How to apply for Cyprus citizenship after buying a property and obtain passports for all family members

Andrei has a large family (a wife, two children under the age of 18 and two parents who depend on him financially). In 2017, Andrei expressed a desire to purchase real estate abroad for personal use and, as a result, obtain citizenship. One of the selection criteria was the ability to visit Canada without visas.

Andrei wished to obtain a passport of a favorable state. He knew that among the European citizenship programs there is a choice between Malta and Cyprus, accordingly, he chose the assistance in obtaining citizenship of Cyprus when buying real estate. The disadvantage of Malta is that the lion's share of investment funds goes to the state fund, which is not profitable.

Citizenship program

Cyprus:

• the minimum amount of investment - 2 million euros;
• the minimum amount of investment in real estate - 2 million euros;
• price for a single applicant - 2 million euros + fees and taxes;
• price for a family of six - €2 million + fees and taxes. 

Why Cyprus In Cyprus,

all money is invested in real estate. In addition, it can be sold after three years. Citizenship is retained. However, in the ownership of the passport holder must remain an object worth 500 thousand euros.

In Cyprus, you can get a passport after 6-8 months. The procedure itself is simpler in Cyprus. In addition, Malta often refuses to obtain citizenship: the percentage of refusals is 18.

The passport of Cyprus allows you to open a long-term visa of the States.

About the Cyprus real estate market

It is not easy to choose a property, as many of them are overvalued (the impact of the citizenship program). We advise you to study the offers of developers very carefully. In some cases, the proposed price is 50-100% higher than the real one. The cost also increases the limitation on the amount of land in Cyprus.

Andrew chose to get a residence permit in Cyprus when buying real estate, the option with a project that provides for the construction of three villas in Limassol. It was possible to contribute funds in two ways: to obtain full or partial ownership.

The essence of partial ownership: the applicant buys a villa with a price of 2 million euros plus taxes. After three years, the developer undertakes to buy it back for the same price. Alternative: exchange for a property worth 500 thousand (one and a half million returned in cash equivalent). The investor can keep the villa. According to forecasts, the value of the property rises to 2.5 million euros after surrender. In addition, the property can be rented out.

How the registration took place

• Reservation of the property (prepayment of 10%). Signing a contract with a lawyer. The term of reservation of the property - 1.5 months.
• Checking the documents, signing the contract (payment of 50% of the cost of the property).
• Issuance of the acquisition authorization by the Council of Ministers.
• Payment of VAT (19% - full amount, 5% - preferential rate). Deposit of the remaining money.
• Receipt of the Certificate of Ownership. Payment of transfer tax. After the purchase of real estate

Andrei started preparing a package of documents for citizenship. It was collected in 20 days. The whole process of registration took 7 months. The first to receive passports were the applicant, his wife and children, later - his parents.

The average waiting time in Cyprus is 6-8 months. In some cases, the local authorities may request additional documents: utility bills, proof of legal origin of funds, proof of financial solvency and so on.

It is necessary to provide only real data. For example, information about sources of income and business is carefully checked.

If the applicant has no current convictions for serious crimes, if he is not wanted and sanctions lists, the chances of successful completion of the case are high.

Main information

Andrei decided to favor this option because:

• the property is located in the second largest city in Cyprus. Specifically, it is located in the elite part of Limassol;
• the property fully satisfied the applicant's criteria;
• If Andrei decides to sell the property, its value will be equal to 2.5 million.

It should be noted that the applicant preferred the option with a guaranteed return of funds. Expert opinion (Andrey Boyko, General Director of the center “Garant”)

Approach the choice of real estate in Cyprus should be extremely careful, because most of the objects are overvalued. What you see on the pictures does not always correspond to reality. We recommend that you choose a few objects before arriving in the country, so that on the spot you can see them for yourself.

Give preference to developers who have successful cases in their portfolio. 

Conclusions

 When choosing a real estate object in Cyprus, take into account the following points:

• whether the object is built to world standards;
• how much is a similar object on the secondary real estate market;
• whether you can later return the money invested;
• whether there are additional costs in the form of duties and taxes;
• what income from the object and whether it can be rented out;
• whether there is a developed infrastructure nearby. 

In addition to real estate, pay attention to the following criteria:

• Whether there is a guarantee of citizenship;
• how complicated the procedure is;
• how effective is the program itself. 

If there are difficulties when choosing a Cyprus residence permit for Russians, contact a specialist.