The Republic of Cyprus is famous for its exceptionally mild climate, developed infrastructure, and loyal taxation system, which makes it a favorable business environment. However, few people know that the authorities of this country offer everyone to get a local passport and EU citizenship in just 6 months. There has been developed a special program that allows investors to become residents of Cyprus in a short time and without unnecessary delays.
Benefits of obtaining Cypriot citizenship by investment
The Republic of Cyprus is one of the few European countries that allow dual residency. This means that once you have obtained a local passport, you do not have to give up your country's citizenship. Cyprus is part of the European Union, and therefore its residents enjoy all the rights and freedoms provided for in this geopolitical association. Obtaining Cypriot citizenship, you can live and work in any European country, as well as travel without hindrance to more than 150 countries.
Not only businessmen, attracted by the local tax system, want to become a resident of the Republic, but also people who consider permanent residence there. Cypriot citizenship will allow you to live on one of the most beautiful islands of the planet with diverse flora and fauna, interesting culture, and impressive historical heritage. The region has a well-developed social infrastructure. There are schools for English- and Russian-speaking children, many private and public clinics, and variety of resort and entertainment areas. There are a large number of Orthodox, Catholic, and other churches, and the locals themselves are distinguished by their good nature and hospitability.
Participation in the Cypriot Citizenship by Investment Program allows you to forget about the lengthy naturalization procedure and obtain a local passport in just 6 months. There are also many more significant advantages.
- Opportunity to obtain Cypriot citizenship for an investor and his family members: spouse, minors, and financially dependent children under the age of 28.
- No need to permanently reside in the Republic at the time of application and after it.
- Ability to return the invested funds in 5 years without losing the Cypriot citizenship.
The investor and his family members are also exempt from passing exams in history and language, which is another indisputable advantage.
Investment options for obtaining Cypriot citizenship
You shall invest at least EUR 2,000,000 in the economy of the Republic to apply for a local passport. This can be achieved by purchasing the following assets:
- residential and commercial real estate in Cyprus;
- shares of local companies;
- government securities.
To obtain Cypriot citizenship by investment, you can buy or open your own business in the Republic with at least 5 Cypriot employees.
Investors most often prefer to invest in real estate in Cyprus but combinations of different options are also allowed. Private housing in the Republic will become a paradise for the whole family to live or relax, as well as a source of passive income if you rent it out.
If you would like to obtain Cypriot citizenship by investment, it is important to confirm the legal origin of the funds invested. You should have no criminal record in your or any other country, as well as migration obstacles.
Stages of obtaining a Cyprus passport
The procedure for obtaining EU citizenship is simplified but still has its own nuances. Let's consider the key stages in obtaining Cypriot citizenship when buying real estate.
- Choosing a suitable property and making a sale transaction.
- Preparing a set of documents for Cypriot citizenship.
- Transfer of documents to the local Ministry of Internal Affairs.
- Registration of passports in case of a positive decision by the Cabinet of Ministers.
The support of experienced professionals is important at each stage of obtaining Cypriot citizenship by investment. It is extremely difficult to go through all the procedures on your own due to the language barrier and the lack of in-depth knowledge in the field of local legislation.
Required documents and expenses
To participate in the Cyprus Citizenship by Investment program, you need to prepare the following set of documents.
- Application form.
- Duplicate passports of all program participants.
- Marriage certificate, child/children's birth certificate(s), if any.
- Sales contract.
- Receipts for the transfer of funds to the real estate seller account and payment of state duties.
- Other documents confirming the legal origin of funds.
The Ministry of Internal Affairs of Cyprus may request other documents. The entire package is first considered by the Ministry of Finance and the Ministry of Internal Affairs, and then by the Cabinet of Ministers.
To obtain Cypriot citizenship, an investor shall have housing in the Republic worth at least EUR 500,000, contribute at least EUR 150,000 to mandatory funds. The state duty is paid before the transfer of the collected set of documents to the Ministry of Internal Affairs (EUR 2,000 for each program participant), as well as when obtaining passports (EUR 5,000 each). Remember about the commission fees and taxes when buying real estate in Cyprus.
How to invest in the Cyprus economy and obtain citizenship with benefits?
If you are looking to obtain Cypriot citizenship when buying real estate, contact P.L. Property Gallery Developers & Constructors Ltd. Our company is the biggest real estate developer in the region with 18+ years of experience in the local market. We offer our clients a wide range of real estate in developed regions of Cyprus (Larnaca, Paphos, Limassol, and others), as well as a whole range of related services.
- Legal assistance in sale transactions, examination of documents prepared.
- Assistance in resolving migration issues.
- Selection of housing taking into account personal preferences and requirements, turnkey construction.
- Landscape and interior design.
- Rental property management.
We will assist you in obtaining Cypriot citizenship but also in purchasing the house or apartment of your dreams on extremely favorable terms. If you have any questions, please contact P.L. Property Gallery Developers & Constructors Ltd. now.
