Cyprus – A Guide to Investors for Citizenship
March 17, 2020
Like most investors, do you also intend on applying for the Cyprus citizenship by investment program, but don’t know where to start? Most people never understand how easy it would be to acquire a Cypriot investment passport with the right information. You can get citizenship through real estate investment, business establishment, and joint venture with a Cypriot company or trade government bonds.
Each of these is an easy way to acquire a Cyprus passport with Passpro. It is advisable to work with professional agencies to facilitate application and fast-track the process. Here are a few things you should know when applying for the Cyprus Investment Program (CIP).
Application Eligibility
The primary pre-qualification to most citizenship programs is a clean criminal record and this country is not an exemption. The applicant should be cleared from their native town. They should also be able to show the source or means of the wealth they possess. There is no language or interview requirement through this process. Both, the applicants, as well as the dependents, are entitled to this citizenship program.
Investment Options
One of the most flexible citizenship through investment programs has to be Cyprus. You have the flexibility of choosing your investment type. It could be in a business, real estate or government bonds. Residential investment is common among all the options but vary in the amount required under each. In most cases, the investment requirement is around €2,500,000 inclusive of the real estate requirement. The amount you sink in is worthy, as you get to reap the benefits associated with being an EU resident.
The Scope of Extension
CIP enables eligibility to your close family members as well. Children who are below 18 years enjoy the benefits as Cyprus citizens without any extra investment or requirements from their end. Also, children who are in school and below 28 years and are not independent are also considered. Senior citizens (parents or grandparents) who are above the age of 65 and are residing with you, are also entitled to the citizenship.
Process
The whole application process requires patience because it can take up to 1 year. It starts with the submission of the documents required to be processed. Once the documents are ready, you should choose and implement your preferred investment plan. Then documents are submitted to the Ministry of Interior Affairs for application approval. Once the application of the principal applicants is approved, dependents should follow in the process. Each of these processes has its requirements and fees as well.
Benefits of Cypriot Citizenship
CIP opens up a plethora of opportunities to you and your family, for business, education as well as work. With this passport, you can fly visa-free to 150+ countries. Additionally, you are eligible to work, reside, or study in any country that is a member of the European Union. Cyprus also has attractive features like mountains and sandy beaches. Apart from recreation, you have access to free medical cover in most EU member states. The taxation system in the country is also business friendly. You can also opt for other options like St Lucia citizenship which offer almost similar benefits.
