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Citizenship and Investment – Cyprus opens its arms

Active demand for Cyprus real estate contributed to the tremendous growth of the country’s construction sector. One of the main factors of this progress, of course, was the program “Citizenship in exchange for investments”, which has been operating since 2013.

George Sipililis
Georgy Zipilidis, Director of the Representative Office of Grekodom Development in Cyprus
I think today this program is the main motivating mechanism for foreign property buyers in Cyprus who are not EU residents.

Since the launch, that is, in five years, about € 5 billion – 20% of the country’s GDP has entered the economy of Cyprus. At the same time, the conditions of the program became more and more attractive: for example, initially the applicants had to invest as much as € 5 million …

And today, a program for the granting of citizenship to investors is not a cheap pleasure, but it is unique in many ways. The main thing is that the period for obtaining a Cyprus passport for an investor is seven to eight months. The second advantage is broad investment opportunities: a program participant can invest in financial assets of companies, residential or commercial real estate, and development projects. Third, the investor is not obliged to renounce his current citizenship, that is, dual citizenship is permissible. Fourth – the applicant does not need to reside permanently in the country. Finally, after three years, the investor has the right to sell his assets at a profit (resell the property), with the exception of one property worth at least € 500 thousand.

New program conditions
From mid-May, program participants must make a non-refundable contribution of € 150,000: half the amount for innovative and scientific research, half for the development of affordable housing programs for Cyprus citizens.

To apply you must have a valid Schengen multi-visa.

For the citizenship of Cyprus can not claim the applicant, who was denied citizenship from any other EU country, such as Malta.

In the case of buying secondary real estate, the total investment should be € 2.5 million.

Now you can invest in the field of maritime freight.

When buying objects under construction must provide a building permit.

And, perhaps, the main thing – investments now need to be saved not three, but five years.

Separately, I will remind you about the Residence Permit program, which allows you to obtain a permanent residence permit and live comfortably in the country without any restrictions. Subject to the purchase of a new property worth at least € 300 thousand. The term for obtaining a residence permit under an accelerated procedure is a maximum of two months.

Notice that a residence permit in Cyprus is permanent and is issued for life, it is valid for the whole family and does not require you to reside permanently in Cyprus (you only need to visit the island every two years). Finally, the holder of a residence permit can obtain a Cyprus passport by naturalization – for this you need to live in the country for seven years.

Every year, our company assists approximately twenty clients in obtaining Cyprus citizenship. But the question that arises before them is often not limited to the actual receipt of a passport. After all, if an investor wants to purchase not one, but several objects, in the total costing more than € 2 million, the task becomes not only immigration, but also an investment one.

I would like to talk about this. Below are a few scenarios for those wishing to obtain the status of citizenship and residence permit of the Republic of Cyprus.

Examples of Cyprus Property
A well-known proverb says: “Don’t put all your eggs in one basket.” In the case of real estate – never invest your money in any one project. Therefore, we usually advise to distribute their investments in several projects.

So, in order to obtain a Cyprus passport, an investor needs to spend at least € 2 million. The first decision is to purchase one object for this amount. This option is attractive for those who are going to use their own housing, usually as a summer residence. Sometimes for such investors, having a passport is much more important than real estate itself.

Luxury Villas
Four bedroom villa in Paphos
Villa with four bedrooms in Paphos area of ​​427 square meters. m with a plot of land of 1320 square meters. m, cost – € 2 million
Four bedroom villa in Paphos
Three-storey villa in Paphos area of ​​440 square meters. m with a plot of 1500 sq. m. m, cost – € 2 million
Four bedroom villa in Paphos
Villa with four bedrooms in Paphos area of ​​427 square meters. m with a plot of land of 1320 square meters. m, cost – € 2 million
Option for € 2 million – this is a luxury class, luxury penthouse or mansion. The best destinations where you can buy luxury accommodation in Cyprus are Limassol and Paphos. The developed and year-round infrastructure of these cities ensures a comfortable life for people of any age.

For € 2 million, the investor can find a two or three bedroom apartment in the elite skyscraper of Limassol or a three or four bedroom villa with expensive finishes and with a panoramic view of the sea in Paphos. Well, if you are a lover of golden sandy beaches and prefer a more “rave” life – pay attention to the villas in Protaras.

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