In 2018 Cyprus government has asserted a new Citizenship by investment program oriented for high-net-worth individuals who’d like to invest in the Cypriot economy and as the outcome get Cyprus passport and EU citizenship in 6 months. Non-Cypriot citizens seeking for the second passport for them and their families have to invest €2.15 million in Cyprus real estate and meet some additional criteria.
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Cyprus’s Leading Immigration Real Estate Company
Our associated attorneys – a team of professionals working exclusively on Citizenship & Residence matters – have handled the largest number of applications submitted to the Cyprus government to-date.
As an Official Provider of the Cyprus Investment Programme registered in the Registry of Service Providers of the government of Cyprus, the company has sustained a 100% success rate in permanent residence and citizenship applications through an honest professional assessment of all applicants prior to filing. No investment needs to be made before the government issues the final approval. This guarantee your investment will become due only if and when your application is approved!
We are looking forward to working with you.
Cyprus Citizenship by Investment 2020 requirements
The list of investment options available for Cyprus citizenship applicants in 2020 includes the following criteria:
Investment in Cyprus projects of at least € 2,000,000 in real estate, land development, and infrastructure is required.
Any purchase application that includes resale property that has already been used by another applicant for the previous application for the Cypriot citizenship increases the investment amount to € 2,500,000.
The donation of the amount of €75,000 to the Foundation for Research and Innovation to contribute to the creation of an entrepreneurial innovation ecosystem. An obligation may be waived if the applicant has made investments in the category “Purchase / Establishment / Participation in Cyprus Companies” in the sum of at least € 400,000 in a company operating in the primary or secondary sector of the economy (excluding constructions) as well as in the fields of research and development, health, education and renewable energy.
The donation of the amount of €75,000 to the Cyprus Land Development Corporation to support comprehensive housing policy, particularly for the implementation of inexpensive housing projects and other housing plans/measures.
For the investment in real estate property, as well as the purchase of the required permanent privately-owned residence, planning permission, a completion certificate and a bank waiver will be required.
Investment in financial assets of Cypriot companies or organisations of at least €2m.
These companies or organizations should have proven physical presence in Cyprus, with significant activity and turnover and employ at least 5 Cypriot or citizens of European Union member-states.
The invested funds shall be direct towards the financing of the investment objectives of these companies exclusively in Cyprus, based on a specific investment plan. The employees of the companies need to have legally and continuously resided in Cyprus during 5 years preceding the application submission date.
Investment in Alternative Investment Funds (AIFs) or financial assets of Cypriot companies/organisations of at least €2m.
AIFs, whose investments are to be made solely in the Republic of Cyprus, should be established in the Republic of Cyprus and licensed and overseen by the Cyprus Securities and Exchange Commission (CySec). Investments should be maintained for at least three years. It is noted that the purchase by an AIF of units of other AIFs is not considered eligible.
The purchase of financial assets of Cypriot companies or organizations (bills and securities) should be issued with the assertion of the CySec, by companies that have proven physical presence and substantial economic activity in the Republic of Cyprus.
Combination of the criteria mentioned above.
1. Birth Certificate for the investor, his spouse and children (certified translation).
2. Clean Criminal Record Certificate for the applicant, his spouse and adult children from the country of origin (certified translation).
3. Curriculum Vitae for the investor, his spouse and adult children.
4. Certificate of attendance by an academic institution for adult children (original).
5. Due Diligence Report.
6. Marriage Certificate (certified translation).
Cyprus Investment Programme Frequently Asked Questions
1. Does the applicant need to 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 purchase a residence, given 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 based on 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 keep possession of this residence for life.
2. Can the investor rent his privately-owned residence?
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 for at least six (6) months before they acquire Cyprus Citizenship together with a valid Schengen visa.
4. Do investors have to reside in Cyprus after obtaining the Cypriot citizenship?
No, there is no requirement of residing in Cyprus after obtainment citizenship.
5. For what period of time the investments have to be kept for?
The investment should be held from the date of naturalization for a period of 5 years. The investor will be able to substitute the investment during the 5-year period, provided the Ministry of Finance approves it. Please note that the five- 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 citizenship 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 Cyprus citizenship after the investor has acquired his/her citizenship, provided that they are owners of a private residence in Cyprus 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. How long will take to examine the 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 at least 6 (six) months. If the applicant does not hold a residence permit for the time above, he/she will need to wait until the six months period is completed.
8. What are the charges to be paid for application?
All fees can be seen in the table below:
|APPLICANT||SUBMISSION FEE||CERTIFICATE ISSUANCE FEE||TOTAL|
|Financially dependent child||€2,000||€5,000||€7,000|
|Minor child||€80||–||€80||Passport & ID Issuance(each)||€150||-||-|
|Investor /investor’s spouse /children under 18||€500 & € 70 for each person for registration|
|Adult children & Parents||€570|
9. Do investments have to be made particularly 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.
10. What is a Cyprus Golden visa?
Cyprus Golden visa is an unofficial name for Cypriot Passport obtained through investments in the country’s economy or real estate. There are no special visas for investors in Cyprus, except Permanent Residency Permit, which is available upon a property purchase or setting up a company with a foreign direct investment of at least € 171.000.
|Result||EU Passport||EU Passport||EU Residence for 5 years; passport after 6 years plus exams in the Latvian language and history||EU Residence for 5 years (3 years then 2 years); passport after 6 years plus exam in English||EU Residency for 5 years|
|Time to obtain passport||6 months||12 - 14 months||6 years||6 years||10 years|
|Amount of investment||2,000,000 Residential and commercial sectors or purchase of resale property already used for a previous Citizenship application by other applicant 2,500,000||500,000 (or 150,000 plus rent of a property for minimum 16,000 for 5 years)||250,000||2,000,000||500,000|
|Donation||75,000 to the Foundation for Research and Innovation, 75,000 to the Cyprus Land Development Corporation||650,000 (plus 50,000 for every adult family member and 25,000 for under 18)||–||–||–|
|Duration for investment to be kept||5 years||5 years||5 years||5 years||5 years|
|Assets||Real Estate/Land Development/Infrastructure projects/Funds (AIFs) or financial assets of Cypriot companies/organizations||Bonds and Real Estate||Real Estate||Bonds or securities of the UK companies (75%) and Real Estate or Deposit (25%)||Bonds or Real estate or Business|
|Physical residence||No||6 -12 months||No||Not to be absent for more than 450 days within first 5 years and not more than 90 days within the 6th year||Yes|
|Visa free travel, residence and work in EU||Unlimited||Unlimited||Free travel in Schengen countries and residedence in Latvia, no working permission||Residence in the UK, no working permission||Free travel in Schengen countries and residence in Spain, no working permission|