Your Gateway to the EU. Procure a Cyprus Citizenship

4

The Astons experts answer the frequently asked questions regarding the immigration to Cyprus and reveal how and why one would become a Cypriot citizen. ​

I’ve been thinking of procuring a second passport. What are the perks of the Cypriot citizenship?

The Cypriot passport unlocks unique advantages: you will become a EU citizen and get an opportunity to visit 171 countries without a visa, as well as live, work and study in any EU country - and the UK - together with your family. Cyprus also has high living standards and bright investment perspectives.

Before you go on, will I be able to relocate to the UK with a Cyprus passport after Brexit?

Yes. Since Cyprus belongs to the British Commonwealth, the Cypriot passport is a perfect opportunity to live, work and study in the UK even after Brexit. In fact, the Cypriot passport not only enables you to relocate to the UK but also apply for permanent residency (Indefinite Leave to Remain, ILR) in five years after relocation - and for the British citizenship in six years.

Great! Assuming I decided to procure the Cyprus citizenship, how long will it take?

Affluent individuals who value their time and effort will be happy to learn that the Cypriot Citizenship by Investment procedure is fairly fast: you will receive your passport in 180 days and residency permit will be granted right after your citizenship application.

Sounds good. Where and how much do I need to invest to procure the Cypriot citizenship? How do I start?

The Immigration Programme of Cyprus takes into account the varying needs and interests of its potential citizens and offers multiple options:

1. You may invest €2 million in residential property (excl. VAT) and hold the investment in the course of five years. Plus, you will need to make a donation of €150,000: €75,000 to the Research Promotion Foundation (RPF) and €75,000 to the Cyprus Land Development Corporation.

2. You may opt for combined investments. In this case, you’ll need to invest €2.5 million in real estate, securities and business. As in Option 1 you will also donate €150,000: €75,000 to the Research Promotion Foundation (RPF) and €75,000 to the Cyprus Land Development Corporation.

Please elaborate on the combined investments. There must be a suitable option for me.

If you choose combined investments from €2.5 million, you will have the following option(s):

  • Invest into residential and commercial property, infrastructure facilities and land property (in case there is a construction plan)
  • Invest into business: establish a company in Cyprus or acquire a functioning local business.
  • Invest into alternative investment funds (approved by the Cyprus Securities and Exchange Commission).

Note! Whatever investment type you choose, you must be in possession of residential property valued at $500,000 onwards.

No worries, you can choose your best investment option with Astons’s highly skilled immigration consultants. They will review your situation and requirements and come up with a suitable investment combination for the Cyprus citizenship.

There must be some requirements that Cyprus sets forward to foreign investors?

Yes, there are, yet they are very simple:

1. You are an adult (over 18 years old)

2. You have no criminal record

3. You are not under EU sanctions.

Can my family be granted citizenship as well?

Sure! The Cyprus passport can be arranged for your entire family: your spouse, children under 28 y.o. (in case they are college students and financially dependent on you) and even your parents. It’s worth noting that all children of Cyprus citizens are automatically provided the status of Cypriot citizens regardless of children’s birth country.

In case you’d like to procure citizenship for your parents, you will need to make them proprietors of a Cypriot property valued at €500,000 minimum.

OK, how long and how complicated is all this? Will I have to travel to Cyprus myself and study the local market of elite property?

Yes, you will need to travel to Cyprus, yet the entire trip will only take two to five days. During your visit, you will purchase the property and provide biometric information required for the residence permit and citizenship.

All the rest will be handled by the Astons immigration consultants who will provide you comprehensive support in citizenship application. They will handpick a property that suits your personal needs in advance and engage with independent lawyers who will verify that the sale and purchase transaction is safe and legal.

Please explain how the document submission process works. Which documents will I need for the Cypriot citizenship?

In order to apply for the Cyprus passport, you will need the following items:

1. Copy of a valid foreign passport

2. Two photos

3. Proof of residence

4. Investor resume containing key information about the applicant

5. Standard investor application

6. Birth certificate

7. Marriage certificate

8. Certificate of no criminal record or current criminal cases (the certificate should be up to date and issued not earlier than 3 months before the application).

Although the application paperwork should be translated into English and apostilled (the actuality of information must be confirmed under oath), this won’t require any extra effort on your behalf - the Astons lawyers will prepare and notarise all the essential documents.

The citizenship documents will be sent to the Cypriot authorities for inspection only after a thorough and comprehensive review. Due to this meticulous procedure, all Astons customers applying for the Cypriot citizenship are guaranteed the successful outcome.

Will I be notified that I became a Cypriot citizen?

The Astons experts will receive a notification from the Ministry of Interior and Ministry of Finance of Cyprus stating approval of your citizenship application. Thus, you will receive your Cypriot passport just six months after the residence permit (which you receive right after submitting the application). Once you and your spouse become citizens of Cyprus, we can initiate the paperwork for your children and parents.

By the way, will I have to pass a language test?

No. There are no language, history or culture examinations in Cyprus.

Sounds great but I heard the Cyprus authorities are going to tighten the Cypriot programme. Is it true?

Yes, indeed. The Cypriot authorities have recently suggested altering some of the citizenship requirements. Here are the key changes:

  • You will need a valid Schengen visa
  • If you had already applied for EU citizenship in another EU member state and your application was declined, you are not eligible for participation in the Cyprus Investment Programme (CIP)
  • You will have to hold your investment for five years after naturalisation (instead of three years)
  • You will not be able to invest into government bonds, yet you’ll have an opportunity to invest into the Cypriot shipping industry
  • In case of property purchase, you will need to provide the Cyprus authorities with related documentation: construction permit, property delivery certificate for ready-built objects and banking guarantee for objects under construction
  • You will need to donate €75,000 to the Research Promotion Foundation (RPF) and €75,000 to the Cyprus Land Development Corporation
  • If your acquired property was used by another investor within the Cyprus Investment Programme, the minimum investment raises from €2 million to €2.5 million.

All these changes will come into force at least in a few months after they are approved by the Council of Ministers of Cyprus and signed by the President of Cyprus.

So I will have time to submit the documents before these changes come into effect?

Yes. Moreover, the Astons experts highly recommend you don’t wait long before submitting the documents and file a Cyprus citizenship application with our help at your earliest convenience.

One more reason to speed up is the quota introduced by the Cypriot government: just 700 applicants a year. The earlier you submit your citizenship application, the quicker you’ll go through the entire passport procedure.

OK, I see. One more question: my family and I are thinking of not merely procuring the Cyprus passport but moving to the country for permanent residence. Does this decision have any explicit advantages?

The Cypriot citizenship does not require living in the country - neither before nor after procuring the passport. Yet you can surely move to Cyprus with your family - and this plan would have a lot of perks. Cyprus enjoys a favourable climate. You can swim in the Mediterranean from April to November. Most locals speak English. Moreover, Cyprus offers an attractive and transparent taxation system, safety and high living standards.

Astons is a leading global immigration advisory firm with offices in London, Moscow, Dubai, Cyprus and China and offers residency & citizenship investment solutions in the UK, EU & the Caribbean. Astons is a committed and regulated Member of the Investment Migration Council (IMC), for EU & Caribbean investment immigration.

For further information or to discuss your personal circumstances in a private consultation, please contact Astons at info@astons.com  or call +44 207 292 2977.