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How could dependents keep status in the Cypriot CBI program when they age out?

I want to invest 2 million euros in residential real estate and apply for the Cyprus CBI program. My son is currently 26 years old and financially dependent on me. When he reaches 28 years old, does he have to invest in the program and own a property of his own to keep his status?

  • Fidescorp Chartered Accountants
    August 04, 2018

    If your dependent children apply through you (as a dependent) before they reach the age of 28, then they can get the Cyprus Citizenship. No further investment is required after they reach the age of 28.

  • Vasiliou Law
    August 04, 2018

    The Government of Cyprus has established and revised a "Scheme for Naturalization of non-Cypriot investors by exception" on the basis of subsection (2) of section 111A of the Civil Registry Laws of 2002-2015, with specific incentives, terms and conditions and control procedures in order to prevent abuse. The right to apply for Citizenship is also granted to the financially dependent adult children of the Investor. The Decision of the Council of Ministers has determined that it will regard as financially dependent adult children individuals belonging to one of the below categories: (a) students up to the age of 28 that are attending an institution of higher education aiming to obtain a diploma or an undergraduate or a master’s degree. The Decision excludes individuals who are studying for the acquisition of a professional qualification (e.g. chartered accountants or barrister). (b) children with severe physical or mental disability that renders them unable to work. The application can be submitted after the investor had acquired the Cypriot citizenship. These applications (Form M127) are filed at the Ministry of Interior. After granting the Cyprus citizenship for your son, since he is falling into the above criteria, he will be able to keep his status as a Cyprus citizen of the Republic of Cyprus, without any further investment in Cyprus.

  • Yiannis Papazacharia LLC
    August 09, 2018

    By investing 2 million euros for the Cyprus investment program, any children of the investor up to 28 years old who are financially dependent on the main investor and are full-time students at a higher education institution (i.e., a bachelor’s degree or master’s degree) can apply and obtain Cyprus citizenship once their parents have obtained the Cyprus passport. There is currently no requirement for the adult child to reinvest and maintain his own property once reaching the age of 28 years.

  • Omirou & Omirou LLC
    August 19, 2018

    Certainly not. He will keep his citizenship for life because when he had obtained the citizenship he had fulfilled all necessary criteria.