The Republic of Cyprus joined the European Union on May 1st, 2004 and joined the Eurozone on January 1st, 2008. Cyprus enjoys an idyllic Mediterranean lifestyle, beautiful beaches, 340 days of sunshine a year and welcoming friendly people in a relaxed environment. The Cyprus nationality offers a high standard of living, modern transport, and infrastructure, excellent academic institutions, access to quality medical services, a stable government and a robust legal framework which is based on British law and fully harmonized with EU directives. Cyprus is a favored business destination for international companies for its strategically geographical location between Europe, Middle East and Africa.
Costs
To be eligible for Cyprus citizenship under its Citizenship by Investment Program, the applicant is required to make a combined Investment of Real Estate and a non-refundable contribution to the Government.
1. REAL ESTATE INVESTMENT
Real Estate investment could be commercial, residential, land or a combination of all of these. The property investment needs to be maintained for 5 years and once it is sold a property worth EUR 500,000 must be purchased and kept indefinitely for the lifetime of the main applicant.
Minimum Investment
EUR 2,000,000
Additional Real Estate Investment to include both Parents
EUR 500,000
2. DONATION TO THE CYPRUS GOVERNMENT FUND
In addition to the Real Estate investment, it is required to pay a non-refundable financial contribution of EUR 200,000 to one of more Government entities as follows:
Research & Innovation Foundation
EUR 100,000
Industry and Technology Service
EUR 100,000
RES and Energy Conservation Fund
EUR 100,000
National Solidarity Fund
EUR 100,000
Cyprus Land Development Corporation
EUR 100,000
GOVERNMENT FEES
In addition to the purchase of real estate, there are Government fees and Application costs to be paid.
Each ADULT Applicant 18 years and above
EUR 10,000
Each MINOR Applicant below 18 years
EUR 2,000
Citizenship Invest professional fees, official application forms, certification of citizenship and passport, courier & other disbursements are the only other costs associated. A detailed quotation with no hidden costs is provided for the specific case.
Required Documents
Citizenship Invest appoints a Document Collection Specialist for each case. The firm offers a bespoke
service that simplifies the application process, requesting from clients the bear minimum. Our job is to
simplify the document collection as much as possible and when required we obtain the documents for the
client without their involvement. Please note the below list is to be used as a guideline only, after assessing
the particular case Citizenship Invest prepares a personalized checklist.
Documents required from each applicant including children:
• Certified copy of all passports held
• Original excerpt of full birth record or certified copy of full birth certificate (i.e. a birth document that also includes your parent’s details, or a household register, family book etc.). It has to be in English and be stamped/certified by the Ministry of Foreign Affairs and the Cyprus Embassy.
• Original Police Record from country of birth, country of citizenship, country of residence (if different), and any country in which the applicant has resided for more than six (6) months in the past ten (10) years, for each applicant sixteen (16) years and over, it has to be in English and be stamped/certified by the Ministry of Foreign Affairs and the Cyprus Embassy.
• Two (2) Original passport-size photos
Documents required only if married persons apply together:
• Original excerpt of marriage record or certified copy of marriage certificates, it has to be in English and be stamped/certified by the Ministry of Foreign Affairs and the Cyprus Embassy.
• Certified copy of divorce certificate, it has to be in English and be stamped/certified by the Ministry of Foreign Affairs and the Cyprus Embassy (if applicable).
• C.V. (in English signed by the applicant).
MONTH 1
Client signs CI Retainer Agreement and pays the retainer invoice.
While documents are collected the client travels to Cyprus, selects and reserves the property paying a fully refundable deposit into an Escrow account. At the same time the client completes his/her biometrics.
Once contracts are finalized and executed the client pays the remaining balance into an Escrow account (required by law). The investment amount in full is refundable in case of rejection.
CI submits the application to the Government including proof of property transaction.
The client pays the submission invoice to CI.
MONTH 2
The PR card is issued within 2 weeks of submission of application.
MONTH 6
Citizenship approval is received and at this stage the client with the spouse must visit Cyprus for one day to take an Oath of Allegiance and to receive Cypriot citizenship certificates and passports in person
At this point the client pays the Government approval fees for main applicant and spouse and the remaining CI professional fees
The investment funds are released from the Escrow Account to the developer.
At this stage, the applicant’s dependent children may apply for Cyprus Citizenship and the relevant government fees are paid
The estimated time to receive citizenship approval depends on the due diligence processing time and the specific case.
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