Migration Point

Cyprus

Advantages

  • A European Union (EU) member country
  • The applicant can live, travel, work and study anywhere in the EU
  • Spouse, and any dependent children up to 28 years old in full time university education can be included
  • Dependent parents can be included
  • Safe living environment, a beautiful location with a high standard of living
  • Dual citizenship is allowed
  • Allows visa-free to travel to more than 170 countries, including the EU, Canada, Hong Kong, Singapore, New Zealand
  • Reasonable cost of living
  • Skilled, educated, and multilingual society
  • Free access to high quality public education and healthcare system

Requirements

  • No language, education or upper age requirements
  • The applicant must prove a clean criminal record
  • Must be at least 18 years old
  • The main applicant and adult family members must hold a valid Schengen visa
  • The applicant must invest at least €2 million in Cyprus
  • The applicant must purchase and retain a residential property in Cyprus with a value of at least €500,000, to be treated as a permanent residence in order to maintain citizenship

Investment Options

  • An investment of at least €2 million in a single residential property used as a permanent residence; or
  • Where the residential units have been previously used for CIP, the minimum investment amount increases to €2.5 million
  • An investment of at least €2 million in multiple residential properties, including at least one property with a minimum value of €500,000 as a permanent residence; or
  • An investment of at least €2 million in commercial or mixed properties, plus at least one property with a minimum value of €500,000 as a permanent residence; and
  • A donation of €75,000 to the Research and Innovation Foundation and €75,000 to the Cyprus Land Development Corporation
  • Dependent parents must also hold one property with a minimum value of €500,000 as a permanent residence, or hold a share of a permanent residence with a minimum value of €500,000
  • The investment properties may be rented out to provide an income for the investor

Process

  • The main applicant and dependents must visit Cyprus at least once in order to take an oath to obtain citizenship
  • Once the applicant has obtained citizenship, the dependent relatives (spouse, children up to 28 years old and dependent parents) can apply for citizenship
  • To maintain citizenship, the applicant must;
    • keep the investment properties for a minimum period of 5 years
    • always retain a permanent residence with a minimum value of €500,000 (+VAT)
  • The investment properties may be sold after 5 years

Tax Advantages

  • Property tax ranging from 0.6% to 1.9%
  • Transfer tax on properties ranging from 3%-8%
  • A non-resident individual is taxed on Cyprus-source income only
  • Progressive tax rates imposed up to 35% on incomes above EUR 19,500
  • No capital duty, capital acquisitions tax, inheritance/estate tax, wealth/net worth tax

Overall Costs of Cyprus Citizenship

1) Donation

Investors are required to make a donation to the “Research Promotion Foundation” (RPF).
RPF Donation EUR 75,000

Investors are required to make a donation to the “Cyprus Land Development Corporation” (CLDC).
CLDC Donation EUR 75,000

2) Purchase of residential property in Cyprus

The applicant must purchase a residence in Cyprus as single property or portfolio.

Minimum Investment EUR 2,000,000

In the instance where a residential property acquired had already been used by another investor in the CIP the required investment amount is increased.

Minimum Investment EUR 2,500,000

3) Government Fees

Application fees

Per person EUR 2,000
Minor child EUR 80

Approval fee

Per person EUR 5,000

Steps

Step 1
Our team will pre-screen your passport for government pre-approval. A down payment for professional fees will be applicable in order to start your application.

Step 2
You select the property and sign the reservation agreements. You’re required to sign the naturalisation application in Cyprus or at the Embassy.

Step 3
Our professional team will prepare all of the required property documents. We will perform due diligence on the chosen property and draft the sales agreement. You are required to sign the sale agreement, lodging it at the land registry and pay the purchase price.

Step 4
Our professional team will assist and advise you with the collection of the documents required for the naturalisation application. You’re required to visit Cyprus to apply for a PR permit (this is a new condition introduced under the revised criteria issued in September 2016).

Step 5
It takes approximately three months for the application for naturalisation to be examined and approved.

Step 6
Under the new criteria, six months must have elapsed from the date of obtaining the Immigration Permit. After six months you’re required to visit Cyprus to swear the oath of allegiance. The remaining professional fees have to be paid. You will then receive the Cypedriot passports and ID’s.

Cyprus Citizenship: Pros and Cons

Pros

  • Best citizen by investment program in the European Union
  • Fastest passport in 6 months.
  • Must buy a home for €500,000
  • Limited quota of 700 applicants annually
  • Full EU citizen rights including right to vote in European Parliament elections
  • Strong EU passport with visa free access to Canada, United Kingdom and full rights to live, work, study in 28 Member states.

Cons

  • Very expensive, only suitable to UHNW millionaires.
  • No Government bonds investment option.
  • VAT 19% is very high, you would essentiate waste money buying real estate for €2m. You have to structure investment properly to pay less VAT.
  • Investors have to pay additional €150,000 donation to research and housing development.

Cyprus visa waiver agreements with countries and territories

AfghanistanVisa required
AlbaniaVisa not required
AlgeriaVisa required
AndorraVisa not required
AngolaeVisa
Antigua and BarbudaVisa not required
ArgentinaVisa not required
ArmeniaVisa not required
AustraliaeVisitor
AustriaVisa not required
AzerbaijaneVisa
BahamasVisa not required
BahraineVisa / Visa on arrival
BangladeshVisa on arrival
BarbadosVisa not required
BelarusVisa not required
BelgiumVisa not required
BelizeVisa not required
BenineVisa / Visa on arrival
BhutanVisa required
BoliviaVisa on arrival
Bosnia and HerzegovinaVisa not required
BotswanaVisa not required
BrazilVisa not required
BruneiVisa not required
BulgariaVisa not required
Burkina FasoVisa required
BurundiVisa required
CambodiaeVisa / Visa on arrival
CameroonVisa required
CanadaVisa not required
Cape VerdeVisa not required
Central African RepublicVisa required
ChadVisa required
ChileVisa not required
ChinaVisa required
ColombiaVisa not required
ComorosVisa on arrival
Republic of the CongoVisa required
Democratic Republic of the CongoVisa required
Costa RicaVisa not required
Côte d’IvoireeVisa
CroatiaVisa not required
CubaTourist Card required
Czech RepublicVisa not required
DenmarkVisa not required
DjiboutieVisa
DominicaVisa not required
Dominican RepublicVisa not required
EcuadorVisa not required
EgypteVisa / Visa on arrival
El SalvadorVisa not required
Equatorial GuineaVisa required
EritreaVisa required
EstoniaVisa not required
EswatiniVisa not required
EthiopiaeVisa
FijiVisa not required
FinlandVisa not required
FranceVisa not required
GaboneVisa / Visa on arrival
GambiaVisa not required
GeorgiaVisa not required
GermanyVisa not required
GhanaVisa required
GreeceVisa not required
GrenadaVisa not required
GuatemalaVisa not required
GuineaeVisa
Guinea-BissauVisa on arrival
GuyanaVisa required
HaitiVisa not required
HondurasVisa not required
HungaryVisa not required
IcelandVisa not required
Indiae-Visa
IndonesiaVisa not required
IranVisa on arrival
IraqVisa required
IrelandVisa not required
IsraelVisa not required
ItalyVisa not required
JamaicaVisa not required
JapanVisa not required
JordanFree visa on arrival
KazakhstanVisa not required
KenyaVisa not required
KiribatiVisa not required
North KoreaVisa required
South KoreaVisa not required
KuwaiteVisa / Visa on arrival
KyrgyzstaneVisa / Visa on arrival
LaoseVisa / Visa on arrival
LatviaVisa not required
LebanonVisa on arrival
LesothoVisa not required
LiberiaVisa required
LibyaVisa required
LiechtensteinVisa not required
LithuaniaVisa not required
LuxembourgVisa not required
MadagascareVisa / Visa on arrival
MalawieVisa / Visa on arrival
MalaysiaVisa not required
MaldivesVisa on arrival
MaliVisa required
MaltaVisa not required
Marshall IslandsVisa not required
MauritaniaVisa on arrival
MauritiusVisa not required
MexicoVisa not required
MicronesiaVisa not required
MoldovaVisa not required
MonacoVisa not required
MongoliaVisa on arrival
MontenegroVisa not required
MoroccoVisa not required
MozambiqueVisa on arrival
MyanmareVisa
NamibiaVisa required
NauruVisa required
NepalVisa on arrival
NetherlandsVisa not required
New ZealandElectronic Travel Authority
NicaraguaVisa not required
NigerVisa required
NigeriaVisa required
North MacedoniaVisa not required
NorwayVisa not required
OmaneVisa
PakistanOnline Visa
PalauVisa not required
PanamaVisa not required
Papua New GuineaeVisa / Free visa on arrival
ParaguayVisa not required
PeruVisa not required
PhilippinesVisa not required
PolandVisa not required
PortugalVisa not required
QatarVisa not required
RomaniaVisa not required
RussiaVisa required
RwandaeVisa / Visa on arrival
Saint Kitts and NevisVisa not required
Saint LuciaVisa not required
Saint Vincent and the GrenadinesVisa not required
SamoaVisa not required
San MarinoVisa not required
São Tomé and PríncipeVisa not required
Saudi ArabiaeVisa / Visa on arrival
SenegalVisa not required
SerbiaVisa not required
SeychellesVisa not required
Sierra LeoneVisa on arrival
SingaporeVisa not required
SlovakiaVisa not required
SloveniaVisa not required
Solomon IslandsVisa not required
SomaliaVisa on arrival
South AfricaVisa not required
South SudanVisa required
SpainVisa not required
Sri LankaeVisa / Visa on arrival
SudanVisa required
SurinameeVisa
SwedenVisa not required
SwitzerlandVisa not required
SyriaVisa required
TajikistaneVisa
TanzaniaVisa not required
ThailandVisa on arrival
Timor-LesteVisa not required
TogoVisa on arrival
TongaVisa not required
Trinidad and TobagoVisa not required
TunisiaVisa required
TurkeyeVisa
TurkmenistanVisa required
TuvaluVisa not required
UgandaVisa not required
UkraineVisa not required
United Arab EmiratesVisa not required
United KingdomVisa not required
United StatesVisa required
UruguayVisa not required
UzbekistanVisa not required
VanuatuVisa not required
Vatican CityVisa not required
VenezuelaVisa not required
VietnameVisa
YemenVisa required
ZambiaVisa not required
ZimbabweVisa not required
Denmark Territories
Faroe IslandsVisa not required
GreenlandVisa not required
Netherlands Territories
ArubaVisa not required
Caribbean NetherlandsVisa not required
CuraçaoVisa not required
Sint MaartenVisa not required
UK Territories
Akrotiri and DhekeliaVisa not required
AnguillaVisa not required
BermudaVisa not required
British Virgin IslandsVisa not required
Cayman IslandsVisa not required
Falkland IslandseVisa
GibraltarVisa not required
MontserratVisa not required
Pitcairn IslandsVisa not required
Ascension IslandeVisa
Saint HelenaEntry permit
Tristan da CunhaPermission required
South Georgia and the South Sand Pre-arrival permit
Turks and Caicos IslandsVisa not required
US Territories
American SamoaVisa required
GuamVisa required
Northern Mariana IslandsVisa required
Puerto RicoVisa required
U.S. Virgin IslandsVisa required
China Territories
Hong Kong (SAR)Visa not required
Macao (SAR)Visa not required
French Territories
French GuianaVisa not required
French PolynesiaVisa not required
French West IndiesVisa not required
MayotteVisa not required
New CaledoniaVisa not required
RéunionVisa not required
Saint Pierre and MiquelonVisa not required
Wallis and FutunaVisa not required
New Zealand Territories
Cook IslandsVisa not required
NiueVisa on arrival
Other
KosovoVisa not required
PalestineVisa not required
Taiwan (ROC)Visa not required
JerseyVisa not required
CrimeaVisa required

Source: Wikipedia
Last updated: Feb 21, 2020