Cyprus is one of the most appealing countries in Europe when it comes to citizenship by investment programs. Cyprus was also a pioneer in relation to offering residency by investment to those interested in immigrating here based on a significant contribution to the economy. Over the years, the Cypriot government has perfected these programs and now it offers one of the most developed citizenship by investment programs in Europe and the European Union.
Those who want to relocate to Europe by buying a golden visa can choose Cyprus in order to maximize their chances of success. Below, our specialists in immigration through investment explain how to enter the golden visa program. We can also assist those who want to buy golden visas in other countries in Europe or not.
The Cyprus Investment Scheme
Cyprus was one of the first countries in Europe to welcome non-EU residents who wanted to acquire citizenship by investment. First released in 2013, the Cyprus Investment Program which leads to citizenship is comprised in the Scheme for Naturalization of Investors in Cyprus by Exception in the Civil Code of the country.
Under this program, non-EU citizens can apply for golden passports in Cyprus under very specific conditions.
Our local agents can help foreign investors interested in the golden visa program in Cyprus, but also in other golden visa countries which offer similar programs such as Greece and Malta.
Conditions to obtain citizenship by investment in Cyprus in 2021
The acquisition of golden passports in Cyprus implies corresponding to certain conditions imposed by the Cypriot authorities. These conditions are:
- the foreign investor must be at least 18 years old and have a clean criminal record;
- the investor must own a Cypriot or buy a Cypriot property worth at least 500,000 euros (VAT excluded);
- the acquisition of the property can also be done by several members of the family (such as spouse or parents);
- the investor must not be on the government’s list of individuals with frozen properties in Cyprus.
Foreign citizens are also allowed to bring other family members, including minor children or young adult children with the maximum age of 27, as long as the latter are able to support themselves financially.
Our golden visa immigration agents can offer more information on the conditions related to other citizenship by investment countries in 2021. We can also help those interested in obtaining citizenship by investment in the United States of America.
Applying for citizenship by investment in Cyprus in 2021 is not complicated, as this is one of the first countries in Europe to enable such a scheme. Moreover, the government updated it several times in order to improve the immigration conditions.
Investment conditions for obtaining a Cypriot citizenship
Apart from the requirements mentioned above which only grants the right to being considered for a Cypriot passport by investment, the applicant must also consider the following investment conditions:
- investment in real estate, infrastructure projects or land development projects;
- investments in Cypriot company shares, organizations or other financial assets;
- investments in Alternative Investment Funds which have been approved by the Cyprus Securities Exchange Commission;
- a combination of the investment options above which must be combined with the purchase of government bonds worth at least 500,000 euros.
The investment must be maintained for a minimum of 3 years in order for the applicant to be considered for citizenship in Cyprus.
With vast experience in helping those who want to access citizenship by investment countries, our experts can help those who want to relocate here by applying for permanent residency or citizenship. If you are interested in applying for citizenship by investment in Cyprus in 2021, our agents can provide the necessary details on the program.
Renewal of the Cyprus citizenship by investment program
Recently, the European Union, has requested EU member states that had golden visa programs to terminate or amend the conditions of such scheme for security purposes. This was also the case of Cyprus, which has terminated the Golden Visa Scheme and replaced it with a new program that entered into effect in 2021.
While the former program provided for lower amounts to be invested, the new one requires higher financial resources, however, the options are also several compared to the old scheme.
If you are considering obtaining EU residence, citizenship by investment in Cyprus can be an option provided that you meet the latest requirements.
New conditions for citizenship by investment in Cyprus
The Cyprus Ministry of Interior has made public the new conditions under which third-country nationals (non-EU and non-EEA) can obtain immigrant visas in March 2021. The new program provides for more options for those who want to contribute to the country’s economy.
Under the new Cyprus citizenship by investment program, a foreign investor can choose between one of the following options:
- to purchase a house or apartment worth at least 300,000 euros;
- to acquire other types of real estate (office spaces, hotels, commercial spaces) with a value of at least 300,000 euros;
- to invest at least 300,000 euros in the share capital of a domestic business;
- to invest at least 300,000 euros in shares of a Cyprus-based investment fund organized as an AIF, AIFLNP, RAIF.
When it comes to the purchase of a property, one of the advantages of the program is that one can also opt for a project that is under development.
If business investment is targeted, you should note that the company must have a physical presence in Cyprus, and it must have at least employees in order for your request for Cypriot residency to be accepted.
We have also left the requirements of the old golden visa for Cyprus, so that you can make a comparison between the financial conditions of each program. However, as you can notice, the new citizenship by investment in Cyprus scheme provides for more possibilities.
Other requirements of the new program imply for the applicant to prove he or she has a minimum annual income of 30,000 euros. Family immigration is still possible under this new scheme, with the mention that for each member brought to Cyprus the annual income is raised by 5,000 euros for each dependent. Also, if the applicant plans to bring his/her parents, an additional amount of 8,000 euros is required.
The source of income can be salary, pension, share ownership, as well as other investments, as long as they prove legal. Also, when calculating the minimum income, the applicant’s spouse’s financial resources can also be considered.
As mentioned above, Cyprus was not the only country to alter its golden visa program, which is why if you want to go to other golden visa countries, such as Ireland, Malta, or Italy, our specialists can assist you.
Additional contribution when acquiring property in Cyprus
Those who decide on buying real estate under the Cyprus citizenship by investment program must complete a few steps. They must file the property title or the purchase contract with the Land Department. In the case of residential properties, a person (and his wife/husband) can purchase up to 2 apartments or houses.
At least 200,000 euros (VAT not included) must be paid at the moment of the purchase. However, the total value of the property must be 300,000 euros, VAT included.
Compared to the old program, the investment must be maintained permanently. Also, the applicant cannot take employment in Cyprus, however, he or she can be a director without a salary in the company they invest in (when this is the selected option).
If you are attracted by this option and want to obtain citizenship by investment in Cyprus, you can obtain the latest information from our local specialists.
Dependents you can bring with you to Cyprus
Moving to Cyprus with your family is an option under the citizenship by investment scheme, and the following persons can come with you:
- your spouse;
- your minor children;
- children aged 18 to 25 as long as they are students, and they are not married;
- your parents;
- your parents-in-law.
To become a Cypriot passport holder, the applicant must live here for 5 years in a maximum period of 7 years of permanent residency. The same conditions apply to the dependents. The last year before applying for citizenship, they must stay in the country without interruptions.
Under the new Cyprus citizenship by investment program applications are verified within 2 or 3 months.
Why choose to buy a golden visa in Cyprus in 2021?
Those seeking for a European country to move to by making a significant investment should choose Cyprus which offers plenty of advantages. Among these, it is worth noting that the Cyprus Citizenship by Investment Program ranks among the top 10 best golden visa programs in the world. Also, Cyprus is one of the few European countries to offer direct golden passports, compared to countries like the United Kingdom which offers residency before granting the right to citizenship.
Cyprus is a great destination to move to for foreign investors in particular. They can open companies here and thus acquire citizenship. The procedure of acquiring a Cypriot passport by investment in 2021 here is also quite short, taking no more than 90 days for the application to be processed.
Another advantage of applying for citizenship by investment in Cyprus is the possibility of bringing adult children, as well as the option of purchasing a property together with other family members.
For assistance in obtaining citizenship by investment in Cyprus, please contact us. You can also rely on us if you are interested in other golden visa programs.