Close tab & return

 

Cyprus Property News

15/12/2016 - Tax News

Obtain Cypriot Citizenship

1. Does the applicant need to also own residence in Cyprus?

In all criteria, the applicant must possess a permanent privately- owned residence in Cyprus, of at least €500,000 (+VAT).Members of the same family, who apply separately as investors, can collectively acquire a residence, provided that the total value of this home- property covers €500,000 for each applicant.In case that the value of the permanent privately owned residence in Cyprus exceeds the amount of €500,000 part of the additional amount can be used for supplementing the total amount of the investment made on the basis of the financial criteria above.If the applicant has invested in housing unit/ units as per Criterion 1 , the purchase of another permanent residence in Cyprus will not be required, if at least one of these housing units is worth at least €500,000 (+VAT). In this case, the applicant must retain possession of this residence for life.

2. Can the investor rent his privately-owned residence to someone else?

Yes, he/she may.

3. Must investors hold a residence permit in Cyprus prior to the naturalization?

Yes, investors must hold a residence permit in Cyprus. If not, application for a residence permit can be submitted simultaneously with the application for the naturalization, while the procedure for the acquisition of the Cypriot citizenship will be completed when the six-month period is completed. This provision also applies for the adult members of the investor’s family.

4. Do investors have to reside in Cyprus after acquiring the Cypriot citizenship?

No, there is no requirement of residing in Cyprus after acquiring citizenship.

5. How long do investments have to be kept for?


The applicant should have made the necessary investments during the 3 years preceding the date of the application and must retain the said investments for a period of at least 3 year as from the date of the naturalization. Please note that the three- year holding period does not apply for the permanent privately-owned residence, as it should be kept for life.

6. Which family members of the investors does the program apply to?


The program applies to the immediate family of the applicant (spouse or partner, minor and adult financially dependent children up to the age 28, provided they are university students).The investor’s parents may also apply for citizenship after the investor has acquired his/her citizenship, provided that they are owners of a private residence of at least €500,000 (+VAT).The investor and his/her parents may collectively acquire one residential property of a total value of at least €1m (+VAT).

7. What is the time frame for examining an application?

Applications are examined within approximately 3 months. Once the application is approved, the applicant will be able to take all actions for the acquisition of the Citizenship and the issue of a Cypriot passport.The procedure for the acquisition of the Cypriot citizenship will be completed, provided that the applicant holds a residence permit for a period of at least 6 (six) months. If the applicant does not hold residence permit for the aforementioned time period, he/she will need to wait until the six-month period is completed.

8.What is the amount of fees payable for each application?

All fees can be seen in the table below:

APPLICANT SUBMISSION FEE CERTIFICATE ISSUANCE FEE TOTAL
Investor 2,000 euros 5,000 euros 7,000 euros
Spouse 2,000 euros 5,000 euros 7,000 euros
Financially dependent child 2,000 euros 5,000 euros 7,000 euros
Minor child 80 euros - 80 euros

9. Do investments have to be made personally by the investor?

Investments can be made either personally by the investor, either by  his/her spouse, or jointly with the spouse or even through a company in which they are participating as shareholders or as ultimate beneficial owners. Please bear in mind that, if the applicant invests through a company in which he/ she participates as a shareholder only a percentage of the investment will be taken into consideration in proportion to his holding percentage.

 



Cyprus property, Cyprus Villa - Cyprus Villas, Hotels, Apartments, Houses
Cyprus Property
Kellaki villa bungalow  - Real Estate Properties,  Property in Cyprus

For more information please contact us at info@chris-michael.com.cy

2007@ Chris Michael Estates