Cyprus

About Country-

An important hub in the heart of the Mediterranean at the crossroads of Europe, Africa and Asia, Cyprus is diverse, culturally rich and perfectly placed for working and traveling within and beyond the European Union. The economy is rapidly recovering from a recent recession through significant activity in the shipping, tourism, legal and financial services sectors, and has also seen a surge in foreign investments and developments, and property and investment values.

About the Programme-

Cyprus offers two types of Golden Visas, one of which leads to citizenship, whereas the other to permanent residence. The difference comes down to the required amount of investment.

To get Cyprus Global Residence Permit, the applicant must purchase real estate property worth at least €2 million. For permanent residence, the investment requirement is less, standing at €300,000.

The Cyprus Golden Visa program is the quickest route to citizenship of all European countries – you can become a Cypriot citizen (and thus an EU citizen) within six months.

Benefits-

If you obtain Cyprus Global Residence Permit, you will enjoy the same rights as all Cypriot citizens, as will your family members. This includes:

• You can live, work, and study anywhere within the European Union.
• You do not need to pass a language proficiency test or enter an interview.
• You do not need to spend time living in Cyprus before applying for citizenship, but you have to hold a residence permit for six months before the application is finished.
• Your spouse and children up to 18 years of age will also receive citizenship, which can be passed down to future generations.
  • If you have adult children who are still students and thus dependent on you, you can also include them on the application as well. They must not be older than 28 and unmarried.
• You can include your parents and the parents of your spouse if you invest another €500,000.
• You can rent out your purchased properties.
• After five years, you can reduce your investment to €500,000, which you must keep for life. This means you can sell your initial properties.
• You can make the payment through a company or foundation you have a relation to.
• Dual citizenship is allowed

Requirements-

Apart from making a required investment the applicant must also comply with the following criteria:

• Main applicant should be at least 18 years of age.
• All applicants must be in good health.
• Clean criminal and immigration record.
• Possession or purchase of a permanent residence in Cyprus for at least €500,000. This home must be retained for life. This purchase can be included in the €2,000,000 required investment under any option.
• Residence or immigration permit in Cyprus.
• Personal visit to Cyprus.
• Due diligence checks.
• 6-month residency requirement.

After the 6-month residence requirement and other conditions are met, you are issued with a certificate of naturalisation. After you take the Oath of Faith, you are given a Cypriot passport and ID card.

Mobility-

Global visa-free travel without visa applications and restrictions. Enhance your travel mobility with a Cyprus passport — get visa-free access worldwide, including in the EU & UK. Go on a last-minute business trip or take your family on a spontaneous holiday in Europe. Cypriot citizens had visa-free or visa on arrival access to 176 countries and territories, ranking the Cypriot passport 13th in terms of travel freedom

Procedures and time frame-

A fee of EUR 500 is payable with the submission of the application and EUR 50 extra for biometric capturing. The application will then be examined by the Civil Registry and Migration Department and will be submitted to a permanent secretary of the Ministry of Interior, who will make a decision within two months. Once approval has been granted, the applicant and all the members of the family must visit Cyprus within one year to obtain the actual permit. When in Cyprus, a visit is organized to the migration office in Nicosia in order to capture the biometric data for all members of the family applying. The biometric data can be submitted either with the submission of the application for residence, during the application process, or immediately after approval.