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Immigration Services

Cypriot citizenship

Why Cyprus?

The passport program in Cyprus is unique in Europe and very appealing for investors.

Cyprus offers many key benefits to foreign investors and their dependent family members who are looking for a jurisdiction that offers a gateway to Europe, high quality standards of living and working infrastructure and services.

The main advantages and benefits of Cyprus and its Citizenship are:

  • Investor and his family can freely reside, work, study, have business in any of the EU-member states
  • The Republic of Cyprus is a full EU member. Holder of Cyprus passport can travel visa-free in 160 countries
  • Dual-citizenship is permitted
  • The passport is issued also for the investor’s spouse and all financially dependent children (up to 28 years old)
  • The investor’s parents are entitled to apply for citizenship provided that they are owners of a Cyprus permanent residence of at least €500.000
  • Time for approval of citizenship for the investor and his/her spouse is 6 months
  • No requirement to reside in Cyprus
  • Minimum investment required is €2mln (excluding VAT where VAT is applicable)
  • The investment must be kept just for 3 years. After that the assets can be sold. To be more precise, the Law states that a property of minimum value of €500.000 must be kept as a private residence.
  • No donation to the Cyprus government
  • No history and language proficiency tests

INVESTMENT OPTIONS:

A non-Cypriot citizen will now be eligible to apply for the obtainment of the Cypriot Citizenship, provided that one of the following investment criteria is met:

1. Investment in real estate, land development and infrastructure projects

The applicant must have made an investment of at least €2 million for the purchase or construction of buildings or for the construction of other land development projects (residential or commercial developments, developments in the tourism sector) or other infrastructure related projects.

2. Investment in financial assets of Cypriot companies

The applicant must have made an investment in the purchase, creation or participation in companies that are based and operating in the Republic of Cyprus, amounting to at least €2 million. The respective amount must be invested to financially support the local operations of the companies. The investment to be made should be supported by a comprehensive investment plan.

It should be noted that these companies must have proven physical presence and significant activity in Cyprus with substantial turnover and employ at least five Cypriot or European Union citizens, who have been legally and continuously living in Cyprus for a minimum of 5 years preceding the submission of the respective application. The minimum number of employees of the specific company increases in the event that more than one applicant invests in the same company.

3. Investment in Alternative Investment Funds (AIF’s) or financial assets of Cypriot companies or Cypriot companies licensed by the Cyprus Securities and Exchange Commission (CySec)

The applicant must have purchased units from AIF’s which are established, licensed and supervised in Cyprus by CySec, amounting to at least €2 million. Such investments must be exclusively made in the Republic of Cyprus and fulfil the criteria of the Scheme and be approved by the Minister of Finance.

4. Combination of the aforementioned criteria 1 to 3

The applicant may proceed in investing at least €2 million, in a combination of the abovementioned investment criteria.

Additional conditions

In all investment criteria listed above an additional purchase of a permanent residential property amounting to €500,000 (plus VAT) is required.

The parents of the investor may apply for the obtainment of the Cypriot Citizenship, as soon as the main applicant will acquire the Citizenship, provided that they will purchase another permanent residential property amounting to €500,000 (plus VAT).

The applicant needs to obtain a residence permit in Cyprus prior to his / her application for the obtainment of the Cypriot Citizenship.

Our team of professionals can advise you on the most suitable migration solution, tailored to your specific business and personal needs. In partnering with EPN Consulting you gain the utmost benefit for the following reasons:

  • We possess in-depth knowledge of the related legislation and procedures
  • We offer independent advice in regard to different investment options
  • We are prompt in handling the associated documentation and procedures
  • We act as your professional liaison with the local authorities
  • Confidentiality is our cornerstone.

Permanent Residence Permit

The Permanent Residence Permit – refers to individuals who have fully and freely at their disposal a secured annual income, high enough to allow a decent living in Cyprus for him/ herself and dependents, without having to engage in any business, trade or profession.

Requirements

Evidence of a steady income from abroad of at least €30,000, from sources other than employment in Cyprus i.e. certificates of dividends, certificates of fixed deposits, pension statements, rents or salary advice.

  • Confirmation letter from a Cypriot Bank, showing deposits in a local account of a minimum capital of €30,000, from sources other than employment in Cyprus. The capital should be transferred from an International Bank to a local Cypriot Bank and it should be pledged for at least a period of three years.
  • The necessary minimum income, is increased by €5,000 for the spouse and for each child and by €8,000 for each parent of the main applicant and/or the spouse of the main applicant.
  • Title deed or purchase agreement of a residential property, issued on the name of the applicant. The minimum market value of the property should be €300,000 plus VAT and proof of payment for at least €200,000 excluding VAT.

A reduced VAT rate of 5%, is applied for first residences provided that certain conditions are met. The reduced rate of 5% VAT applies to the first 200 square meters of the residence’s buildable area as determined by the building coefficient of the property and anything above 200 square meters of the residence’s buildable area as determined by the building coefficient of the property is subject to the standard rate of VAT, currently 19%.

The respective investment should be transferred from an International Bank to a local Cypriot Bank.

Additional conditions & requirements

Additional documentation that needs to be submitted to obtain Permanent Residence Permit, include the following: declaration regarding the income of the applicant, confirmation that the applicant does not intent to work or to be engaged in any form of business in Cyprus, apostil clean criminal record from country of origin, birth certificate, medical insurance certificate, CV, etc.

Other important information

  • Applicants should visit Cyprus at least once every two years
  • It takes approximately two months for the Permanent Residence Permit to be issued, from the date of submission of the required documentation
  • To apply for Citizenship and become a Cypriot citizen, a third country national should have held Permanent Resident status and resided in Cyprus for at least seven years.

Other Visas and Permits

There are various visas which can be obtained for entry into Cyprus by non- EU citizens, including short-stay visas, temporary residence permits, immigration permits and residence permits for family members.

a) Short-stay Visas

b) Temporary Residence Permit (“Pink Slip”)

Non-EU citizens who come to Cyprus for long-term purposes should obtain special temporary permits, commonly referred to as a “Pink Slip”. This type of permit can be issued for a period of 1 to 4 years (with a limitation of absence period not more than 4 months). A “Pink Slip” could be issued for a period of 1-2 years upon first application and will be easily extended for a further 1-2 year period thereafter.

c) Immigration Permits

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