Cyprus Citizenship through Acquisition of Real Estate
Cyprus is considered to be an attractive country for living, doing business and studying. In 2014 the Cyprus Government decided in adopting the provision to obtaining citizenship by buying property (this applies to foreign investors). The Government of Cyprus has established and revised a “Scheme for Naturalization of non-Cypriot investors by exception”, amended in 2016. According to this Program every foreign citizen can acquire Cypriot citizenship by investments of one or more kinds. The fast way of obtaining the Cypriot citizenship is by buying real estate in Cyprus.
What are the advantages of buying of the real estate in Cyprus?
- Acquisition of real estate in the amount of at least €2,000,000 is regarded as an investment in the Cypriot economy and is the main qualifying requirement for participation in the “Citizenship by Investment in Cyprus” Program. On fulfilment of this condition the investor is normally granted citizenship of Cyprus within 6 months.
- The Investor can choose the property of their preference as in Cyprus there is a big number of high quality buildings and infrastructures.
- Prices for real estate in Cyprus are affordable and reasonable, even in the largest cities of Cyprus in comparison with other European countries.
- Investments are reliably protected as investors are allowed to sell a property purchased under terms of the Program after three years have passed (except for personal real estate for the value of at least €500,000, which must be retained on a continuing basis).
- The full amount of investments made by an applicant shall belong to him or her which makes the program unique in comparison to other countries.
- Important amendments to legislation were implemented with respect to tax matters in favour of investors, such as abolishment of immovable property tax from 2017 and tax reliefs with respect to payment of VAT.
What are the steps of getting citizenship through acquisition of real estate?
- Search, examination and selection of the real estate objects for investments with a possibility to perform remotely, i.e. the clients doesn’t have to be physically in Cyprus in order to select a property.
- Preparation of application. The client is provided with a detailed list of documents and necessary requirements. The applicant shall prepare all the required documents which must be officially translated into Greek or English and apostilled (for those countries which are Contracting parties to the Hague convention of 1961) or stamped with the official seal of the Ministry of Foreign Affairs and respective embassy.
- Submission of applications for the residence permission and for citizenship grant. At this stage, the applicant and the members of his (her) family are required to visit Cyprus to deliver their biometric data. All the required documents (such as the sales and purchase agreement, application, the receipt as confirmation of payment for the item of real property, etc.) shall be submitted to the Ministry of Internal Affairs for consideration.
- Approval of application by the Ministry of Internal Affairs. The Ministry approves the application for granting of citizenship within three months from the date of its submission. At this stage, the applicant is required to pay the Government a fee of €5,000.