How do I get residency by investment in Cyprus?
Cyprus has a fast-track option to get permanent residency for those who can deposit 30,000 euros in a Cyprus bank, purchase real estate and have an income of at least 30,000 euros per year. Foreigners can also become residents through the startup visa if they establish a startup with a high growth potential.
How much do I have to invest to get residency in Cyprus?
Getting residency in Cyprus requires a deposit of 30,000 euros in a Cyprus bank, proof of income of at least 30,000 euros a year from abroad and the purchase of property worth at least 300,000 euros. This does not include legal and government fees. Foreigners seeking a startup visa need 50,000 euros in startup capital.
How much do I have to invest to get citizenship in Cyprus?
The program requires a minimum investment of 2 million euros in real estate (plus VAT if applicable) or a Cyprus company or Alternative Investment Funds (AIF) or a combination of the three. Applicants who invest in a company, AIF or a combination of the options, also have to buy a residence in Cyprus worth at least 500,000 euros. There is also a required donation of 75,000 euros to the Research and Innovation Foundation. That is waived if the applicant invested at least 75,000 euros in a certified innovative enterprise. Additionally, an investor has to donate at least 75,000 euros to the Cyprus Land Development Corporation.
What are the requirements for citizenship by investment in Cyprus?
There are several ways to get citizenship by investment in Cyprus. One is a purchase of immovable property worth at least 2 million euros (plus VAT if applicable), a 75,000-euro donation to the Research and Innovation Foundation, a 75,000-euro donation to the Cyprus Land Development Corporation.
The second option is to invest at least 2 million euros in an established company in Cyprus or start a company there, make a 75,000-euro donation to the Research and Innovation Foundation (the donation is waived for foreigners who invest at least 75,000 euros in certified innovative enterprise), a 75,000-euro donation to the Cyprus Land Development Corporation and buy a residence in Cyprus worth at least 500,000 euros (plus VAT if applicable). The residence has to be kept for life.
The third option is to invest in Alternative Investment Funds (AIF) or financial assets of Cyprus companies or organizations, make a 75,000-euro donation to the Research and Innovation Foundation, a 75,000-euro donation to the Cyprus Land Development Corporation and buy a residence in Cyprus worth at least 500,000 euros (plus VAT if applicable). The residence has to be kept for life.
The fourth option is a combination of the three as long as the total investment is 2 million euros, plus the donations.
All the options require a permanent residency permit, which can be applied for at the same time as citizenship if you have a clean criminal record. An investor, whose property within European Union has been placed under any restrictions or who has applied for and been denied citizenship in another EU member country, will be disqualified. Applicants from certain countries also need a valid Schengen visa.
What are the requirements for residency by investment in Cyprus?
Foreigners interested in fast-track permanent residency have to deposit 30,000 euros in a Cyprus bank account and prove that the money is coming from a legitimate source overseas. They also need to have an income of at least 30,000 euros a year (plus 5,000 euros for every dependent child or spouse), and buy real estate worth at least 300,000 euros. Fast-track permanent residents have to visit Cyprus at least twice a year.
The Cyprus startup visa requires that investors establish an innovative startup with a high growth potential and have a business plan in a specific format set by the government. Applicants can pursue this visa as individuals or a team.
How long does it take to get residency by investment in Cyprus?
The fast-track option could be done in as little as two months. Startup visa applications are evaluated within five weeks. Residency applications filed concurrently with citizenship applications are often processed within a few days.
How long does it take to get citizenship by investment in Cyprus?
If there are no problems with the application, the process could be finished in six months.
How many countries can I visit with a Cypriot passport?
A passport from Cyprus allows visa-free access to 174 destinations.
Do I have to be present in Cyprus before getting the residency by investment application approved?
No. There is no requirement for investors to live in Cyprus during the application process, but a visit is required.
Can I add my spouse and children on my application?
Yes, a spouse and children can be included.
What are the criteria for my children to qualify for residency or citizenship in Cyprus?
Children under 28 years old who depend on their parents financially qualify to be included in the program.
Do I have the right to work in Cyprus after I obtain the residency through this program?
Permanent residency does not come with the right to work. However, a permanent resident can start a company and get dividends from that company’s profits.
Do I have to live in Cyprus to qualify for citizenship by investment?
No. There is no requirement for investors to live in Cyprus to get their citizenship.
What is the tax situation after obtaining Cypriot residency or citizenship? Will the investor be required to pay taxes on income obtained from sources abroad?
If an investor lives in Cyprus for at least 183 days after becoming a resident or citizen, he or she will be considered a Cyprus tax resident and will have to pay taxes on local income. This also applies to those who spend at least 60 days in Cyprus and don’t spend 183 days in any other country, have a residence in Cyprus and make money in the country. Non-Cyprus tax residents are required to pay taxes only on income earned in Cyprus.
Will Cypriot citizenship automatically grant me European citizenship?
Yes. Cyprus is a member of the European Union so citizens of Cyprus can live, work and study anywhere in Europe.
What can I invest in to gain citizenship by investment in Cyprus?
You can invest in real estate, a Cyprus company or Alternative Investment Funds (AIF) or financial assets of Cyprus companies or organizations.
How long do I have to wait before I can sell my investment in Cyprus?
Under current rules, the investment in Cyprus has to be kept for at least five years. Anyone who went through the program before it underwent changes, can sell the investment after three years. Residential property has to be kept for life.
Will my Cypriot citizenship expire?
No. The citizenship does not expire, and it can be passed to future generations. The citizenship could be revoked if the investor sells the residential property purchased as part of the citizenship process.
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