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Cyprus Citizenship Purchase

Citizenship Purchase is a way through which an individual can gain a citizenship and passport to a country in return for an appropriate investment.

There are multiple programmes of this type available, with the cost of investment ranging from anywhere between $100,000, all the way up to $2.5 million. These investments can come in the form of contributions to investments in property, business, or government bonds, with payment being made in cash non-refundable. Every year, around five thousand people acquire a new citizenship to a desired country through making such investments after thorough assessments have been conducted on their finances, as well as due diligence checks. The average processing time varies from six months to as fast as a period of between two to three months. Others can take longer, with the process potentially taking more than a year to be finalised. Only a few of these programmes expect the candidate to visit said country in order to receive citizenship as the first step of the process.

Countries like the U.K., Malta, Cyprus, St Kitts & Nevis, and Netherlands are among those which offer citizenship by purchase or citizenship by investment. Other countries have established similar programmes recently, however, 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 become more attractive to potential investors and increase funding towards reconstruction work after the damages made by the 2017 hurricane. Do you already know the interesting Cyprus Individual Investor Programme (IIP)? The majority of candidates on these types of programmes come from countries with growing market economies, such as Turkey, Mexico, Vietnam, India, Russia, and China, and various other Gulf countries. Nevertheless, demand for citizenship via investment continues to grow 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.
  • Submission of the application for citizenship and residence occur concurrently.
  • The candidate is not required to undergo any language testing 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 €500,000 value share of the primary applicant’s residential property.
  • Applications can be submitted by all civil unions.
  • Applicants are not required to give up the nationality they currently hold.
  • Cyprus offers comparatively lower tax rates than other European countries, with the added benefit of free trade opportunities across the European Union.
  • The right to live, work and study within Europe is unlimited, and candidates also have the right to purchase and own real estate in any country that is a member of the EU.
  • There are a number of advantages owing to Cyprus’ geographical location, which is positioned in the Mediterranean Sea between the EU, North Africa and the Middle East.
  • Cyprus offers an exceptional quality of life, being one of the world’s safest countries when it comes to crime rates.
  • Alongside this, it boasts a fantastic educational system, with renowned university establishments providing education to nationals free of charge. These benefits are availed not only in Cyprus but even in other E.U. universities as well.
  • The government system of healthcare is exceptional and run by the Republic of Cyprus Ministry of Health and funded by taxes from the nationals. All citizens can access it for free.

Eligibility Criteria For Cyprus Citizenship Purchase

Offered under a subsection of section 111A of the Civil Registry Laws 2002-2019, the investment program for Cypriot citizenship is among the quickest to successfully grant residency and citizenship by investment Europe. To qualify, applicants must fulfil one of the options for investment outlined and maintain it for a period of five years along with satisfying the following guidelines:

  • The main applicant must be a minimum age of 18 years
  • The principal applicant must be a holder of a valid passport, a clean police conduct record and a Schengen visa.
  • They should have no assets that have been frozen within the EU boundaries and not be denied from any European Union member states.
  • Prior to being granted citizenship, the main applicant must have owned a residency permit for within the Republic of Cyprus for a period of six months, and own a Republic of Cyprus based residence valued at least €500,000, which is both permanent and private.

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.A €75,000 cash gift made payable to Cyprus’ Research and Innovation Fund, or a different innovation enterprise which has been certified.
b.A €75,000 cash gift made payable to the Cyprus Land Development Corporation
  • Choose from any of the below options of investment:
  1. An investment made to real estate, infrastructure focused projects or the development of land: 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. Participating in, establishing or purchasing companies or businesses in Cyprus: Candidates may finance at least €2 million for the acquisition or participation within organisations which have been established and which operate within the Republic of Cyprus. Applicants 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. An investment made to financial assets of Cypriot organisations or the alternative investment funds: Candidates may finance in units of a minimum value of €2 million in Alternative Investment funds which are registered, the Alternative Investment Funds or Cypriot companies/organization’s financial assets, as long as said businesses are accredited by the country’s 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 must be of a minimum value of €500,000, including the tax. If the person chooses to opt for the real estate investment option, then the property is permitted for inclusion within the €2 million investment quota.

Documents Required

To purchase Cyprus Citizenship, the principal applicant must submit the below documentations as part of the Cyprus Citizenship application:

  • Certification from police within the candidate’s country of origin and residence (if they differ) evidencing a clear criminal record.
  • Their birth certification, medical certification, CV and a passport copy.
  • If married, the applicant must include an attested copy of their wedding certificate.
  • A letter clearly explaining the selected investment which the application is being submitted under written by the candidate or their delegate.
  • An entirely correct and completed form of application, which has been signed in the court for Registrar of a Cypriot.
  • A Republic of Cyprus license for residency.

According to the rules of this program, the primary candidate’s dependents can also apply for citizenship under their application. This includes their spouse, parents and children, as long as they are minors or are dependent adult children (for the latter, they must be within education and under 28 years of age)

Here is a listing of the dependent’s documents which are required as part of the application:

  • An entirely correct and completed form of application, which has been signed in the court for Registrar of a Cypriot.
  • A copy of the investor’s Naturalization certificate.
  • A copy of the Investor’s Cypriot passport.
  • Their birth certificate and a copy of their passport, along with medical certification and their CV.
  • Certification from police within the candidate’s country of origin and residence (if they differ) evidencing a clear criminal record.
  • In the case of the applicant’s spouse, they must include a certified copy of their marriage or civil union certificate.
  • Two passport size
  • A Republic of Cyprus permit for residency.
  • An undergraduate degree copy, which a genuine academic institution has stamped.
  • The applicant, if they wish to sponsor their parents, needs to provide evidence showing the purchase of the permanent residential property.

Approved Agent Application:

Individuals who want to purchase citizenship will need to do so under the services of an agent who has been approved and who are fitted to provide guidance throughout the whole of the application process. These individuals are trained, recognized and licensed within their professional field and conduct their work on behalf of a firm. They are appointed by the Republic of Cyprus to be responsible for these applications and strive towards their professional values and clear lines of communication.

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: To start with, you will need to organise a visit to the Republic of Cyprus. The individual needs to visit the properties in Cyprus in the presence of a legal agent. They must select a property to meet the required €2 million investment and place a deposit to reserve the property and begin the purchase process. If the investor is unable to visit in person to make the purchase, then they are permitted to complete this step remotely.

Step 2: Once invested, the process of application for both the primary investor and their spouse starts. All the due diligence tests are carried out, and the needed documentation is prepared. Parallelly, application is also made for a permit of permanent residency, which can be fulfilled in a period of two weeks or less. Before collecting the passport, each candidate must have held a PR card for a span of six months.

Step 3: The candidate needs to submit the biometric data either in person during a visit to the country or by making a filing at an embassy for Cyprus. 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 a certificate of approval which is ‘in principle’.

Step 5: After holding the permanent residency cards for at least a six month period, 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

According to rules outlined in the global residence programme, the country of Cyprus permits 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 get your queries answered or to further understand the advantages of these programmes, you can make an appointment booking now. Our friendly expert team is waiting to provide guidance and offer you the best tailored advice in the market.

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