The island of Cyprus is located in the Mediterranean Sea between Europe, the Middle East and North Africa, and offers fast and affordable second passport programs, along with an equally fast residency program with a high approval rate. Cyprus is one of the safest countries of the world, with an excellent health-care and a great edcuation system. Its citizens can travel visa-free in more than 150 countries with the right to live, work, study and buy property anywhere in Europe. There are also important travel advantages for residents, as the country is about to join the Schengen zone.
The Cyprus residency program has one of the fastest processing times in the world: you will be able to receive your Residence Permit within 2 months of applying and the approval rate is consistently high. It is not required to be physically present in the country, but it will be enough to visit the island once every 2 years.
To apply for residency through investment, you must purchase a property in the country worth at least EUR 300,000 with an initial bank deposit of EUR 30,000. In addition, a certain annual income from abroad must be guaranteed and documented for at least EUR 30,000 per couple, plus various additional amounts for each dependent dependent.
To complete the application process you will need to provide your biometric data by going to the island in person, and this is the only time your presence in the country will be required. The visit can be scheduled at your convenience during the process or immediately after approval.
After the purchase of the property for at least EUR 300,000, applicants must submit the sales contract and proof of the transfer of at least EUR 200,000 of the price along with the residence application. The purchase can also be carried out by a company if the applicant (or spouse) is the sole shareholder.
In addition, an initial bank deposit of EUR 30,000 must be made to a bank in Cyprus which will keep it for 3 years and then return it in full to the investor.
Applying for Cypriot citizenship is really a quick affair, in fact the application process usually takes only 3 months. Later, to maintain it, it will not be necessary to reside in the country, but it will be enough to visit it once every 7 years. It should also be remembered that Cyprus does not place any restriction on dual citizenship.
In financial terms, to obtain a Cypriot passport it is necessary to invest in the country at least 2 million Euros and keep the investment for at least 3 years. The types of investments allowed are varied and range from real estate projects to Cypriot companies ownership, financial activities or a combination of all of these.
It is also necessary to purchase and keep for life a residential property for a minimum value of 500,000 EUR. If for the citizenship application has been chosen the real estate investment, the price of your residential property will be counted in the minimum limit of 2 million EUR.
For your parents or those of your spouse, additional rules with different required amounts apply: if you want to have more detailed information do not hesitate to contact us.