Cyprus Residency or Citizenship by Investment: Which is for you?

Cyprus residency and citizenship by investmentCyprus Residency and Citizenship by Investment

Cyprus offers one of the most secure and fast-track routes for European relocation; when buying property in Cyprus investors can choose to apply for either Cyprus Permanent Residence or Cyprus Citizenship depending on the invested amount. Investors may obtain Fast-track Cyprus Residency in 2 months  through a  €300,000 property purchase, or a Cyprus Passport in 6 months when investing from €2 million. Cyprus is a European country offering high standards of living, first-class healthcare, and an excellent education system. As an EU member, Cyprus offers a secure lifestyle and a relocation base that will secure the future prosperity of investors, businesses and their families. However, is citizenship more beneficial or does permanent residency offer better prospects in the long run? Each program has its requirements and benefits.

 

Please see below a summary of the highlights of Cypriot Citizenship and Permanent Residence to help you deside which one is best for you  based on your personal requirements.

 

Cyprus Citizenship by Investment vs. Cyprus Residency by investment

 

 

Citizenship by Investment

Residency by Investment

Processing time

6 months

2 months

Minimum Investment Amount

+ Additional notes:

€ 2m Property Investment or
€ 2.5m as a combined investment

 

+ €150,000 Government Donation

Investment Term - 5 years, after which acquired assets can be reduced to €500,000

€ 330,000 Property Investment

 

No additional donation required
New property purchase only – directly from the developer       
No resale available

Family dependents that can apply with the main applicant

Spouse, minor children, adult children up to 28 in education and parents of the main applicant

Spouse, minor children, unmarried adult children up to 25 and parents of the main applicant and their spouses

 

Visa-Free Access

Visa-Free Access

Access to over 173 countries visa-free 

Plans for the US to introduce a visa-free waiver

Cyprus Only

The Cypriot government has applied to join the Schengen Area

Reasons to consider

Instant access to the EU –right to live, work and travel in any of EU member states

Global freedom and tax exemption

No restrictions on the time allowed to visit or leave the country

The Residency Program is best suited to applicants wishing to live in Cyprus and have the security of EU PR status 

Permanent Residency is a potentially more affordable pathway to an EU Passport, provided requirements are met 

Once Cyprus joins Schengen zone, PR holders will gain visa-free access to the 26 EU member states

 

Cyprus Citizenship by Investment

 

Cyprus offers the quickest and most assured route to obtaining citizenship of a European country in just 6 months through Property Investment (minimum Investment is €2m, with an additional government donation of €150,000 required).

 

Cyprus Citizenship benefits

 

The main advantage of obtaining Cypriot Citizenship is that it allows its holders to live, work, and study in any EU member state and gives visa-free access to over 173 countries worldwide. There is no obligation to reside in the country at all and with the enhanced security that an EU passport provides,  investors can live in any EU country they wish. The whole citizenship acquisition can also be completed remotely from the comfort of your home country.

 

Cyprus Citizenship requirements

 

Both Residency and Citizenship programs have similar requirements, such as applicants having clean criminal records and meeting the investment entry requirements. The investment requirements for the Cyprus Citizesnhip Program can be found here (link), and for the Residency Program here. (link)

 

Cyprus Citizenship Investment options

 

 

A minimum investment of €2m is required to apply for citizenship. Investors have the option of investing in one or several properties. Property purchase in Cyprus is not only an alternative holiday residence for the family but also a high ROI investment which can potentially be rented out to generate rental income. In 5 years the investments may be reduced to just €500,000. Property projects approved for the Residency and Citizenship Programs can be found here.

 

Cyprus Residency by Investment

 

Cyprus Permanent Residence grants applicants and their families a fast-track permanent residence status within 2 months in exchange for property investment from €300,000.

 

Cyprus Permanent Residency benefits

 

The Cyprus residency program offers one of the quickest routes to obtaining a residence permit of a European country, which is permanent and therefore valid for life. The required property investment in Cyprus begins at a reasonable €300,000.  The permanent residency program requires just one visit to Cyprus by all family members once every two years.  For applicants wishing to live in Cyprus, there is an opportunity to apply for citizenship should they decide to reside in the country for the required period and meet all other requirements. In this way, the Cyprus Residency program can be perceived as a journey to EU citizenship at a lower investment cost.

 

Cyprus Residency Investment options

 

To gain fast-track Cyprus PR requires an investment of just €300,000 into a brand new property. The properties must be purchased from the developer responsible for construction. Besides, the main applicant must maintain a 3-year fixed deposit with a Cyprus bank of at least €30,000 transferred from abroad. After 3 years the money will be released without restrictions. More information can be found here.

 

Struggling to decide which route is best for you?

 

Holding a Cyprus passport or Permanent Residency status is similar to a life insurance policy, whereby both programs can help to improve your lifestyle.
 

Cypriot citizenship and residency each have their requirements and benefits. Depending on your circumstances and immigration needs, one might be better than the other. Our trusted advisers are on hand to help you choose the right option for you and assist you every step of the way.  Contact our offices today to discuss Cyprus citizenship and residency options.