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Beauties of occupied Cyprus

European Citizenship

The Cyprus Government has approved a revised scheme for granting Cypriot citizenship to non-European entrepreneurs and investors.

 

The most important changes are:

  • The investment amount has been reduced to €2 million
  • No need for collective group application
  • The bank deposit option has been abolished
  • The maximum bond amount has been set at €500 000
  • Parents of the investor are entitled to apply

 

Requirements and Conditions

 

  • Approval will be issued within approximately 3 months.
  • €2 million (plus Vat if any) Investment in a selection of Residential Properties, out of which one property is to be used as a permanent residence of a minimum value of €500,000 (plus VAT if any). The remaining € 1.5 million can be invested in a range of residential properties only, which may be resold after 3 years. 
  • €2 million (plus vat if any) - Investment in a single property to be used as a residence.  The residence must be retained by the investors for a period of 3 years. After 3 years the Investor has the right to sell his property and buy another at a minimum value of €500,000 (plus VAT if any). 
  • Members of the same family, who apply separately can acquire a residence, provided that the total value of this property covers the amount of €500.000 per each applicant.  
  • If the purchase value of the permanent residence exceeds the amount of €500.000, part of this additional amount can be used for purposes of supplementing the total amount of the investment made in the basis of the criteria of Part 2 above.
  • Any property/ ies purchased during the past 3 years, can also be included in the required investment amount.
  • The applicant, prior to his naturalization as a Cypriot citizen must hold a residence permit in Cyprus.  If the applicant does not already hold a residence permit, he may apply for an immigration permit on the basis of Regulation 6(2) of the Aliens and Immigration Law, simultaneously with the application for naturalization. 
  • The program applies to the immediate family of the applicant i.e the spouse and dependent children up to the age of 28 if full time university students.
  • Applicants must hold a clear criminal record from the country of origin and the country of residence (if different). 
  • No requirement to physically reside in Cyprus, before/ after approval. 

Benefits

  • Cyprus allows multiple citizenship
  • Same rights as any European Citizen
  • The whole family can obtain citizenship
  • You can travel, live, work and study anywhere in the European Economic Area (E.U, Iceland, Liechtenstein and Switzerland)
  • Additional insurance against political instability
  • Travel to 157+ countries without a visa
  • Zero inheritance, gift, wealth and immovable property taxes
  • Access to some of the highest education and healthcare institutions in the world
  • The investor is able to rent out his residence
  • Offers an effective tool for family and tax planning
  • Free movement of capital, services and goods
  • The eligible investment is not limited to properties purchased for the first time.
  • This is an investment NOT a donation