residence permit or acquire citizenship;
- dependent parents also qualify for citizenship if they own a real estate property of at least €500,000 or own a share of €500,000 in a residential property of the person making the application;
- civil unions are also entitled to submit an application;
- you are not required to relinquish your nationality in order to obtain citizenship;
- Cypriot citizens enjoy low tax rates and can trade freely within the European Union states;
- Citizenship affords you the right to move around the European Union, live, work and study within its boundaries;
- You are entitled to purchase and own property within the European Union;
- Cyprus boasts extremely low criminality rates and has a population of less than 6 million;
- it is a bewitching holiday destination.
Investment Qualifications & Requirements
In accord with the Civil Registry Laws 2002 – 2013 (Investors Naturalization via an Exception Scheme), the Investment program consists the fastest way to obtain residence and citizenship in Europe. Qualifications for applicants include the engagement to at least one of the following investment options:
Real Estate, Land Development, Infrastructure Projects
In this case you are required to invest at least €2,000,000 in immovable property (purchase of construction), land development or the creation or improvement of a certain infrastructure.
Purchasing, Founding or Participating in Cypriot Firms
You will have to invest at least €2,000,000 in buying, founding or participating in firms whose registered offices are in the Republic of Cyprus, they are active in Cypriot Market and employ no less than 5 Cypriot or at least EU citizens.
Owning Assets of Cypriot Entities
In this case, the applicant has invested no less than €2,000,000 in regulated funds in Cyprus and maintains the assets for at least 3 years.
Finally, you can even combine two of the above options, but your investment should be no less than €2,000,000. In this case, government bonds are another option (maximum €500,000) but you will have to hold on these investments for at least 3 years.
The Civil Registry Laws also requires foreign investors to:
- own a permanent private residence in Cyprus, valuing no less than €500,000 (+ applicable VAT);
- if they choose to invest just in residential properties and one of them values no less than €500,000, the total investment must amount €2,000,000.
Except for the investment, you are required to:
- present to the authorities a valid passport;
- prove you have never committed a crime;
- prove that your property within the European Union is not frozen;
- pay the application fee;
- reside on the island before obtaining the citizenship (that is why you apply simultaneously for both residency and citizenship).