Cyprus offers a fast track process with many advantages:
An express procedure - 3 months to be approved, plus another 3 months to actual passport
No requirement to reside in Cyprus
Cyprus passport is a full EU passport. Investor and his family can freely reside, work, study, have business in any of the EU-member states as well as in Switzerland, Liechtenstein, Norway and Iceland
Holder of Cyprus passport can travel visa-free in 157 countries in total
Dual-citizenship is permitted. Acquisition of Cyprus citizenship is not reported to other countries
The passport is also issued for the investor’s spouse*** and all financially dependent children (up to 28 years old). All next generations of investor retain EU citizenship
The investment must be kept just for 3 years. After that the assets can be sold. However, a property of minimum value of €500.000 must be kept as a private residence (this private residence can be rented out and generate rental income for investor)
In their continual efforts to attract foreign investment into Cyprus, the Cypriot government has amended Regulation 6(2) of the Aliens and Immigration Regulations so that Residence Permits can be issued to non-European applicants.
The approval rate of relevant residence applications are high if all criteria are met, with fast track applications taking only 2 months to be processed. Residence applies to the entire family, i.e. the applicant, their spouse, parents of the applicant, and any dependent children up to the age of 25.
For a residence permit to be issued, the following criteria must be met:
1. The purchase of new immovable property with a market value of no less than €300,000 plus VAT. The property can be purchased by a company if that company is registered in the name of the applicant (alone or together with spouse), and if they are the sole shareholders. An application form must be submitted by the applicant, together with a sale’s contract and proof payment of minimum €200,000 plus Vat. The sale contract also requires to have been submitted to the Cyprus Department of Land and Surveys.
2. A minimum capital of €30,000 deposited into a Cyprus account from abroad, which will be locked for a three year period. Proof thereof, i.e. a letter of confirmation issued by the Cyprus bank, needs to be submitted. The money will be released after the expiration of the three year period without restrictions.
3. The applicant requires to prove that he or she is earning an annual income of minimum €30,000 originating from abroad. For every additional child, the income needs to increase by €5,000 and €8,000 for each dependent parent. The source of income is permitted to be from employment, pensions, rents, dividends from shares, among others.