The Republic of Cyprus is an amazing place with a huge number of advantages: from mild and sunny climate to developed infrastructure. Thousands of foreigners visit Cyprus every year to relax with comfort during their vacation, as well as to move to Europe and enjoy the rights and privileges provided for EU citizens. Cyprus also attracts numerous businessmen and entrepreneurs due to the soft taxation system, favorable geographic location, which makes it possible to successfully conduct international business.
The Cypriot authorities have developed a special program for the fast obtaining of citizenship by investment to attract additional funds to the domestic economy. You can invest in shares of local companies, government securities, a business with at least 5 Cypriot employees, or residential, commercial real estate. You can also choose a combination of different investments. However, most foreigners choose to purchase real estate as the main way to obtain citizenship for a number of reasons.
- Your property in Cyprus can be used for renting and receiving passive income.
- Purchasing a house, villa, or apartment for obtaining citizenship, you can create a comfortable place for the whole family to live and relax.
- Investment in real estate in Cyprus produces profits by constant increase of the property value.
If you consider obtaining citizenship when purchasing a villa, house, or apartment, here you will learn about all the intricacies of this procedure and get a step-by-step plan of action.
Who can obtain Cypriot citizenship when buying real estate?
All adult investors with an amount of at least EUR 2,000,000 who are ready to invest this money in the Cyprus economy can participate in the citizenship by investment program. Such investors shall meet certain conditions.
- A program participant cannot have a criminal record or migration obstacles.
- It is necessary to confirm the legal origin of the funds used as an investment.
To obtain Cypriot citizenship when buying real estate, it is not necessary to reside in the country at the time of application or after it. The investor is also exempted from the need to pass exams in language and history. There is no need to renounce the citizenship of your country since the legislation of Cyprus allows dual citizenship. The fact of obtaining the local passport shall not be disclosed.
Features of obtaining Cypriot citizenship
You do not have to purchase real estate worth EUR 2,000,000 to become a resident of the Republic. It is enough to invest EUR 500,000. The rest of the funds can be used to purchase securities or start a business.
Cypriot citizenship when buying real estate is issued not only to the investor but also to his entire family. A spouse, minors, and financially dependent children under the age of 28 can become a program participant. The validity period of citizenship is not limited. It is enough to change the passport every 10 years, but real estate can be resold in 5 years to return your investment.
How to obtain Cypriot citizenship when buying real estate?
The passport of Cyprus, the EU member-state, with the corresponding rights and privileges is issued 6 months after the application is submitted. You can start this process immediately after purchasing the property. However, the procedure itself has its own specific features. The whole process of obtaining citizenship can be divided into several key stages.
Get professional assistance
It is not easy to buy property in Cyprus and obtain local citizenship on your own. Foreign investors are hampered by the language barrier and the lack of in-depth knowledge of local legislation. Therefore, it is extremely important to enlist the support of professionals from the very beginning for the successful transaction. And if you choose P.L. Property Gallery Developers & Constructors Ltd., you will get a whole range of benefits.
- Wide range of real estate in different regions of Cyprus. We offer villas, apartments, penthouses, cottages, townhouses, offices in Limassol, Ayia Napa, Larnaca, Paphos, Nicosia, and other developed regions.
- Legal security guarantee. Experts from P.L. Property Gallery Developers & Constructors Ltd. will conduct an examination of the prepared documents, assist in resolving migration issues, and accompany you at all stages: from drawing up a sales contract to obtaining title.
- Property of impeccable quality. Our company is the biggest developer in the region and offers ready-made property, as well as the implementation of turnkey projects. We apply our own achievements and innovative solutions taking into account all the wishes and preferences of the client. All this allows you to rent real estate with unique architecture, convenient layout, and chic interiors.
- Variety of related services. In addition to legal assistance, experts from P.L. Property Gallery Developers & Constructors Ltd. are ready to take over the management of real estate during your absence in Cyprus, renting out, landscaping the adjacent territory, and preparing unique interior design.
- Detailed consultations. We will answer all your questions about how to obtain Cypriot citizenship when buying real estate, as well as how to choose the right villa, house, or apartment.
Our company has been working in the construction market in Cyprus for over 18 years and has earned the trust of numerous clients, as well as high awards from the expert community.
Choose a suitable property
To obtain Cypriot citizenship when buying residential or commercial premises and at the same time conclude a profitable deal, it is important to decide in advance on the following parameters.
- Purpose of the purchased property in Cyprus.
- Area of location.
- Developed infrastructure.
- Recreational load of the selected region.
For example, if you would like to enjoy a comfortable vacation with the whole family or profitably rent out real estate in Cyprus, then luxury villas on the red line will be the best choice. They offer private beach and sea access, parking for several cars, swimming pool, terrace, or flower garden. If you obtain Cypriot citizenship for permanent residence in the country, it is important to pay attention to the possibility of installing heaters for the winter and solar panels to save electricity on maintenance of air conditioners in hot weather.
Draft a sales contract
Contact experts from P.L. Property Gallery Developers & Constructors Ltd. We will consult you on how to register title of ownership, what taxes to pay, as well as how to reduce them due to the privileges provided by the government of Cyprus for citizenship applicants.
Prepare documents for obtaining Cypriot citizenship
The following set of documents is sent to the Ministry of Internal Affairs of Cyprus, where it is considered within 6 months.
- Application form for obtaining Cypriot citizenship.
- Duplicate passports of adult program participants.
- Marriage certificate, birth certificate of children.
- Real estate sales contract in Cyprus.
- Title (certificate of ownership).
- Receipt confirming the transfer of funds to the account of the seller of real estate in Cyprus.
- Documents with detailed information on the amount and origin of investment funds.
The government of Cyprus may request other documents to obtain citizenship. The set of documents is considered by the Ministry of Internal Affairs and the Ministry of Finance and then sent to the Cabinet of Ministers.
Unfortunately, Cyprus has suspended its citizenship-by-investment program, in its current form, effective from 1 November 2020.
Wait for the decision and get passports
To become an EU resident, you will have to make contributions to mandatory funds (at least EUR 150,000), as well as pay state duties. Each adult program participant shall pay EUR 2,000 when submitting documents for obtaining Cypriot citizenship. In case of a positive decision on the application, you will need to pay another EUR 5,000 to get passports.
Cypriot citizenship without investment
If you are not ready to invest such an impressive amount in the country's economy, you can still count on getting a local passport. You will first have to apply for a residence permit and a permanent residence 5 years later. It will take you another 2 before you can apply for Cypriot citizenship. A residence permit is issued in 2 months when buying real estate worth EUR 300,000 or more.
This lengthy process of obtaining Cypriot citizenship is called naturalization. Moreover, you need to live in the country throughout the entire period. If you marry a Cypriot citizen, you can obtain citizenship in 3 years.
