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  • Cyprus

    • Cyprus is an island located in the Mediterranean Sea. It is famous for its beautiful beaches and tourism services and it attracts over a million tourists each year.
    • Cyprus has been ranked the fifth best relocation destination in the world by an international lifestyle review.
    • Capital city: Nicosia (Lefkosia).
    • Geographical area: 9251 sq.km, 3rd largest Mediterranean island.
    • EU member: Since 2004.
    • Currency: Euro (EUR).
    • Population: 1.18 million people (2017).
    • European citizens have the right to attend schools/universities within any EU country for free or for reduced tuition fees (When applicable).
    • European citizens have the right to protection by the diplomatic or consular authorities of any EU country when in a country outside the EU. This is applicable in countries where the citizens’ original EU country is not represented by a consulate.
    • European citizens can access the established first-class EU health care system.
    • Cyprus passport is ranked 10th world wide and it allows its holders visa free access to 158 countries.

    Benefits of the Program:

    Cyprus citizenship program offers the fastest and most efficient mean of obtaining an EU citizenship. Key advantages of the program include:
    • The program currently is considered the fastest route to an EU Citizenship. An applicant can get the EU citizenship in 180-days, and can live anywhere in the EU.
    • Requiring no physical residency in Cyprus during or after the application process (The applicant must visit Cyprus once every 7 years).
    • Requiring no language or medical tests.
    • Interviews are not required, but the applicants are required to visit Cyprus after receiving the approval to complete the citizenship and passport procedures.
    • Traveling, residing and working within the EU Freely.
    • All nationalities are eligible to apply.
    • Applicants are not obliged to relinquish their current nationality.
    • An entire family can obtain the Cyprian Citizenship; i.e. Spouse and dependents up to the age of 28 (27 & 6 months upon submitting the application) if they are enrolled under education programs.
    • EU Citizens can send their children to any European university for reduced fees (In comparison to international students).
    • Establishing and moving services freely: individual citizens and their companies can offer their services within the EU Member States without any obstacles.
    • All goods produced in EU Member States can be freely transferred between Member States.
    • Freedom of transferring funds between EU Member States, purchasing properties in any preferred EU Member State, and investing in any type of activities.
    • No tax consequences (A requirement of 183 days of residency in Cyprus must be applied for an individual to become a Cyprian tax-paying resident) and no tax on inheritance.
    • Citizenship will be passed on by descent.
    • It is possible to add the Applicant’s parents in the application by purchasing a real estate property with the value of €500,000.

    Program:

    The citizenship by investment program in Cyprus enables foreign citizens to apply for a Cyprian citizenship if they:
    1. Have a clean criminal record from the country of citizenship and/or residence.
    2. A proof that the applicant is not on the “property retention” list in Europe.

    Tax system

    • Cyprus has the lowest most favorable tax rates in Europe and it has many tax exemptions for non-residents.
    • Non-residents are liable to pay taxes in Cyprus only on their income that is generated in Cyprus.
    • Cyprus has signed a Double Taxation Treaty with 43 countries to ensure that taxable income derived in Cyprus is credited from the taxes of the country the individual resides in.
    • For a complete listing please visit the Ministry of Finance Double Taxation Agreements Section.

    Option 1: Real Estate Investment:

    • A bundle of residential flats and commercial properties, with a minimum total price of €2 million+ VAT. The properties will be recommended by RESPECT. These units must be kept for a minimum of 3 years and then a€1.5 million worth of them can be sold, keeping the mandatory €500,000 flat for life.
    • Many real estate investment options are offered through Cyprus biggest and most specialized developers. Most of the offered options can be leased generating a ROI that starts from 3% yearly with management and re-purchase guarantees after the end of the required legal period.

    Option 2: Luxurious Property for Personal Use:

    • A single residential unit with a minimum price of €2 million +VAT (VAT is reduced to 5% if the unit was for the applicant’s own use). This is suitable for people who might consider living in or using the property for holidays.

    Program Steps:

    The application starts with the main applicant and the spouse. After they receive the citizenship certificate and IDs, the dependents’ application will be submitted.
    1. Buying the property: Choosing and purchasing the Real-Estate property during the main applicant’s visit, and signing the Agreement, Title Deed and paying full property value, any extra fees and VAT.
    2. Visiting to submit the first application: The investor and spouse visit Cyprus to submit the Permanent Residency by Investment application along with the Cyprus Citizenship application and they pay full government fees.
    3. Permanent Residency Card issuance: The Residency Cards will be issued within 5 days from the application submission date. The residency cards are mandatory to obtain the citizenship.
    4. Citizenship application approval: Within 3 months, the citizenship application will be approved (For the main applicant and the spouse).
    5. Citizenship Certificate issuance: After three months from the citizenship approval (6 months min. from the Residency Cards issuance), the main applicant and spouse will have to perform the oath of allegiance (At the Embassy of Cyprus or a court in Cyprus), then, apply for the passports and national IDs.
    6. Applying for Dependents: After the issuance of the citizenship certificates and national IDs for the main applicant and spouse, the second stage begins by directly submitting the citizenship application  for dependents below the age of 18. As for older dependents (18+) and grandparents, the citizenship application must be submitted with the permanent residency application during their visit to Cyprus (As it is explained in steps 2 to 5).

    FEES AND COST

    Legal FeesEntire family50% upon signing the Service Agreement and
    50% upon receiving the Citizenship Certificate
    Government fees including the Application, Passport and Citizenship Certificate issuance feesMain ApplicantEuro 7,700Within 20 days from signing the Service Agreement
    SpouseEuro 7,700
    Dependents 18-28 Euro 7,700
    Dependents below 18Euro 580
    Property(ies)The minimum Real-Estate investment (Excluding VAT) Euro 2,000,000
    The Stamp Duty on PropertyAround Euro 5,000Must be paid within 30 days from signing the Real-Estate contract
    VAT on Property
    The investor can apply for an exemption and reduce the VAT rate to 5% (Five percent). This rate applies to the first (200 square meters of covered internal area up to 275 square meters)
    The exemption will be immediately approved if the whole investment value has been paid on one property for personal use.
    Will pay 19% and refund 14% after the approvalEuro 100,000The VAT must be paid fully (Euro 380,000) when transferring the property payment, (Euro 280,000) will be refunded after the approval.

    Cyprus passport holders can enter 158 countries visa-free (or visa on arrival)

    Albania Estonia Luxembourg Samoa
    Andorra Ethiopia Macao San Marino
    Antigua and Barbuda Fiji Macedonia Sao Tome and Principe
    Argentina Finland Madagascar Serbia
    Armenia France Malawi Seychelles
    Australia Gabon Malaysia Singapore
    Austria Gambia Maldives Slovakia
    Azerbaijan Georgia Malta Slovenia
    Bahamas Germany Marshall Islands Solomon Islands
    Bahrain Greece Mauritania Somalia
    Bangladesh Grenada Mauritius South Africa
    Barbados Guatemala Mexico South Korea
    Belarus Guinea-Bissau Micronesia Spain
    Belgium Haiti Moldova Sri Lanka
    Belize Honduras Monaco St. Vincent and the Grenadines
    Benin Hong Kong Montenegro Swaziland
    Bolivia Hungary Morocco Sweden
    Bosnia and Herzegovina Iceland Mozambique Switzerland
    Botswana India Myanmar [Burma] Taiwan
    Brazil Indonesia Nepal Tajikistan
    Brunei Iran Netherlands Tanzania
    Bulgaria Ireland New Zealand Thailand
    Cambodia Israel Nicaragua Timor-Leste
    Canada Italy Norway Togo
    Cape Verde Jamaica Oman Tonga
    Chile Japan Palau Trinidad and Tobago
    Colombia Jordan Palestinian Territories Turkey
    Comoros Kazakhstan Panama Tuvalu
    Costa Rica Kenya Papua New Guinea Uganda
    Cote d’Ivoire (Ivory Coast) Kiribati Paraguay Ukraine
    Croatia Kosovo Peru United Arab Emirates
    Czechia Kuwait Philippines United Kingdom
    Denmark Kyrgyzstan Poland Uruguay
    Djibouti Laos Portugal Vanuatu
    Dominica Latvia Qatar Vatican City
    Dominican Republic Lebanon Romania Venezuela
    Ecuador Lesotho Rwanda Zambia
    Egypt Liechtenstein Saint Kitts and NevisZimbabwe
    El Salvador Lithuania Saint Lucia