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.
Applicant Requirements
Age over 18 years old
The applicant must be over 18 years old.
No criminal record
The applicant(s) must have no criminal record.
Impeccable reputation
The applicant must have an impeccable credit score and proof that his/her income has been obtained legally.
Travel history
4 No limits to entry into the USA, EU, UK, and Canada.
No sanctions
The applicant can not be included in any sanctions list, or have any frozen assets.
Investments
€2,000,000 investment, as well as own one or more residential properties worth no less than €500,000 (VAT not included), except if the investment is put into real estate.
A Cyprus citizenship can be given to these family members:
- Spouse
- 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)
The Cost of a Cyprus Citizenship
Investments
It is important to note, that while choosing any of the above investment options, the investor must have one or more residential real estate worth no less than €500,000 (VAT not included).
Residential Properties
There is an exception to this – if a part of your investment is put directly into your residential real estate (once again, worth no less than €500,000, VAT not included), it can be included in the €2,000,000 investment.
Real estate sale
The investment retention period is 3 years; after this period, the investment can be realized, and it is necessary to save the residential property at a price of at least € 500,000, excluding VAT, for personal living.
The cost of registration — 30 000 €.
Nonrefundable payments into government budget
Government payments paid directly to Cyprus’ immigration services:
1. For each mature family member — €7,000;
2. Children — €80;
3. Residential certificate — €500
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.