The Cyprus Citizenship by Investment Program – Overview

Answers provided by Astons Immigration Attorneys

The Cypriot Citizenship by Investment program currently offers the quickest route to citizenship within the EU from application submission in only 180 days. It is the only direct citizenship program offering fast access to a European lifestyle from a minimum investment of €2,150,000.

Cyprus citizenship grants applicants and their families the freedom to live, work or study in any of the 28 European member states with unrestricted visa-free access to over 173 countries worldwide. Attaining a Cyprus passport is one of the most cost-effective options, as investors may significantly reduce their property investment amount to €500,000 after 5 years from the citizenship being granted.

Benefits

The principal advantages of the Cyprus CIP includes:

  • The fastest route to EU Citizenship. Passport granted in 180 days
  • Visa-free travel to 173 countries, including UK and EU
  • Entire family eligible, including spouse, children, adult dependants up to 28 years old, as well as parents of the main applicant
  • Member of the EU. Enjoy EU freedoms to live, work, study, or travel anywhere in the EU
  • Minimum investment period. Investments to be kept for 5 years after citizenship is granted
  • UK settlement status. Easy three-step process to UK Settlement by proving EU identity, UK residence & clean criminal record
  • Attractive tax regime. Zero taxes for nondomiciled individuals. No dividend tax and no inheritance tax
  • “Insurance policy” with family security guaranteed. Have a plan B for economic & political stability
  • Education matters. Provide your children with access to top-rated universities with lower EU tuition fees
  • Dual citizenship. Cyprus allows for dual citizenship
  • Valid for life. Transferable to descendants

Investment options

With a plethora of investment options on offer, from the smaller residential properties to luxury villas and also prime commercial property, Cyprus is genuinely one of the best locations to invest in.

To qualify for the program you can either invest in residential real estate or a combination of real estate and other investment instruments. Either option involves a non-refundable government donation. After 5 years both options allow reduction of investment to €500,000 indefinitely held residential property.

OPTION 1

€2,150,000 = €2,000,000 real estate + €150,000 donation

  • €150,000 donation: €75,000 to the Research and Innovation Foundation of Cyprus and €75,000 to the Cyprus Land Development Corporation.
  • €2,000,000 minimum investment (exclusive of VAT, if applicable) in residential real estate with option of multiple purchases to make up the required real estate investment value.
  • The minimum investment period is set for 5 years, after which all the acquired assets can be sold, allowing you to release your capital. However, 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.

OPTION 2

€2,650,000 = €2,500,000 Combination of investments + €150,000 donation

  • €150,000 donation: €75,000 to the Research and Innovation Foundation of Cyprus and €75,000 to the Cyprus Land Development Corporation.
  • €2,500,000 investment in any one or a combination of the below: 
    — Real estate including residential, commercial, infrastructure and land (providing the land has a development plan in place) 
    — Creation, participation in or acquisition of a Cyprus company 
    — Investments in shipping investment sectors 
    — Alternative Investment Funds (AIFs) or Cyprus entity of financial CySEC regulated financial assets, with activities in Cyprus
  • The investment must be kept for a minimum period of 5 years.

Process

Astons’ focus is to provide a hassle-free and seamless service assisting you with the citizenship application. We will guide you through every step of the Cypriot citizenship acquisition process with due diligence and care, ensuring that your application is submitted correctly and followed up to application approval.

1.Talk to Astons immigration advisors

Our specialist immigration advisors will evaluate your personal circumstances and assist you in selecting investment options most suitable to you, matching the requirements with the application criteria, to ensure successful application.

2. Choose investment options

Investing in Cyprus has never been so attractive, not only bringing you a high-quality property investment, but also a much-coveted European passport.

Visit Cyprus to view properties

3. Visit Cyprus to view properties and evaluate investment options

Based on your requirements we will carefully select the most suitable properties for you and arrange direct viewings in Cyprus.

4. Sign a contract of sale and submit biometrics

While you are in Cyprus, and after selecting the property, you’ll be required to sign a contract of sale and provide biometrics at the Civil Registry and Migration Department (CRMD).

5. Prepare and submit the citizenship application

Our immigration specialists and lawyers will evaluate all documents with due diligence and care and submit your citizenship application to the Ministry of Interior, for preliminary approval.

6. Receive an application approval

Once you receive an application approval from the Ministry of Interior, the procedure for the acquisition of the Cypriot citizenship will be concluded, following the completion of a 6 month period holding the residence permit.

7. Acquire a Cypriot Passport in 180 days

In just approximately 180 days, you can become a Cypriot citizen and enjoy all the freedoms that EU citizenship offers, including visa-free travel to 173 countries worldwide.

After citizenship has been granted to the main applicant and spouse, Astons will collate and submit all documentation required (including proof of investment made by parents), for minor, adult children and parents.

Astons  – Leading Cyprus Citizenship Provider. 

With offices in Limassol, we ensure that our clients can expect to receive a warm welcome in Cyprus with all travel experiences covered by us. We meet and greet, show properties for investment and handhold the clients until citizenship is granted, also advising on secure investments and covering all relevant relocation matters. With Astons, acquiring Cypriot Citizenship is hassle-free and straight forward. We leave no stone unturned so you can relax in the knowledge that your application is being handled by expert professionals.

Our tailor-made citizenship package includes:

  • Property search and acquisition: From smaller residential properties to high-value luxurious developments, we select the most lucrative  property projects for you to invest
  • Property check: Astons undertake thorough checks within all our developments so that our clients can invest with complete confidence.
  • Price negotiations: We protect the client’s interests in communication with developers and always lower the price based on good insight into the Cyprus property market
  • Citizenship application submission: We oversee the whole document package preparation for further submission and provide full support up until the moment the applicant obtains citizenship
  • Optional assistance with UK relocation: As an EU citizen with a Cyprus passport you can relocate to the via your UK residency application (if the UK is your target destination)

For more information, contact Astons Immigration Attorneys.