To obtain an investment visa in Cyprus there is currently a citizenship by investment program in high demand by investors and well-positioned entrepreneurs around the world.
This program provides you with an opportunity for economic growth; you will be able to set up companies and operate businesses.
Countries use different ways to boost their economy and one of these ways is to encourage investors from all over the world to invest. They offer benefits that are very attractive to the investor. Likewise, the CYPRUS INVESTMENT PROGRAMME (CIP) was created in Cyprus to make it easier for foreign executives to obtain a visa to invest in Cyprus through large investments.
Advantages of obtaining a citizenship visa for investment in Cyprus
The amount of money to be invested is 2 million EUR.
Cyprus visa has no expiration date.
Visa-free travel to 157 countries.
Allows dual citizenship.
Obtaining citizenship will not be reported to other countries.
No language proficiency tests are required.
Granting of citizenship to the investor’s spouse and minor children, as well as adult children up to 28 years of age, provided they are not married. They must also be in higher education.
The investor’s parents may apply for citizenship in Cyprus, if they have a private property whose price must be at least €500,000 plus VAT.
Investing in Cyprus to obtain citizenship by investment
The Cyprus visa by investment program offers you 2 options for obtaining your visa, which are:
As an investor you must:
Have the proof of payment of 2 million for the purchase of the property.
Copy and original sales contract of the real estate property.
Keep the property for at least 3 years, (after this time you can sell the property).
You must buy another property with a minimum value of €5,000,000
Title deed of the property.
Have a copy of the bank transfer receipt of the purchase of the property.
Proof provided by a Cypriot bank that you deposited the required amount.
Have a valid original criminal record certificate.
Certified copy of passport.
As an investor you must:
Invest €2 million in a combination of investments.
Invest in different residential properties one of these must be your permanent residence and have a minimum value of €500,000.
The other €1.5 million has to be invested in other properties.
Purchase or construction of buildings, residential or commercial development projects or infrastructure projects.
Proof of payment for the purchase of real estate.
Have a copy of the bank transfer receipt of the real estate purchase.
To have the original criminal record certificate in force.
Certified copy of passport.
Specific investment plan.
Certificate of shareholders by the Registrar of Corporations if applicable.
Copies of employment contracts of Cyprus citizens or residents employed by the company in which the applicant has invested.
Establish or be a shareholder of a Cypriot company with a significant tangible presence, activity and turnover.
Hold alternative investment funds or financial assets of Cypriot companies or organizations for the purpose of financing an investment plan. This includes bonds, securities and debentures registered and issued with CySec approval.
These investments must be made during the three years prior to the date of application and must be held for three years after naturalization.
The investment may be made personally or through a company in which you participate as a shareholder as long as you are current with tax payments.
The process is not complicated, you will finally have your visa by investment in Cyprus, as long as you comply with all the requirements and obtain all the necessary documentation to carry out this whole process without any inconvenience and in a short time.
Requirements to obtain citizenship by investment in Cyprus
Invest a minimum amount of €2,000,000 in residential or commercial properties.
Make two donations of €75,000 each, the first one to the Foundation for the Promotion of Research and the second one to the Cyprus Land Development Corporation.
Hold a Schengen visa.
Planning permission in case your project requires construction.
Purchase and sale contract for real estate, urban development and infrastructure projects.
Title deeds or proof of registration of the contract.
Proof of payment of the property.
Copy of the bank transfer to a Cypriot commercial banking institution in the name of the seller or the seller’s company.
Keep the purchased property for 5 years.
How to apply for citizenship by investment in Cyprus
Request appointment on the official website, determine your investment criteria and select the property to invest in. Waiting time for appointment 1 – 3 weeks.
Legalization, notarization and translation of requested documents. Time depends on the number of documents.
Original and copy of passport.
Medical certificate and criminal record.
Original or copy of birth certificate
Title deed or proof of real estate registration.
Purchase and sale agreement of the real estate property.
Proof of payment of the real estate purchase.
Statement of source of funds.
Attending appointment and delivery of documents. Usually lasts 30 min to 1 hour.
Opening a bank account in Cyprus. The time of this procedure depends on the bank.
Purchase the property, sign the purchase agreement and transfer the funds.
Visit Cyprus, presentation of biometrics to the Civil Registry and Migration Department.
Application for citizenship. This process usually takes 30 min.
Verification and evaluation of documents through due diligence background check.
Receipt of approval letter in principle.
Approval of citizenship, receipt of naturalization certificate and issuance of Cyprus passport.
Buying property in Cyprus is a very good decision for investors thanks to the excellent benefits offered to buyers. In addition after acquiring the property the buyer has tax benefits and in addition, they guarantee the property titles.
The best thing about making an investment in the Republic of Cyprus is that this country grants EU passports and residence permits.
Real Estate Investment Residency Law
The residence law for real estate investment dictates that non-resident foreigners invest a significant amount of capital and thus apply for investor residency. In the case of real estate investment shall be understood as investment, the acquisition of real estate with an investment of EUR 500,000 and above, the law requires that:
Not to be irregularly present in the territory;
To be older than 18 years old;
Not to have a criminal record;
To have sufficient economic resources;
Comply with tax obligations, among other requirements.
Characteristics of the real estate market in Cyprus
The recovery of the real estate market in Cyprus after the global pandemic Covid-19 has been very fast, as it is supported by foreign investment.
Buying a house or apartment on the island of Cyprus is a dream for anyone, the real estate sectors are pillars of Cyprus, where you will find beautiful cottages in coastal villages and also very active picturesque towns where you will have the opportunity to buy an apartment or property that suits you in the right place.
The characteristics of the country’s real estate market include cultural cities and incredible architecture as well as landscapes, in short every location is excellent regardless of whether you want to buy a property in the mountains or in busy centers. Cyprus is an impressive country to live and own real estate.
Real estate is a source of wealth, as well as a determining factor of your lifestyle. You can see a range of property prices:
Luxury houses: between €2,000,000 and €5,500,000.
Luxury apartments: between €2,100,000 and €4,500,000
The best places and cities to settle are: Nicosia, Larnaca, Paphos and Limassol, with expatriate communities especially in Nicosia, as well as work, events and activities to make the most of your stay in Cyprus.
For more information GoldPassports.eu offers the guidance of expert advisors who can help you in the process of obtaining an investment visa. Have one of our agents call you.
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