Cyprus citizenship by investment is undoubtedly the fastest and most affordable route to getting EU citizenship. Many have described Cyprus as one of the EU’s tax-havens. Although the nation may not be as prolific in its banking sector as before, the most exciting advantage of holding a Cypriot passport is that you can live wherever you want within the EU.
Compared to other nations, Cyprus is a relatively small island-state. Its citizenship by investment program has altered the country’s outlook thanks to the several real estate investments in the capital, Limassol.
Basically, the good thing with participating in Cyprus citizenship by investment scheme is the fact that you can choose to invest rather than donate. Thus, you’ll be getting a return on your investment – this simply means you getting paid as a reward for obtaining a Cyprus passport.
Due to the fact that several Russian investors have taken advantage of the Cyprus citizenship by investment program, the nation is now dubbed the “Moscow of the Mediterranean”. As a result of this influx and massive investments in Cyprus’ real estate, Limassol now has one of the most developed marinas in the world today.
The drawback Cyprus has is that the country lacks a huge domestic economy to support it. So, if the bodies governing the EU were to secretly force the country into closing down the program, no one can accurately predict how this will impact all the luxury apartments and villas in the country.
One thing we know for sure is that the real estate wouldn’t be very liquid.
With the introduction of new stringent rules that now includes a required donation of €150,000, luxury property sales in Cyprus have seen a reasonable dip. Thus, if sales made through the Cyprus citizenship by investment do not support it, the Cypriot real estate industry could be in jeopardy.
So, the question posed is – does Cyprus really offer a citizenship by investment scheme, or is the program disguised as a sort of donation? Is it a better option than what you stand to get from a cheaper citizenship by investment alternative?
Obviously, you alone can make this decision.
However, we can boldly tell you that Cyprus citizenship by investment is the most affordable (since you’ll be definitely getting your investment back). It is also the fastest way to acquire a highly-coveted European passport. In this article, we will course you through how to get Cyprus citizenship.
CITIZENSHIP BY INVESTMENT 101
The minimum investment required to buy a Cyprus passport is €2,150,000. This shouldn’t bother you as a high-net-worth individual though. It is actually not that much when you think of the investment you’ll be recouping from paying for the passport. You’ll also enjoy peace of mind, safety, and stability when you finally acquire Cyprus citizenship.
A foreign national interested in getting citizenship must make an investment or donation of a set minimum amount that is determined by the government. The investment has to be made into a pre-set asset class and must be held for a certain number of years before they can be sold. The foreign national will then be given citizenship and a second (subsequently) passport. Citizenship by investment (also known as CBI) has grown to become a huge global industry. In fact, there are several CBI schemes to choose from. Citizenship by investment schemes are programs launched by the government of some countries to bring in investors. In addition, these investors donate money to the government or invest it in the country. Then they are given citizenship as a reward.
Cyprus is famous not just because of its CBI program but also because it is one of the best ways to obtain EU citizenship. The variables involved in the average citizenship by investment program is a lot. From the total amount of money to be invested down to the asset classes that should be invested in. Indeed, it is a truly intricate matter.
Despite this, some things remain universal for all citizenship by investment programs.
Although these requirements seem easy peasy, many citizenship by investment programs are any but. There are many other rules and exceptions that need to be followed accurately before obtaining a passport.
You can always consult experts like Passport Legacy to put you on the right course before making any moves.
WHAT IS CITIZENSHIP BY INVESTMENT
Citizenship is basically an agreement binding an individual to their society. Both the society and the individual work together to achieve mutual benefits. This relationship requires the citizens to undertake certain responsibilities including obeisance to the laws governing the state. The state then rewards the citizens by giving them rights to work, own property, vote, etc.
The right to movement has become an additional right under a country’s laws at the turn of the last century. As the world has grown more interconnected, several nations have decided to tighten their reliance on passports. This helps to monitor who can enter or exit their countries.
Because of this, a nation’s passport is one of the most highly valued benefits a state can give its citizen based on their contributions to society. Each country’s passport is different from another’s (in terms of its strength and desirability). Also, the rights and responsibilities of every citizenship vary based on the country.
Moreover, the most ideal citizenship is the one in which the state and its citizens get to enjoy peace, freedom, and prosperity. Usually, citizenships are granted through birth, marriage, and naturalization. But as of 1984, many nations brought up new alternatives to getting citizenship.
Those countries who give citizenship by investment are of the opinion that individuals who support the economy via donation or investment have fulfilled their responsibility and should deserve citizenship in return. This is the foundation on which citizenship by investment was founded.
BENEFITS OF CITIZENSHIP BY INVESTMENT
Citizenship by investment has a plethora of benefits. In this section, you’ll discover the merits of this process of getting second citizenship.
1. Instant Passport
In about 90 to 120 days, you could get a second passport via citizenship by investment. Unless you’re going through citizenship by descent, citizenship by investment is the fastest route to getting a second passport. All other processes of getting a second citizenship require a longer wait.
2. Allows for renunciation
If an individual feels they are not treated fairly by their native nation, they can instantly get a second passport through citizenship by investment and renounce their native citizenship. Some Americans may dislike the taxation on foreign soil imposed on them by the American government. The easy way out of this would be to renounce their US citizenship.
3. Travel freedom
Obtaining a second passport can give you the freedom to travel freely across nations like the Republic of Ireland, the United Kingdom, Hong Kong, Singapore, even nations under the European Union, South and Central America, Southeast Asia, etc.
4. Strict process
Currently, there’s a strict process on-ground if you wish to go for citizenship by investment. The process has been streamlined for applicants. Thus, every candidate is subjected to proper checks to ensure they are in good health. They also need to have a crime-free record.
5. Convenience
One of the perks of citizenship by investment is that applicants may not necessarily have to travel or reside in their region. This means you can enjoy your stay in your home country and focus on your business there while awaiting the approval of your CBI passport application.
6. Travel to certain “difficult-to-access” countries
Despite holding a relatively strong passport, not all countries can be easily accessed. Fortunately, some CBI passports can help you enter these difficult-to-access nations like Russia, the US, China, North Korea, etc.
WHY CYPRUS IS TOP OF THE PACK
Comfortably situated at the confluence of Europe, Asia, and Africa, Cyprus has been an important hub for a long time. The merging of its cultures have made it an exciting, diverse, and culturally rich nation in the EU. If you’re thinking of working, living, or traveling within the EU, then Cyprus is likely your best option.
Although Cyprus isn’t a part of the Schengen zone yet, however, that won’t stop you from enjoying the best of Europe. The main industries in the region include tourism, shipping, financial services, foreign investment, and gambling. Also, people not only love the balmy Mediterranean climate of Cyprus but also the favorable business climate as well.
Cyprus may not be the offshore haven it once was, however, it still boasts a highly favorable tax regime. This has made the country appealing to many investors and companies. Then when you consider the free trade with the EU, Cyprus is definitely a cool deal business-wise.
The Cypriot population is just over a million, thus, its workforce is severely limited yet well-educated. The health system is top quality and the country, in general, is safe and conducive for living and raising a family. Cyprus also has a rich variety of real estate to invest in; from modest city apartments to luxury sea-view villas.
Arguably, the most appealing feature of Cyprus is its access to the EU. This allows free trade and free movement within the 28 EEA member states and passport holders have the right to live, study, work, and own property in any of the states. This, indeed, makes Cyprus quite a juicy proposition.
CYPRUS CITIZENSHIP BY INVESTMENT PROGRAM OVERVIEW
No doubt, the Cyprus citizenship by investment is targeted at super-rich and ultra-high-net-worth individuals. Since the inception of the program, between 2013 to 2019, over 4000 people have naturalized in Cyprus through citizenship by investment. That, alone, has brought about €6 billion into the Cypriot economy.
The program limits the number of applicants to a maximum of 700 each year. Once that number is achieved, all other applications are put on hold until the following year. Then they are reviewed and subsequently approved or rejected as the case may be.
CYPRUS CITIZENSHIP BY INVESTMENT BACKGROUND
Cyprus hasn’t had it easy economically. Being an island-state, despite its seemingly paradisaic environment, the economic options of Cyprus is highly limited. As a result, they have tried to survive largely on tourism and whatever domestic economy they have developed. This went on till they decided to go the path of raising capital via citizenship sales.
Cyprus is not the only nation to follow this economic route. Some islands in the Caribbean and Oceania also did the same. They basically sell their passport in exchange for a donation or an investment in the region. Thus, it wasn’t surprising when Cyprus launched its CBI scheme in 2013. This coincided with the banking crisis that erupted that year.
The Cyprus citizenship by investment started out as just any other CBI program – individuals needed to invest a pre-set sum, hold their investment and receive their passport. However, the price at the time was pegged at €3 million and unsurprisingly, not many people went for it.
Regardless of this, it was still considered as one of the easiest ways for non-EU nationals to enter Europe. It made sense at the time as foreigners could travel and work in the EU visa-free. The due diligence that applicants had to go through had only one layer. Also, the passport could be given to the applicants within 3 months. In fact, some people at the time have reported getting their passport under 57 days.
Unfortunately, even though the required minimum amount is lesser now, Cyprus citizenship has become quite harder to obtain. Through the years, the Cyprus Council of Ministers has made changes to reduce the hoops so that foreigners won’t be able to easily jump through.
Consequently, it now takes a minimum of 6 months to get a Cypriot passport. Also, the applicant is required to have a Schengen visa before initiating the application. In addition, there are 5 due diligence layers now involved in the application review process. Furthermore, every individual applicant must donate a sum of €150,000 to the state.
Moreover, to show just how tougher things have become, professional advisers and agents who used to be able to market the program at airports have now been banned from doing so. This stems mainly from an EU clampdown. They just don’t want people running freely around Europe through Cyprus citizenship.
Previously, Cyprus began the process of stripping 26 “golden passport” holders of their citizenship. As it turned out, Cyprus had granted passports to Chinese, Russian, Kenyan, Malaysian, Iranian, and Cambodian citizens without thoroughly reviewing their criminal records.
Despite the fact that these individuals were not named, we can just imagine how tainted the Euros that came into the country (and the EU) were – ill-gotten money which could have emanated from tax evasion, money laundering, or other criminal activity. To curtail this, the Cypriot government also began retroactive due diligence for all naturalizations that occurred between 2013 and 2018.
The largest group in this category were the Chinese and Russian nationals. Unsurprisingly, Cyprus has admitted their failure to conduct thorough due diligence owing to the fact that their standards were not up to par at the time. The combination of all these has made Cyprus citizenship by investment a difficult terrain to navigate.
CYPRUS PASSPORT BY INVESTMENT REQUIREMENTS
Before applying for the Cyprus CBI program, there are certain requirements that must be fulfilled first.
Residence requirement
To qualify for Cyprus citizenship by investment, investors have to first declare residency for at 6 months (minimum) in the nation. This, however, does not require applicants to be physically resident in the country like the Malta citizenship by investment program. Applicants must be registered as residents in Cyprus for a minimum of 6 months before they can get citizenship.
Funds must be derived from a reputable source
The funds to be used to invest in Cyprus citizenship by investment have to be from a proven reputable source. Otherwise, your application can be rejected.
Biometric data capturing and submission
The individual applicant and any extra dependents have to submit all their biometric data to obtain Cyprus citizenship.
Criminal background check
In the last few years, Cyprus has taken stricter measures in performing full background checks on its CBI applicants. As a result, intensive checks are done to maintain a standard of allowing only investors with high moral standing as citizens.
Furthermore, it is required that investors:
- Must have not been previously denied citizenship to another country in the EU.
- They must have a clean criminal record.
- The investor must also not be subject to any criminal investigation.
- Applicants must not have or are currently not associated with companies and legal entities that have been restricted in the EU.
- Also, they must not be on EUROPOL or INTERPOL wanted lists.
- Lastly, they must not be “politically exposed persons” *
- Politically exposed persons are individuals who have held office in the last 5 years. The program also bars applicants whose relatives or spouses have held office posts in the last 5 years. Consequently, this includes heads of state, members of parliament, government ministers, members of courts of judicial bodies, members of governing bodies of political parties, high-ranking officers of the armed forces, ambassadors, mayors, or high-ranking functionaries of state-owned enterprises.
TOP CYPRUS CITIZENSHIP BENEFITS
Currently a full member of the European Union, Cyprus is gradually in the process of becoming a part of the Schengen Area. The reason Cyprus has been unable to join the Schengen Area before now is because of its territorial division following the events of 1974. Since January 2008, the Greek region of Cyprus has been using the Euro as its official currency.
1. Free movement within the EU
Holders of Cyprus passports are free to move across the nations in the EU. They also have the right to live, study, work, etc., throughout Europe. You and your family can enjoy all the benefits attached to Europe (including world-class education and healthcare) just by holding the Cypriot passport.
2. Visa-free travel
Having a Cypriot passport means you can visit over 150 countries of the world without a visa. You can also obtain a visa upon arrival at certain countries while holding your Cyprus passport.
3. Speedy Cyprus citizenship
With Cyprus citizenship by investment, your application can be quickly approved in just 6 months. Thus, it is one of the fastest methods of getting European citizenship.
4. Passports for and your family
Cyprus CBI program allows applicants to include their dependents in the application process. Dependents can include parents, spouses, and children not more than 28 years old. This literally grants citizenship for not only you but your entire family as well.
5. Attractive tax policy
The government of Cyprus does not tax non-domiciled residents. Thus, if you were to obtain residency in a different country, you won’t have to pay taxes to Cyprus. In addition, there are no inheritance or dividends taxes.
6. Stable, safe, and secure country
A small nation with a population of just over 1 million, Cyprus is constantly ranked as one of the safest regions in the world. The country also boasts a 3.2% growth in GDP (2019) as the years ahead have a favorable, positive projection.
7. No actual residency requirement
While applicants are expected to declare residency for at least 6 months in Cyprus, they are not required to be in the country during the requirement period. This means you can live in your current place of abode while waiting for your passport to be ready.
8. No language requirement
Applicants are also not required to learn or undertake language tests to qualify for Cyprus citizenship.
INVESTMENTS OPTIONS TO ACQUIRE CYPRUS CITIZENSHIP (PASSPORT)
Several incentives have been arranged by the Cyprus government to draw direct investment to the country. The Cyprus Investment Program (CIP) is one of these incentives. Wealthy investors who deposit a sum of €2.2 million into the country are granted full Cypriot citizenship after meeting other requirements.
Applicants who are successful enjoy the right to live, study, and work in all European Union member countries. The Cypriot Parliament altered the current CBI program and added new rules. These rules allowed foreign nationals to get Cyprus citizenship as long as they meet specific criteria.
The new rules include the addition of 2 government contributions of €100,000 each. The approval time frame was also increased by 6 to 8 months. The program welcomes any non-Cypriot to apply subject to meeting one of the investment requirements below. This qualification can either be achieved personally or via a company in which the applicant poses as a high-ranking senior manager or shareholder.
Make a donation to the Cyprus Land Development Corporation
Applicants must donate a minimum of €100,000 to the Cyprus Land Development Corporation
DONATION TO GOVERNMENT-CONTROLLED FUND
Applicants must also donate a minimum of €100,000 to any one of the following four government-controlled funds:
- The Cyprus Industry and Technology Services Fund
- The Renewable Energy Sources and Energy Conservation Fund
- The National Solidarity Fund
- The Cyprus Institution of Research and Innovation Fund
Real Estate Investment Options
1. Investment in infrastructure projects, real estate, and developments
Applicants are required to make a minimum investment of €2 million for the purchase or construction of real estate.
2. Buy an establishment of or make participation in Cypriot businesses and companies
Applicants have to invest a minimum of €2 million in the purchase of, or creation of, participation in companies or businesses that are situated and operating in Cyprus. The companies or businesses must have a tangible presence in the republic. They must also have at least 9 Cypriot citizens as employees.
3. Investment in financial assets of Cypriot organizations or Cypriot enterprises or other investment funds which must be licensed by the Securities and Exchange Commission
Applicants can purchase shares of at least €2 million worth from alternative investment funds. This requirement also covers the purchase of the financial assets of Cypriot organizations or businesses worth a minimum of €2 million. These assets include securities, bonds, and debt securities.
4. A combination of the investments above
Applicants are welcome to invest in a combination of any of the investments above. However, the total investment must amount to a minimum of €2 million.
Limiting the Investment Risks
Remember, Cyprus isn’t a large country and so, its domestic economy is highly limited. Thus, if the real estate market collapses or becomes over-saturated, your investment could end up as a donation. And, when you consider the new stricter rules of the Cyprus CBI program, this could really become a reality.
Fortunately, the great news is that although you cannot single-handedly alter the current economic or political situation of the country, you could still limit some of the risks to the funds you invested in their real estate.
Firstly, try as much as possible to avoid investing in standard real estate. This, unfortunately, is the main route most CBI applicants are likely to take. When we say steer clear of standard real estate investments, we mean those tall, attractive, buildings, all constructed for the wealthy CBI applicant to pump money in. Don’t fall into that trap.
Secondly, we recommend you purchase something that can appeal to regular global buyers, local investors, and even the tourism sector. However, if the property can be rented out, you could cash in on the growing tourism trade, if everything else fails.
Another sensible way to cut some of the risks is to become a developer yourself. Here, you can potentially invest in a plot of land, pick what real estate to develop based only on what the market is doing. Then you can choose to sell off with some profits 5 years later. Lastly, the most important thing is to think creatively about how to get your investment back or cushion the risks.
PROS & CONS OF CYPRUS DUAL CITIZENSHIP
As with anything in life, there are pro and cons to every citizenship by investment program – Cyprus included. So let’s take a quick look at some of the pros and cons of getting Cyprus dual citizenship through the country’s citizenship by investment program.
Pros
Cyprus citizenship by investment is one of the most popular passport programs and for all the good reasons too.
- Cyprus offers quite a high standard of living. Indeed, not everyone might be looking at the idea of residing in the region, still, it really is a classy country. The climate is serene, there’s lots of well-developed infrastructures, international schools, shopping in luxury, English-speaking residents, excellent healthcare, and so much more.
- Cyprus citizenship by investment gets you EU citizenship fast. Compared to the other routes to getting citizenship in the EU, Cyprus CBI is actually pretty fast at just over 6 months. That of Malta, on the other hand, takes at least 12 months and often longer.
- Freedom to traverse nearly all of Europe. As we reiterated previously, holding a Cypriot passport grants you access to visit, live, study, and work in any of the 28 EU nations. In addition, these countries are also well-developed, safe, and politically stable too.
- Travel visa-free to more than 170 countries. Aside from traveling freely across the EU, you can also journey to several countries of the world without a visa. There are also plans in place by the US government to add Cyprus to their visa-waiver program. This is great news for business travelers and leisure lovers.
- Favorable tax system. Indeed, Cyprus is often regarded as a historical offshore haven. This is because of the attractive tax system in the country.
- No tax inheritance and immovable property tax.
- Zero tax dividends, royalties, or alternative interest earned or received outside Cyprus.
- Corporate tax is just 12.5% in the region and this applies to all local companies.
- Zero income tax from foreign-sourced income as a tax resident of Cyprus.
Cons
Aside from the relatively high investment requirement, Cyprus citizenship by investment has one big flaw in particular. When considering how worthy a CBI program is, we often take an in-depth look at the domestic economy. Additionally, we observe what the major streams of revenue are.
The big challenge with Cyprus is that the country is quite small. Thus, their citizenship by investment program constitutes a large chunk of their economy. Consequently, if the CBI program is shut down by the EU, there will likely be no market for selling your properties. The hopes of recouping your investment will be in tatters.
These and more factors can quickly drop the value of any property you own in Cyprus over the next 5 years. That’s why you need to think long and hard if you’re willing to take this risk to your capital. And, of course, as a high-net-worth person, you could invest the required €2,150,000 without it affecting things much. So, it is definitely worth considering.
CYPRUS – COUNTRY OVERVIEW
Situated in the eastern Mediterranean, Cyprus is a small island that was separated into a Greek southern side and a Turkish northern region after a coup masterminded by the dictatorship Greece back in 1974 and a subsequent military offensive by the Turks.
Cyprus has a Greek population majority of about 77% as of its independence in 1960. That’s why many regard the region as part of the wider Greek culture. Greek Cypriots have a predominantly Christian Orthodox religion while the Turkish Cypriots are largely Sunni Muslims.
Cyprus is considered a popular tourist destination today. Many of its visitors are from other European nations and they consist mainly of honeymooners and vacationers as well as bird-watchers. The island has a rich diversity of migratory birds.
FACTS
Capital
Nicosia (Lefkosia)
System of government
Unitary, multiparty, and one legislative house
Official Languages
Greek and Turkish
Total Area (Square miles)
3,572
ECONOMY
Currency
Euro (€)
Exchange rate
$1 USD = 0.848 Euro
PEOPLE
Greek and Turkish
Population
1,246,0003 (estimated as of 2019)
Religion
Christianity (Majority), Islam
BUSINESS OPPORTUNITIES
Tourism, education consultancy, construction, property rental, shipping, transportation, insurance brokerage, etc.
CYPRUS CITIZENSHIP BY INVESTMENT FAQS
How can I apply for Cyprus citizenship?
You need to meet the investment requirements first. After that, you’ll have to get a permanent residency status. This must be held for at least 6 months. Once done, lodge a citizenship application with all the mandatory paperwork.
Will my family members get citizenship in Cyprus if I apply?
Of course, they will. You and your spouse with dependents under 28 years of age can get citizenship in Cyprus. You’re even allowed to add your adult parents to the application.
How much does it cost to buy Cyprus passport?
The total minimum investment required for you to get a Cyprus passport is €2,150,000, application fees inclusive.
If I purchase a permanent private residence in Cyprus will it be counted towards the €2 million investment that’s required?
Yes, it will be counted ONLY if you purchase residential real estate. But if you plan to purchase infrastructural projects, commercial property, land, or a combo of the aforementioned, then your private residence will not be totaled with the obligatory €2 million spend.
Can I rent out the real estate property I own in Cyprus?
You’re free to rent any real estate property you buy in Cyprus. This includes both the property you purchase for investment as well as the required home residence worth a minimum of €500,000. If you won’t be using it, then it’s better off generating some money for you.
Can I make the mandatory investment with someone else?
You can. The obligatory investment can be made together with a spouse or via a business. The rules bordering it are a tad complicated, however, a professional advisor like Passport Legacy can help you navigate around it.
What citizens are disallowed from applying for Cypriot citizenship?
Nationals of Sudan, Somalia, and North Korea are barred from applying for Cyprus citizenship.
BEGIN YOUR CYPRUS CITIZENSHIP BY INVESTMENT JOURNEY
What will you be doing when other high-net-worth individuals are flaunting their newly acquired Cyprus citizenship? Cyprus is a peaceful nation with a stable economic climate. You may not fancy the idea of leaving your current place of residence and that’s totally okay.
You can still get your Cypriot passport without needing to spend time residing in Cyprus. A lot of fantastic benefits come with holding an EU passport like Cyprus’. And to cap it off, your spouse, children, and even parents can become Cypriot citizens from your single application.
So, why not start the process today and let the brilliant experts at Passport Legacy assist you all the way.
STEP-BY-STEP PROCESS OVERVIEW
If you’ve read up to here, then we believe that you’re probably thinking about getting that attractive Cyprus passport now. Let’s take you through the step-by-step process.
1. Be eligible
Now the very first thing you need to do is ensure you’re eligible to apply for Cyprus citizenship by investment. What’s the point in jumping through hoops only to get your application rejected? So, let’s first get our things in order and check how eligible we are.
Earlier on, we noted how tighter controls and extra layers of due diligence have been included by the Cypriot government. It has gotten ridiculously more difficult to slip through the cracks if you have a criminal past. The EU has pressured Cyprus into making sure all applicants, their background, and their source of income are completely vetted before giving them citizenship.
2. Choose and make your investment
You should peruse through the investment options and choose the one to go for. Also, plan a trip to Cyprus so you can check things out personally. You could visit for a couple of days and get all matters sorted. For instance, you could see a local agency and pre-approve the real estate listings available or even arrange viewings.
We do recommend you spend a week at least to allay the risks of making rushed decisions. As soon as you have chosen your preferred real estate, sign a contract of sale and go down to the Civil Registry and Migration Department to give them your biometrics.
3. Begin the Cyprus citizenship application proper
In order to apply for Cyprus citizenship, you’re expected to pay a government fee of €2,000 (per person). The application involves getting all the obligatory documents and applying for a Cyprus residence permit. This is necessary before you can fully become a naturalized Cypriot.
The residency has to be held for a minimum of 6 months as the permit is usually issued under 5 working days. Also, you do not need to physically reside in Cyprus before, during, or after the residence permit is issued.
4. Approval of Cyprus Citizenship
You should receive your application approval and your Certificate of Naturalization in about 6 months. This is the minimum processing time set by the government of Cyprus. Meanwhile, you can add a month or more if you intend to include the entire process to the tee. Obviously, the process of finding a property, an investment, or a combination of the two can take time. The same goes for collating and gathering of documents.
Once you receive your citizenship approval, you can request for an actual passport. This too can take some time. Also, the government is likely already running a backlog of applications. Because the number of yearly applications is maxed at 700, all other subsequent ones are tended to the following year.
Furthermore, the applicant and the spouse (if applicable) will be expected to pay €5,000 each upon receipt of the citizenship approval. The applicant will also have to make the mandatory €150,000 payment to the designated government funds during this period. They should also expect to receive their passports either in Cyprus or the nearest consulate.
5. Hold your citizenship
You are required to keep holding your residential estate (worth a minimum of €500,000) to retain your Cyprus citizenship. In fact, you should also have it registered as your main address. This is for life.
WHY CHOOSE PASSPORT LEGACY
There are plenty of reasons why you have to choose Passport Legacy to manage your Cyprus citizenship by investment application. These reasons are;
- You’ll be pleased by an all-round professional service that includes pre-due-diligence checks to help clear the path for a smooth application process.
- The service delivered is fully in-house.
- The Passport Legacy team is dedicated to assisting you in terms of documents procurements, certifications, and even language translations that individuals would have otherwise found much harder to get on their own.
- The real estate options to choose from are numerous and the Passport Legacy team will assist you with information regarding these potential assets. This way you can better narrow them down to choose the one that best suits you.
- Our fee structure is quite attractive and affordable.
- At Passport Legacy, our approval rate record stands at 100%.
- To cap it off, you only have to pay 30% of the maximum cost for the program until you get your approval confirmation from the Cyprus government. Upon confirmation, you can then settle the 70% balance once you get the approval of Cyprus residency and subsequent citizenship.
CONCLUSION
Getting EU citizenship via the Cyprus citizenship by investment program has gotten considerably harder in recent years. However, Passport Legacy can help ease the entire application process for you. Leave a message for us and let’s get you started on your way to acquiring a Cyprus passport and citizenship.
