Several non-European businessmen who are seeking to obtain European passport are willing to acquire constitutional rights to live and work in a territory like Cyprus. Ease of doing business and an attractive tax system are alluring foreign traders and businessmen to establish and extend their set up in Cyprus.
Besides this, the strategic location, robust legal framework, value of money, visa-free travel to 176 countries and fast-track citizenship have made this Mediterranean country a perfect choice for second home seekers.
Although this country is ideal for everyone from businessmen and high-net-worth individuals to second home seekers; they should answer these FAQs before they apply for Cyprus citizenship.
What is the minimum amount required for investment?
Applicants are instructed to invest a minimum amount of €2 million to purchase or construct buildings and land development projects. They can freely choose government authorised residential, commercial or tourism buildings or other land development projects.
Is there any time restriction to retain investment?
Irrespective of the sector and kind of investment a candidate has made to obtain citizenship in Cyprus, he/she has to conclude the investment for three years. In simple words, applicants applying for naturalisation must have invested three years ago. They have to retain the investment for three years unless they receive Cypriot nationality.
What are the primary terms and conditions?
Regardless of the program, an applicant may have chosen to obtain citizenship, he/she has to fulfill following terms and conditions.
A clean criminal background is required along with a proof that name of the candidate is not included in the list of people whose assets within the EU are ever ordered to be frozen.
Applicants must possess a permanent, privately owned residential property in the Republic of Cyprus with a purchase price of at least €500.000, plus V.A.T. Although, members of the same family, who are applying for nationality; they don’t need to purchase residence separately. They can collectively buy a single unit whose price covers the amount of € 500.000 per applicant.
Are there any documents required?
In addition to the application form, candidates are required to submit a Certificate of Clean Criminal Record from both countries of origin and country of residence (if both are different). Moreover, the Sale Contract, Title Deeds and contract lodging receipt with Lands and Surveys Department along with payment receipts of the agreed purchase price and a copy of wire transfer in Cyprus Commercial bank in the name of the seller or Seller Company.
Does the spouse or the children of the principal applicant get Cypriot citizenship?
Yes, according to the new policy, the spouse and the dependent children (18 years old and above) get the citizenship without restrictions to meet financial criteria.
What is the filing fee?
Yes, every application is submitted with a filing fee of €2000. It covers the principal applicant, spouse and children. Moreover, the filing fee for minors is €80. After granting citizenship, €5000 per adult will be charged to issue the certificate.
Can a company be used for investing?
Yes, if there is a proven correlation between the investor and the company, fund or foundation, it can be used for investing.
Is real estate investment the only criteria for citizenship program?
No, the applicant must invest in the purchase, construction of buildings or other land development like residential/commercial developments, in the tourism sector or other infrastructure projects to meet the citizenship criteria.
Conclusion: These are few essential FAQ every applicant must be aware of before applying for Cyprus citizenship