Investors: Applying For A Cypriot Passport? Read Our Guide
Contributed by GoOffShoreNow
26 November, 2018
The Cypriot Government has developed several incentives to draw in foreign direct investment into the country. One of these is a citizenship-by-investment system that grants full Cypriot citizenship to those that invest over 2 million EUR. Successful candidates gain the right to live, work and study in all 28 EU member countries.
Non-European investors, as well as their families, can gain citizenship in Cyprus via a program called "Cyprus Investment Scheme".
Candidates must first purchase Cypriot real estate, that will be declared as their permanent residence. Afterward, invest in the Cypriot economy, such as a financial investment. Lastly, before obtaining the passport, they must visit Cyprus to provide their biometrics.
Cypriot citizens can take advantage of a range of benefits, such as:
- Visa-free accessibility to almost 160 countries
- The opportunity to maintain dual citizenship if desired
- A low tax regime, safeguarding residents from, worldwide income, inheritance, and gift tax
- Cyprus residents have access to great education and healthcare systems as well as advanced infrastructure
The whole process of applying for citizenship is meticulous and requires careful preparation work to gather all the information needed. Application timelines may differ and be hard to predict and typically depend on how quickly an applicant can provide the required paperwork.
It is generally advised that it can take between 4 to 6 months to obtain citizenship after an application for citizenship is submitted.
What about the investments?
The investment in real estate should be kept for a minimum duration of 3 years. At the completion of the 3-year period, the stake can be decreased to an EUR500,000 private property which should be held indefinitely.
The candidate can make multiple property purchases, so long as the total value of EUR2 million is maintained for three years, and as the absolute value of the residential property owned indefinitely in Cyprus continue to be equal to or above EUR500,000.
What kind of options do you have?
2.5 million EUR (combination of real estate or investments).
An investment of EUR2 mill situated in Cyprus, such as:
- Production, purchase or partnership in a Cypriot company or business where the candidate is a majority shareholder, having activities in Cyprus and hiring 5 Cypriot or EU nationals, that have been residing in Cyprus for at the past 5 years before the filing of the citizenship application
- An Alternative Investment Fund or financial assets of a Cypriot entity licensed by the Cyprus Securities and Exchange Commission (CySec), with activities in Cyprus
- Investment in Residential Property
- Investment in Commercial Property
- Investment Infrastructure
- An EUR500,000 investment in residential property, which must be held indefinitely.
Acquiring a Cypriot passport can be a challenging procedure.
We can help ease the process by leveraging our local network for your needs.
Our advisors have access to secure trustworthy real estate options if needed.
We handle all document processing and ensure an efficient and smooth application.
Book a consultation today to see how we can help accelerate or begin your Cypriot citizenship.
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