Cyprus citizenship per investment – Citizenship of EU – Naturalization

Basic goal of the economy policy of the Cyprus Republic is to further encourage foreign direct investors and attract high-income individuals for their establishment and operation in Cyprus. For this reason it introduced new economic criteria under which non-Cypriot investors can acquire Cypriot citizenship. Therefore, in order to obtain the citizenship of Cyprus, we must follow a law-based procedure and our law firm has highly qualified staff that can help you through the whole process. It should be noted that the Republic of Cyprus recently, due to a competitive – attractive package of naturalization, is being pressured by the EU to change the economic criteria and it seems more likely than unlikely to legislate the economic criteria, which one will be the same in all EU countries with a possible amount of this investment set at €5.000.000. Therefore for those who are really interested in such Investment – Citizenship process, this is the best time to do so.

Investments options that you must have to acquire the Cyprus Citizenship.

  • If the investment concerns commercial type real estate for example shops, shopping centers etc., the minimum amount of the investment must be €2.000.000 plus the transfer costs if it’s used plus V.A.T 19% if it’s new one. In this case the investor must buy a property that will be a permanent residence in Cyprus; the property should cost at least €500.000 plus the transfer cost if it’s used, plus the V.A.T 5% if it’s new property.
  • In cases that the investment is of Residential type then the minimum investment amount is €1.500.000 plus the transfer costs if the residential type investment is used plus V.A.T 19% if it’s new one. Furthermore the permanent residence which is a statutory requirement by law in this case may be part of the Residential Investment etc. to be a penthouse of the block of flats you bought and that’s worth €2.000.000, then no other investment needed and is now more economical. If the investor choose to invest exclusively in real estate to cover the requirement of €2.000.000, the cost of the residential estate is included at the € 2.000.000. With this way, the total minimum investment amount remains at €2.000.000, which includes home purchase minimum amount of €500.000 plus transfer costs if it’s used plus V.A.T 5% if it’s new.
  • In case where you are interested for participation or purchases in a Cypriot company, then the invest  must be at least €2.000.000 and in that case the company will have to apply for a share capital increase to the Registrar of Companies and once approved, you can proceed with the investment. If your choice is your participation in Cypriot Companies then simply as your law firm we would like to draw your attention to the uncertainty of such investments. In this case the investor must still buy a property that will be the permanent residence in Cyprus; the property should cost at least €500.000 plus the transfer cost if it’s used, plus V.A.T of 5% if it’s new.
  • The above option includes inter alia investments in government bonds the value of which is limited and must not exceed the amount of €500.000. This category by its nature is more complicated and the most time-consuming process. You will have to buy 4 government bonds in the amount of €500.000 to reach the legal minimum investment amount of €2.000.000. In this case the investor must buy a property that will be a permanent residence in Cyprus, which property should cost at least €500.000 plus the transfer cost if it’s used, plus the V.A.T 5% if it’s new.
  • The investor can combine according to the type of the investment which they prefer to choose and involve the three options above, in order that the minimum amount of their investment will be €2.000.000. It is recalled that even in this case, the investor must buy a property that will be a permanent residence in Cyprus, which property should cost at least €500.000 plus the transfer cost if it’s used, plus the V.A.T 5% if it’s new.

Implementing criteria

  • Applicants must have a clear criminal record from their country of origin and/or their country of residence.
  • The investor before the naturalization as Cypriot citizen must be a holder of a residence permit in Cyprus, he is not obliged to be in Cyprus and the permit can be settled through our office. Also to maintain a permanent residence in Cyprus of minimum value €500.000 + V.A.T.
  • Candidates must be in possession of a residence permit in Cyprus and this will involve the well-qualified staff of our Law office, in order to be entitled to receive Cypriot citizenship and should therefore apply for a residence prior to filing their application for citizenship.
  • There is no requirement to have a physical presence in Cyprus.
  • The claimant must provide proof of payment of the full amount of the investment in order to process the application, which will be settled with our help.

Who is Eligible

  • Any investor who is 18 years old or older.
  • The spouse of the investor and their under aged children, as well as economically dependent adult children up to the age of 28.
  • The parents of the investor, with the condition of acquiring a residence of minimum value of €500.000 + V.A.T.

Processing Time

The processing time is 6 months mandatory by law and the time starts from the moment the investor submits the full investment amount.

Main Benefits of Cypriot Citizenship

  • The investment is merely € 2.000.000.
  • The investor has to maintain the investment for only 3 years after which he is free to resell it.
  • Citizenship can be granted to the spouse of the investor, to the under aged children and to the economically dependent adult children up to the age of 28 as well as to the investor’s parents provided that they acquire at least €500.000 plus V.A.T if it’s new plus transfer costs if it’s used.
  • There is no requirement to stay in Cyprus.
  • There is no requirement of language.
  • Visa-free travel to more than 150 countries around the world.
  • Access to all rights of an EU citizen protected by EU legislation: freedom to work, study, residence in any EU member State, as well as in Switzerland, Norway, Iceland and Liechtenstein.
  • There are no lingual tests.
  • Dual citizenship is permitted and the acquisition of citizenship in Cyprus is not mentioned in other countries.
  • There are little government fees for submitting the application.
  • There is a wide choice of investment options, without any requirement to donate your wealth.
  • The investor may choose to be taxed with the Cyprus favourable data if he desired.

Note: Our Law Firm can take on the entire process from the beginning until the end. It can also prepare various investment packages by choice of the customer of Residential, Commercial Real Estate, Shares, Government Bonds etc. All the above are summaries of procedures that are ultimately the ones that really concern the investor, since all the rest are taken over and settled by our Law Firm. Anyone who interested and without any absolute commitment can contact us through email michalis@michalisneokleousllb.com and phone number mentioned below.

Find out more

If you are interested to learn more about the process, please contact us to book an appointment.