A citizen of a non-EU country can obtain the Cyprus passport through an easy process by buying real property in Cyprus through a collective investment.
Benefits of Obtaining the Cypriot Citizenship
• Passport obtained in approximately 3 months of the application.
• Visa free travel to more than 150 countries with the right to live, work, study in any EU country.
• Dual citizenship is allowed.
• The citizenship is also granted to the spouse of the applicant as well as to the applicant’s children.
• No requirement to reside in Cyprus.
• No tax on dividends for non-tax residents. No inheritance tax. Low corporation tax.
• Excellent climate, safe to live, English speaking.
• Access to EU health-care and education systems.
• Investment need not be permanent but only be held for 3 years.
• No exams required in history or the Greek language.
Purchasing of Real Property
There are two ways in which a 3rd country national can obtain the Cyprus citizenship through the buying of real property. The first is through the purchase of commercial property and the second is through the purchase of residential property. The minimum amount to be invested is €2.5 million depending on the type of property purchased.
The individual investment amount is jointed with a group application for citizenship where each investor must invest a minimum of €2.5 million so that the threshold of €12.5 million is reached. The investments are separate and independent and there is no need to personally be acquainted with or even know the other investors. Once the collective amount is reached, a group application for citizenship is filed.
It is noted that, if the applicant wishes to apply alone (and not through a collective investment scheme), then the investment amount in real property must be of at least €5.0 million.
1. Residential Property
In this case, the applicant has to purchase a residential property of at least €2.5 million. This amount excludes VAT or levies imposed such as transfer fees.