Obtaining a Cyprus Passport Through Investment

Many citizens from third countries aspire to become full members of one of the European Union states, and this is no longer just a symbol of luxury and prestige. In recent years, residency, permanent residency, and EU citizenship have become a coveted ticket to a comfortable life for the entire family. Who wouldn't want the opportunity to educate their children in the best European schools, receive top-notch medical care, vacation at renowned resorts, and benefit from reliable banking services? However, not all EU states are equally welcoming to potential citizens. Some countries have rather strict programs with quotas on foreign admissions. Fortunately, some nations have more flexible immigration policies that allow for citizenship through simpler procedures.

Cyprus Citizenship

Today, we will focus on Cyprus and its simplified “golden passport” program through investments. In 2013, Cyprus faced the need to attract capital to overcome an economic crisis. The government offered a lucrative deal for wealthy foreigners: citizenship through financial investments. Since the program initially did not require background checks on investors or the origin of their capital, it attracted dishonest individuals, gradually turning Cyprus into a haven for money laundering and shady deals. This raised concerns from the European Commission. As a result, in 2019, Cyprus introduced changes to its immigration laws.

Let’s look at the updated requirements for investors:

Investor Requirements:

• No criminal record or legal issues.
• No prior visa or entry rejections for any EU country, the UK, USA, or Canada.
• The applicant must be an adult with a spotless reputation.
• The investor must provide proof of the legal origin of their capital.
• The applicant must possess a valid Schengen visa.

The application process for a passport takes between 3 to 6 months.

Along with the primary investor, the following individuals are eligible for citizenship:

• Spouse;
• Dependent children under 28 years old;
• Children with disabilities, regardless of age;
• Parents who have no independent income.

Investment Objects and Amounts

To obtain the exclusive right to a passport through investment, foreign citizens must contribute at least €2 million to the Cypriot economy.

These funds can be allocated for:

• Purchasing residential or commercial real estate;
• Opening a business that creates at least five jobs;
• Acquiring financial assets of existing Cyprus-based companies.

Another requirement is the purchase of a private residence valued at €500,000.

According to the amendments, shipping has become a new investment direction.

Additionally, the investment retention period has been extended to five years after obtaining citizenship. Investors can choose one or several investment options, distributing the total investment amount of €2 million accordingly.

Due to the lack of visible improvements for Cypriots from foreign capital, additional fees of €150,000 were introduced for potential citizens, directed to the Development Fund and the construction sector.

Obtaining a Cyprus Passport in 2020

In the international ranking of freedom of movement, Cyprus ranked 16th globally in the first quarter of 2020.

The country’s economy demonstrates high growth rates. Thanks to existing programs, the social sector, including housing construction, is developing. Cyprus offers vast opportunities for business with a favorable tax system that exempts dividends on profits earned anywhere in the world. Another unique feature of Cypriot citizenship is the absence of a residency requirement in the country.

With so many advantages, it’s clear why this option is so popular among clients of the immigration center "Garant.in". While the changes introduced in 2019 somewhat complicated the process of obtaining a “golden passport,” it has not slowed the influx of applicants seeking Cypriot citizenship.

Our experts provide professional assistance in selecting investment options and preparing the necessary documents for the application process. We support our clients at every stage.

Cyprus to Exchange 1,000 Residencies for Passports

One of the most attractive investment projects for obtaining European citizenship is the government program of the Republic of Cyprus. Under its terms, any individual willing to invest €2 million in residential or commercial real estate can receive Cypriot citizenship. For commercial investments, an additional €500,000 is required to purchase a private residence.

Construction Boom of Apartments

The rising interest in Cyprus’ real estate market has led to a surge in activity among developers. Currently, 21 skyscrapers are either under construction or in the planning stages on the island. Over the next three years, foreign investors will be offered over 1,000 luxury apartments.

The construction of high-end housing primarily aims at individuals interested in obtaining Cyprus permanent residency through investment. Each year, around 400 people receive European citizenship through investment in Cyprus.

The skyscrapers, with luxurious apartments in Limassol and Nicosia, will range from 20 to 50 floors. Three buildings will be erected in the capital, Nicosia, and 18 in Limassol, the country’s major financial and cultural hub.

There are also plans for investor-oriented apartment construction in Paphos and Larnaca.

Benefits of Investing in Cyprus Real Estate

The primary benefit of investing in real estate on the island is citizenship, whereas similar programs in neighboring Greece only offer residency. Additional advantages of purchasing apartments include:

• The ability to obtain passports for the entire family within six months;
• The right to work, live, and study in any Schengen country;
• The ability to retain previous citizenship;
• There is no need to pass exams in history or the Greek language;
• The option to sell the property after three years while retaining citizenship.

Other benefits include:

• A straightforward purchase process;
• Low utility bills and property taxes;
• Low crime rates;
• Orthodox religion;
• Excellent business prospects.

Investing in Cyprus real estate offers a great opportunity to live in a warm, developed European country and travel freely across Europe.