- Does a Permanent Residency Permit (PRP) lead to Cyprus Citizenship?
A PRP holder may be granted Cyprus Citizenship by naturalization following seven consecutive years of residence in Cyprus.
- What is the eligibility criterion for obtaining Cyprus Citizenship by Investment?
- Minimum investment of €1.5 million in real estate or a minimum of €2 million in other investment options;
- Residence amounting to €500,000;
- The main applicant must be 18 years of age;
- A clean police record;
- There are no minimum visit requirements.
- How long is the application process for obtaining Cyprus Citizenship by Investment?
Prior to filing in application, one must obtain the investments and purchase residence amounting to €500,000. Once an application is filed, the authorities then have 3 months to process the file. Following which, the Cyprus passport is issued.
- What kind of investment is required?
There are various options, and an applicant may opt for one of the following:
- Investment in Cypriot companies, which also needs to be maintained for three years;
- Investment in land development or real estate;
- Investment in Cyprus Alternative Investment Funds, or Cypriot public companies;
- Mixed investment
- In cases where an applicant already owns a residential property in Cyprus, would he/she be required to purchase an additional property?
If the existing property is worth at least €500,000, then the applicant is not required to purchase additional property in order to satisfy the residency requirement. In the case that the value of the existing property is less than €500,000, then the applicant must purchase an additional property.
- Does an applicant need to live in Cyprus prior to obtaining Cyprus Citizenship by Investment?
No, the Cyprus Program does not have any residency requirements. This is the only program within the EU without such requirement.
- Does the Cyprus Citizenship by Investment Program expire?
No, it does not, nor is there any capping on the number of passports issued.
- What are the application fees?
The fee for submitting a Cyprus Citizenship application is €2,000 for each applicant. Once the naturalization certificate is issued, then an additional €5,000 is payable to the Cypriot authorities.
- What are the benefits of obtaining Cyprus Citizenship?
- Free movement of goods, services and capital within the EU;
- Access to 157 visa-free destinations;
- Valid for life and can be transferred to descendants;
- The process is 3 months long- one of the shortest timeframes;
- There are no minimum residency requirements prior to citizenship.
- A Cyprus Residence Permit is issued within 2 months;
- No language test.
- Why should I invest in Real Estate?
Following the financial crisis in 2012, acquisition of Cypriot property has become an increasingly attractive investment and this is attributed to Cyprus’ current thriving economic status. Cypriot economy has been expanding rapidly, with growth accelerating since 2015. The island has been among the top five Eurozone performers in 2017, with an impressive growth rate of 4.2% following a rate of 3.8% in 2018.
The real estate market is expected to continue improving in the coming months as well as improvements in the banking system and an increase in investor confidence mainly attributable to amendments in the legislative framework; offering tax incentives and protection to homebuyers from fraud. Investing in Cyprus’ real estate comes with the opportunity of EU Citizenship – together with the multitude of benefits and rights that it brings along, as well as the security of a market which is steadily on the rise.