EU Citizenship in Cyprus
Obtaining a Cypriot citizenship, not residence permit or visa, has many advantages other than living on this beautiful island. As the state in the EU member, holders of its passport can enjoy all the advantages of the European Economic Area residents, including the right to work, visa-free travel, etc. Legalization of this country, unlike similar programs of other states, allows you to sell an investment asset after 5 years from receiving a passport. Another advantage is a large selection of investment options, including Government bonds and housing.
Here are some advantages of the citizenship program:
- You will receive the passport within 6 months
- Not obliged to live in Cyprus
- Visa-free travel to many countries in the world, including the EU
- No need to give up previous citizenship, hence you have the right to hold a dual citizenship
- A Cyprus citizen enjoys the same rights as any other European
- The citizenship is automatically granted to the spouse and children
- Low state fees when applying for citizenship
- The choice of an investment is vast: real estate, various assets and as well as a combination of different investment types
Investment options include:
- Investment in residential and commercial estate
- Investment in financial assets of Cypriot companies
- Mergers and Acquisitions of Cypriot companies
- Purchase of government bonds
- Development projects
- A combination of the above mentioned options
In order to obtain a citizenship the following must be adhered:
- Minimum investment amount of 2 million euros
- Maintaining the investment for at least 5 years
- Absence of a criminal record
- The investor must be an owner of at least one real estate property in Cyprus, the value of which must be at least 500,000 euros
Residence Permit in Cyprus
Any potential buyer of real estate in Cyprus has the right to obtain a residence permit. The process of obtaining is very simple and takes about 2 months from the date of submission of the documents.
Cyprus is a very popular destination for buying real estate for the purpose of running your own business, which is explained by low taxes and tourist attraction. Corporate tax in Cyprus is only 12.5%, and the inheritance tax is completely absent, Cyprus has an agreement with 57 countries around the world on the refusal of double taxation.
The conditions for obtaining residence permit in Cyprus are better and easier than in any other country in the European Union.
Procedure for obtaining residence permit:
- To pay at least € 200,000 (excluding VAT) of the total cost of the facility.
- Funds for the purchase of real estate must come from sources outside Cyprus.
- The annual income of the buyer should be at least 30,000 euros increased by 5,000 per spouse (a) and each dependent family member, and 8,000 euros for each applicant's parent.
- It is required to provide a certificate from a Cyprus bank of sufficient funds of an amount of 30,000 euros.
- To provide a clean criminal record certificate to all family members who apply for a residence permit.
- The applicant and his spouse, as well as their adult children, must write a statement that they do not pretend for employment in Cyprus.
- Applicants receive a residence permit automatically, as well as adult children under 25 years old if they are students.
- In the event that the applicant has a child that is 25 years old and wishes to obtain an Immigration Permit, the applicant must purchase real estate valued at 600,000 euro.