cypriot citizenship by investment

Cypriot Citizenship by Investment

Cypriot citizenship by investment is a wonderful program for young and retired, entrepreneurs and businessmen. In the very fast moving property market in South West Cyprus there are rarely completed villas or apartments for sale! But, read on.

If you want a villa on a golf course you will have to buy ‘off plan’ and delivery will be about 18 months.

The same is true to a certain extent in the surrounding areas. The exceptions are a few independent small builders with very low overheads who build one or two villas at a time ‘on spec’. However these will certainly have been sold before they get to roof level.

We have good relations with 8 builders in this category currently constructing 2 and 3 bed villas with pools for between CyŁ105,000 and CyŁ160,000, and apartments from CyŁ60,000 for 2 bed and CyŁ72,000 for a 3 bed. Plots on the golf courses start at around CyŁ35,000 on Tsada, CyŁ42,000 on Secret Valley and from CyŁ57 – 86,000 on Aphrodite Hills. A 2 bed villa will cost approx. CyŁ100,000 plus cost of site with pool extra.

We usually have around 100 resales on the books which of course vary enormously in price, depending on location, size of plot, age, condition, extras such as pool, garage, air conditioning, furnished or unfurnished.

The individual resale properties vary from week to week. Please do NOT e-mail and ask us to send you a list of all properties in the Paphos area between this and that price. It is not practical. Please book a callback and discuss your requirements and what is available TO-DAY. This will give you a guide. Only if you are prepared to go to Cyprus in the next 2 or 3 weeks and be shown specific properties does the current list have any real meaning. Accommodation is available and flights can be arranged.

How to get Cypriot citizenship by investment?

EU Citizenship through Investment in Cyprus

Cyprus offers a Citizenship through Investment scheme.

What are the requirements for Cypriot citizenship by investment?

The most import and thing is the access to at least 3.0m.

How long it takes to get approval of Cyprus immigration?

It takes approximately three months.

Can i bring my family with me to Cyprus after immigration?

Yes you can bring members of your family but until to the second degree of relation.

Can i get Citizenship through Investment scheme on my name without being in Cyprus?

Yes you can if you fulfill the requirements.

The deposits must be in euro or can I use another currency?

The funds can be held in any currency, so long as they meet the required Euro amount.

Is any language test that I have to pass?

No, there are no tests that you need to pass.

Can i sell my privately owned residence?

Yes you can sell but only if you provide that you will buy a diffent residence of equal or higher cost.

What is the amount of the Government fees payable for each application?

For each adult person is the amount of €7000 and for children under 18 years old is €80 .

Are the transfer duties included in the amount of the €3.0m in the case of purchase of real estates?

The transfer duties are not included in the amount of the investment, as no other changes or taxes are.

What is the submission of documents?

1.  Clean Criminal report from the country of origin and country of residence.

2.  Residence in the Republic of Cyprus, contract of sale, title Deeds/ Receipt, copy of the wire transfer in the Cypriot commercial banking institution in your name or your companies name.

The rest of the documents depending on the case of the investment Criteria.

The total amount of the deposit has to held at a single bank?

The total amount can be deposited in various banks.

Is the investment including the privately-owned residence?

No the privately-owned residence is not included at the minimum investment.

Can I rent my privately owned residence to someone?

Yes, you can.

What else I have to pay when the investment is completed?

If the investment is completed you have to pay or prepay an income tax amounting 100.000 for three-years period.

Is the market vaule or the purchase value taken into consideration of a real estate?

The purchase value.

How long I have to retain the said investments?

You have to retain the said investments for a period of at least 3 year, since the date of Naturalization.

Can I stop visiting the island after the application?

No, you must visit the island at least once every two years.

Can I buy any house that I like for my own residence for the application?

The house that you going to buy has to be a new build property (first purchase) and it must be purchased from a developer.

Are any deposits needed?

You need to deposit into an account an amount of €30,000 at least for you and your spouse,  and for each other Dependant €5,000 per person. This amount shall be blocked for 3 years.

Is the citizenship pass by descent?

Yes, citizenship can be passed to future generations by descent.

Can I have a second citizenship in Cyprus?

Yes, Cyprus enables one to have a second citizenship and nobody requires you to exit from the first citizenship