Obtaining Cypriot citizenship is a unique opportunity for citizens of Russian and other states to become a resident of the European Union and enjoy the corresponding rights and freedoms. This opportunity attracts those willing to travel without borders, as it grants access to more than 150 countries. However, the largest number of applicants for Cypriot citizenship is going to move for permanent residence in this region or live and work in Europe.
The Republic is distinguished by a high level of security, developed infrastructure, and good education and healthcare system. There are schools where teachers communicate with pupils in English or Russian, as well as many Orthodox and Catholic churches. The climate and hospitality of local citizens favor permanent residence. Cyprus is famous for yearlong sunny days and its winters with warm weather and minimal rainfall. The local taxation system is also extremely attractive to entrepreneurs. Many people strive to obtain Cypriot citizenship since it allows them to develop business abroad while remaining a resident of their home country.
There are two ways to become a citizen of the Republic and obtain a local passport. The first, the most time-consuming and demanding much effort, way is the naturalization procedure. It is much easier to obtain Cypriot citizenship by investment. However, it is suitable only for wealthy foreigners with no criminal records.
Cyprus citizenship by naturalization
This method is popular among those who plan to live permanently in the Republic. Citizenship of Cyprus can be obtained after moving to this country. You will have to get a temporary residence permit, and then a permanent residence. Documents have their own validity period and require timely renewal. Marrying a Cypriot citizen will simplify this procedure.
Terms of obtaining Cypriot citizenship
Having moved to the Republic, you can become its resident only after 7-10 years. A foreigner can only obtain a residence permit for the first 5 years in Cyprus. Then, the permanent residence will take another 2 years before you can apply for the resident status. If you are planning to obtain Cypriot citizenship by marriage, the term will be reduced to 3 years.
Cypriot citizenship by investment
The most convenient way to obtain residency is to invest in the local economy. This is applied to the following types of investment:
- purchase of residential or commercial real estate in Cyprus;
- purchase of government bonds or securities of local companies;
- starting a business with at least 5 Cypriot employees.
Choosing Cypriot citizenship by investment, you can reduce the time required for processing all the necessary paperwork and passing the mandatory procedures for up to 6 months. And you do not have to pass exams in language and history.
Conditions to get Cypriot citizenship by investment
(Unfortunately, Cyprus has suspended its citizenship-by-investment program, in its current form, effective from 1 November 2020).
If you are thinking about obtaining Cypriot citizenship and have the opportunity to invest in the local economy, it is worth remembering that the amount invested shall be at least EUR 2,000,000. When choosing an investment method, you can combine different options but it is important that you have your own real estate on the island worth at least EUR 500,000.
Having decided to buy Cypriot citizenship by investment, you need to consider the following conditions, which make this choice even more profitable.
- The invested funds can be paid off in 5 years without losing the local passport.
- Cypriot citizenship is issued not only for the investor but also for his family members: spouse, financially dependent children under the age of 28.
- It is not necessary to reside in Cyprus at the time of application or later to obtain residency.
Cypriot citizenship can be purchased by those foreigners who have no criminal records in any of the countries and are ready to confirm the legal origin of the funds invested. If one has previous unsuccessful attempts to obtain a passport of another state, the Cypriot authorities will also refuse residency.
Procedure to get Cypriot citizenship by investment
When everything is prepared for making a capital investment, the procedure for obtaining a local passport becomes pretty simple. The Cypriot citizenship by investment government program is specially designed to attract foreign capital and develop the domestic economy.
To become a resident of the Republic, you need to decide on a suitable way of making a capital investment. Then you can proceed with the conclusion of the sales contract. Next, you will prepare necessary documents for the Ministry of Internal Affairs of Cyprus. The processing period takes up to 6 months. If your application gets approved, you can proceed to the registration of passports.
List of required documents
If you decide to apply for Cypriot citizenship by investment, you will have to prepare the following documents.
- Real estate sales agreement.
- Certificate confirming the title of owenership.
- Copy of the receipt for the transfer of funds to the account of the real estate seller.
- Certificate of good conduct (obtained in the country of residency).
- Set of documents containing information about the nature of investment.
- Application for obtaining Cypriot citizenship.
- Duplicate passports of program participants.
The Ministry of Internal Affairs may request additional documents in the course of considering the issue of obtaining Cypriot citizenship by investment. The entire package is first submitted to the Ministry of Finance, and then to the Cabinet of Ministers.
How much do I need to invest to obtain Cypriot citizenship?
If you would like to buy Cypriot citizenship by investment, it is important to remember that you will have to bear some other costs in addition to EUR 2,000,000 to be invested in the economy:
- state duties (EUR 2,000 for each adult participant of the program before submitting documents to the Ministry of Internal Affairs and EUR 5,000 for obtaining passports);
- tax levies when purchasing real estate and obtaining title;
- contributions to required funds (at least EUR 150,000).
There are also commission fees for assistance in purchasing housing and paperwork.
How to obtain Cypriot citizenship by investment with benefits?
If you decide to become a resident of the Republic but do not know where to start the process of applying for Cypriot citizenship by investment, contact experts from P.L. Property Gallery Developers & Constructors Ltd. Our company is the biggest developer in the region with over 18 years of experience in the market. We help our clients in purchasing real estate in Cyprus, as well as provide a wide range of related services.
- Legal assistance in the transaction and examination of documents prepared.
- Assistance in resolving migration issues.
- Management and leasing of real estate in Cyprus.
- Interior design and gardening.
Experts from P.L. Property Gallery Developers & Constructors Ltd. will help you choose the right house, villa, apartment, cottage, or penthouse in the best area of Cyprus (Limassol, Ayia Napa, Larnaca, Paphos, and other cities). We offer a wide range of real estate with unique architecture and high-quality construction standards, and we are ready to assist you in returning your investment by resale of residential or commercial premises.