Cyprus Citizenship by Investment Program – FAQ

Answers provided by Astons Immigration Attorneys

Why is the Cyprus CBI program attracting so many international investors?

Cyprus Citizenship program offers fast access to a European lifestyle with a Cyprus passport obtained in just 180 days. It is the only citizenship program offering such a simple and efficient way of obtaining dual citizenship. 

The main advantages are as follows:

  • Freedom to live, work and study anywhere in the 28 EU member states 
  • Global mobility and visa-free travel to 173 countries, including the UK and Europe  
  • A short route to relocate to the UK and start the journey to UK Citizenship 
  • Family-friendly Citizenship Program – spouse, children, and parents can be included in the application
  • A better quality of life for the family, including better education for children, access to top-rated universities and better healthcare
  • Increased personal security 
  • Attractive tax regime with no tax for non-domiciled individuals, no dividend tax and no inheritance tax
  • Valid for life and can be passed on to future generations

Can I relocate my family to Europe if I use Cyprus CBI program? Which other family members are entitled to Citizenship?

Yes, you can also bring family members if you apply for citizenship by investment in Cyprus. Qualifying family members include spouse, minor children, adult children up to 28 in education and parents of the main applicant.

What are the eligibility criteria for participating in the Program?

There are a few requirements that have to be met in order to obtain Cyprus citizenship, which are:

  • The main applicant must be 18 years of age or above
  • Have a clean criminal record
  • Have no frozen assets within the EU as a result of sanctions
  • All applicants have to be in possession of a Schengen visa
  • Adult family members must visit Cyprus in order to submit Biometrics for initial Residency Permit, which must be held for 180 days.

How long does it take to acquire a Cyprus passport?

Government review of the client’s application takes 6 months, during which time client must possess a residency permit in the Republic of Cyprus. 

Do I need to live in Cyprus prior to obtaining the Cyprus Citizenship?

You must visit Cyprus to submit Biometrics, receive a residency permit, which you must hold for 6 months before citizenship is granted.

How much does it cost to invest in Cyprus for citizenship?

The total required investment starts from €2,150,000.The applicant may choose to invest in residential real estate or a combination of real estate and other investment instruments. Either option involves a non-refundable contribution. 

  • 1st option: €150,000 non-refundable contribution + €2,000,000 residential real estate investment (plus VAT if applicable), with the option of purchasing one or several properties to make up the required real estate investment value.
  • 2nd option: €150,000 non-refundable contribution + €2,500,000 combination of real estate and/or other investment instruments. 

Both options involve a non-refundable contribution of €75,000 to the Government Research and Development fund and €75,000 to the Land Development Organisation. 

What is the mandatory Investment term?  How long should my investments be kept for?

The investment term is 5 years. After which, all the acquired assets can be sold, allowing you to reduce your investment to €500,000. In order to retain Cyprus Citizenship, the applicant is required to hold real estate to a minimum value of €500,000 as their main address.

Am I allowed to rent my privately-owned residence as well as other purchased real estate?

Yes, you are. It is possible to rent out your privately-owned residence as well as other properties you have invested in Cyprus. Cyprus Citizenship not only brings a much coveted second passport but also a high quality property investment, with potential regular rental income and return on investment.

Is the CIP real estate investment limited to new properties, or am I able to invest in resale properties?

The eligible investment is not limited to properties purchased for the first time (new properties). You can invest in any property resale or new. The difference for new properties is that you pay VAT which is not considered part of your investment. It is worth mentioning that if investors choose to invest in resale property, which was owned by another CBI applicant who has already been granted citizenship, the required investment amount is increased from €2,000,000 to €2,500,000. €2,500,000 would be also an entry criteria when purchasing not only residential but also adding commercial, infrastructure and land (providing the land has development plan in place) to your investment portfolio.

I am not a B2C client but have a strong interest in the program from my connections. Is there an opportunity for B2B to grow the business together?

As a trusted advisor, Astons supplies a range of ‘on-the-ground’ B2B support, offering ‘White Label’ service which gives our partners the opportunity to offer Cyprus solutions to clients under the partners’ brand name. This way, our partners stay in direct communication with their client, whilst Astons handles the entire process. We also offer a partnership under our Referral scheme, which not only gives a grand opprotunity to enrich your services or expand your business into new jurisdictions, but also to receive a comission. 

What services do Astons offer? What is your unique feature?

Astons trusted Immigration Advisers will walk you through the process every step of the way, giving you peace of mind that your application will be successful. With offices in Limassol, we ensure that our clients receive a warm welcome in Cyprus with all travel experiences covered by us. We meet and greet, show properties for investment and support the clients until citizenship is granted, also advising on secure investments and covering all relevant relocation matters.

Our tailor-made citizenship package includes:

  • Property search and acquisition: from smaller residential properties to high-value luxurious developments, we select only the most lucrative properties for you to invest in
  • Property checks: clients can invest with total confidence knowing that Astons complete thorough checks within all our developments 
  • Price negotiations: we protect clients’ communication with developers and strive to negotiate a lower price based on expert knowledge of the Cyprus property market
  • Citizenship application submission: we oversee the entire document package preparation for further submission along with complete support up until the moment citizenship is granted
  • Optional assistance with UK relocation: If the UK is your target destination, we’ll be happy to assist you with your UK residency application, once you acquire your Cyprus passport. 

With Astons, acquiring Cypriot Citizenship is a hassle-free and straight forward process. We leave no stone unturned so you can relax in the knowledge that your application is being handled by expert professionals.