Cyprus Citizenship Purchase

Citizenship Purchase is a way through which an individual can make an investment in a country and get citizenship and a passport in exchange.

Of the programmes currently in the market, the investment cost ranges from anywhere between $100,000 to as much as $2.5 million. Investment choices involve everything from non-refundable cash contributions to investments in property, business, or government bonds. Every year, around five thousand people acquire citizenship via investment after thorough financial assessments and due diligence checks. The average processing time varies from six months to as little as two to three months, while others take over a year. Comparatively few programmes require the candidate to visit the country to become a citizen as the first step of the process.

Countries like the U.K., Malta, Netherlands, St Kitts & Nevis, and Cyprus are among those which offer citizenship by purchase or citizenship by investment. Other countries have joined their ranks over the years while a few programmes have died out. There is a development in the interest in these programmes in recent years due to many factors including improved visa-free travel, the introduction of FATCA in the U.S., and reductions in prices to the Caribbean Citizenship by Investment programmes as they attempt to attract more investors and increase their funds to reconstruct after the damages made by the 2017 hurricane. The majority of investors come from developing market economies like Turkey, Mexico, Vietnam, India, Russia, and China, and various countries in the Gulf. Nevertheless, there is also a growing demand for citizenship in the developed world. Cyprus selling citizenship has been beneficial for many individuals, due to the benefits that citizenship planning provides.

Benefits of Cyprus Citizenship Purchase

Cyprus possesses a rich and diverse culture, warm Mediterranean climate, and a secure setting which is suitable for living with families. Investors also look at Cyprus for business and investment purposes, drawn by the numerous financial possibilities. The Cyprus citizenship benefits of the programme are many:

  • The procedure is fast. The entire process takes around a period of six months, unlike countries which can take around a year.
  • There is a concurrent submission of residency and citizenship applications.
  • There are no language requirements to purchase Cyprus citizenship.
  • The parents of the investors are qualified for Cypriot citizenship if they have a property priced at the value of €500,000 (including tax) or have a share of value of €500,000 in residential property of the primary applicant.
  • All civil unions are eligible to submit applications.
  • There are no obligations on applicants to renounce their current nationality.
  • The tax rates are low as compared to the rest of Europe, and there is the opportunity for free trade within the E.U.
  • There is an unlimited right to work, study and live in Europe.
  • The applicant has the right to own property in any E.U. member state.
  • The geographical location of Cyprus is significant, forming a bridge between the E.U., the Middle East, and North Africa with immediate access to the Mediterranean Sea.
  • Cyprus is known as one of the safest countries in the world in terms of crime.
  • There is an exceptional educational system. Cyprus has renowned universities that offer free education to its nationals. These benefits are availed not only in Cyprus but even in other E.U. universities as well.
  • The government healthcare system is exceptional and run by the Republic of Cyprus Ministry of Health and funded by taxes from the nationals. It is free for citizens.

 

Eligibility Criteria For Cyprus Citizenship Purchase

Offered under a subsection of section 111A of the Civil Registry Laws 2002-2019, the Cyprus Investment Program is one of the quickest to lead to residency and citizenship by investment Europe. To qualify, applicants must fulfil one of the investment options and hold it for five years along with satisfying the following guidelines:

  • The main applicant must be at least 18 years of age.
  • The candidate should have a valid passport.
  • The applicant must hold a clean police conduct record.
  • The principal applicant must hold a valid Schengen Visa.
  • The main applicant should not have any frozen assets within the boundaries of the EU and no denial from any other member-state of the EU.
  • The main applicant must own a residency permit in the Republic of Cyprus for six months before being granted citizenship.
  • The main applicant must own a permanent private residence in the Republic of Cyprus with a value of a minimum €500,000.

The Cypriot government has several offerings to draw foreign direct investment. The Cyprus Investment Programme by purchase allows full Cypriot citizenship to those who invest more than €2 million in real estate and meet specific other requirements. These applicants gain the right to live, work, and study in all twenty-eight EU member countries. The Council of Ministers of the Republic of Cyprus on 15th May 2019 changed the existing program and executed new rules that allow foreign nationals to gain citizenship if they meet specific criteria. Based on the changes, there is an increase in the two government contributions each of €75,000 and a time frame of six to eight months. The requirement may either be done personally or by a business in which the applicant acts as a shareholder or as a senior manager.

Investment requirements are as follows:

  • Fulfil both the below donations:
a.Gift of €75,000 to the Research and Innovation Fund of Cyprus or another certified innovation enterprise.
b.Gift of €75,000 to the Cyprus Land Development Corporation.

 

  • Choose any one of the following investment options:
  1. Investment in Land Development, Infrastructure Projects, and Real Estate: Candidates may finance at least €2 million for the acquisition or development of buildings or the creation of other land development projects including private or economic events, developments in the tourism sector, or other support projects.
  2. Establishment or Purchase or Participation in Cypriot Businesses or Companies: Candidates may finance at least €2 million for the acquisition or participation in companies or organizations established and running in the Republic of Cyprus. Applicant must present proof of physical presence in Cyprus, with the hiring of at least 5 (five) Cypriot citizens, or nationals of any EU member state.
  3. Investment in Alternative Investment Funds or Financial Assets of Cypriot Companies or Organizations: Candidates may finance in units of at least €2 million in Alternative Investment Funds or Registered Alternative Investment Funds or financial assets of Cypriot companies or Cypriot organizations that are accredited by Cyprus Securities and Exchange Commission.
  4. Combination Investment: Candidates may finance in a mixture of the above options. The combination of investments must total to a value of at least €2 million.

The acquisition price of the property bought by an investor should be at least €500,000, including the tax. If the person chooses the real estate option, this property can be included in the quota of €2 million investment.


Documents Required

To purchase Cyprus Citizenship, the individual requires the following documents to be submitted along with the Cyprus Citizenship application.

Here is a listing of documents required for the principal applicant:

  • A police certificate of clean criminal record from the country of origin and the country of residence (if they are different)
  • First birth certificate
  • A copy of the passport
  • Medical certificate
  • Curriculum Vitae
  • An attested copy of the applicant’s wedding certificate if the applicant is married.
  • A letter by the candidate or his delegate explaining the investment selected under which the application is submitted.
  • An entirely correct and completed application form signed before the Registrar of a Cypriot court
  • A residence license in the Republic of Cyprus.

As per the rules, the spouse, minor children, dependent adult children (under the age of 28 and studying), and parents of the principal applicant can all apply for citizenship under the primary applicant.

Here is a listing of the documents required for the applicant’s dependents:

  • An entirely correct and completed application form signed before the Registrar of a Cypriot court
  • A copy of the investor’s Naturalization certificate;
  • A copy of the Investor’s Cypriot passport;
  • A valid birth certificate
  • A copy of the passport;
  • A police certificate of clean criminal record from the country of origin and the country of residence (if they are different)
  • Medical certificate
  • Curriculum Vitae
  • A certified copy of the Marriage certificate or Civil Union certificate if the applicant is married to the dependent.
  • Two passport size photographs
  • A residence permit in the Republic of Cyprus.
  • A copy of undergraduate degree stamped by a genuine academic institution.
  • The applicant, if they wish to sponsor their parents, needs to provide evidence showing the purchase of the permanent residential property.

Application Through Approved Agent:

Individuals who want to purchase citizenship need to utilize the services of approved agents who are fitted to guide them through the entire application process. These agents are trained individuals, holders of a license in their profession and recognized in their job, or who work on behalf of firms. The Republic of Cyprus appoints individuals who ensure professional values, smoothen communication, and guarantee responsibility for each application.

Government Fees

For the submission and processing of an application, a non-refundable fee is required. Application fee on submission of the application for adults is €2,000 and for children is €80 per child. An issuance fee on approval of application is also applicable for adults, at the rate of €5,000.


Citizenship by Purchase Application Process:

The method of gaining citizenship of Cyprus through the citizenship by investment method is straightforward. To gain a better understanding, here is an overview of the steps in the process:

Step 1: The first and necessary step of the process is to visit the Republic of Cyprus. The individual needs to visit the properties in Cyprus with a legal agent. Investors will need to select a property to meet the required investment of €2,000,000 and give a reservation deposit on the property to start the purchase process. If it is not possible for investors to visit and purchase, they can do so remotely.

Step 2: Once invested, the process of application starts for the leading investor and spouse. All the due diligence tests are carried out, and the needed documentation is prepared. Parallelly, a permanent residency permit will also be applied for, which takes less than two weeks to fulfil. Before collecting the passport, each adult candidate is expected to be a holder of a PR card for a span of six months.

Step 3: The candidate needs to submit the biometric data by a further visit to Cyprus or filing at the Cypriot embassies. Countries like London or Moscow offer biometric collection directly from their country’s embassies.

Step 4: The Cyprus government has set a time frame of three months from the point of submission of the application. At this step, the candidate receives an ‘in principle’ approval certificate.

Step 5: After holding the PR cards for a period of six months, candidates can collect their new passports in Cyprus from their embassies. Only after obtaining the passport can the investors’ dependents apply for their own citizenship.

Time Frame

After the fulfilment of the application forms, supporting documents, and the payment of fees, the application process time is around three to six months. Cyprus citizenship by investment or purchase takes one of the least times compared to other programmes in the market.

Dual Citizenship

As per the global residence programme rules, Cyprus allows its citizens to maintain the citizenship of two countries, and does not require citizens to give up their native citizenships. However, Individuals need to check with their origin countries regarding their rules and regulations as many countries do not allow dual citizenship.

How To Select A Citizenship By Investment Programme?

All citizenship by investment programmes are not the same. There may often be confusion about which programs are valid. Below are certain criterion to keep in mind to decide whether or not any given programme is legitimately offering citizenship by purchase:

  • Fast: Individuals can get citizenship through other ways provided by the country, but it is time-consuming. The quickest way to earn citizenship is by investing in that country. Most of the countries take just a few months to grant citizenship.
  • Commoditized: Individuals can apply from any country – developed or developing – and get citizenship at the same price. The process is not biased. The only factor is that the individual must successfully pass the due diligence test. The difference is that the time frame may be longer for developing countries.
  • Structured and Legal: Ensure that the programme has a clear structure, fixed investment amounts and clear instructions. These programmes operate as a business. It is advisable to research thoroughly before starting any purchase. Beware of the passport scams. Real citizenship by investment programmes are always written in the country’s constitution or clearly and stated in the Cyprus Citizenship law. So, if an ad reads “Cyprus EU citizenship for sale”, do not fall for it. First, read and understand the terms and conditions.

Difference Between Residency By Investment And Citizenship By Investment

Residency by investment and citizenship by investment are not the same. It is crucial to understand that many countries will allow residency to those who spend money in their country, but they do not ensure that the resident will receive citizenship because of that contribution. It merely enables the individual entry to the country where he/she donates.

Countries have various rules that an individual can meet to fit for a residence permit, from receiving a job offer to beginning a company or marrying one of the citizens of the country. Few nations choose to allow those who invest in residing in the country without having to meet the other rules. In this case, they are not selling citizenship; they are simply allowing an individual a way to become a long-term resident. Once they are a resident, they can be naturalized the same way as everyone else. Portugal and Greece offer such programmes, and it takes at least six years of residence to start the naturalization process to obtain citizenship. On the other hand, Cyprus is selling citizenship by offering investments in its country.

Cyprus selling citizenship has been thriving in the past years and has recently updated to an even more attractive naturalization scheme. Non-Cypriot citizens who satisfy specified criteria and fulfil the terms and conditions described by the Government of Cyprus may apply for the purchase of Cypriot citizenship through naturalization by exception and experience the whole world of benefits of being citizens of the European Union. Taking a second citizenship is a well-developed trend amongst the rich and famous. The passport of Cyprus can be allotted within a six-month period not only for a principal investor but also for their family members. The status is assigned once and for a lifetime and is further inherited.

To learn more about purchasing Cyprus Citizenship, to understand the benefits better, or to resolve any queries, book an appointment today! Our experienced and qualified team would be more than happy to guide you and provide you with the best advice in the market.

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