July 2018 Cyprus’ cabinet of ministers has announced renewed procedures for all potential applicants. Now, the government can accept up to 700 requests a year, while the application process will take 6 months instead of 3.
Passports will still be given after a half a year, but only via agencies that are in Cyprus’ Investment Program’s provider registry.
Additionally, investments can also still be returned after 3 years, but the date will be fixed based on the date applicants receive their certificate of naturalisation or after the date they receive a Planning Permit. Background checks will be conducted in a stricter format on an international level. Lastly, Cyprus’ government will implement a new Code of Conduct for consulting companies that provide Cyprus citizenship services.
Stages of receiving your residency status
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General conditions that allow you to get a Cyprus passport
For the duration of the first week of your documents’ review, applicants receive a permanent residency in Cyprus.
The program assumes a 3‑6 month waiting period for document review and acquisition of the Cyprus citizenship status.
The document review duration depends on the chosen method of investment, how quick the documents are prepared, and the acquisition of private real estate.
A Cyprus citizenship can be given to these family members:
- Children under 28 years of age
- Children, regardless of age, who have a mental or physical condition
- Parents of the main applicant, under the condition that they own a private property worth no less than €500,000 (VAT not included)
The applicant and his parents can jointly purchase a single property worth no less than €1,000,000 (VAT not included)
Migration Group specialists will make a specific calculation for your family within 30 minutes, and they will send the program conditions to your email address
Taxes on the purchase of real estate
VAT is 19% when you buying a new property.
It should be noted that this rate may vary, since there are a number of exceptions for which the 19% VAT can be significantly reduced.
5% discount rate is charged in the following cases:
— an individual over 18 years old buyer;
— the property must be the residence of the owner during his stay in Cyprus;
— the owner should not have other real estate acquired earlier with a preferential VAT rate;
— preferential VAT rate applies to the first 200 m2 of residential property acquired in Cyprus.
Resale property is taxed when you buy Transfer Fees:
— cost up to 85 000 € — 1,5%;
— the cost of 85 000 — 170 000 € — 2.5%;
— the cost of more than 170 000 € — 4%.
Why Choose the Migration Group to Get a Cyprus Passport?
We don’t only help you acquire a Cyprus citizenship, but we also assist you afterwards.
Maximum comfort in Cyprus – we are ready to deal with all the technical issues and create all the most comfortable conditions for you, including details like transfer from the airport and hiring a nanny for your children and a cleaner for your new house.
The cost of our services includes all the additional expenses: a translator, meeting you in the airport, selecting assets to invest in, speaking on the phone to the agents, and more.