Costs & Timeline
A non-European Union citizen may apply for acquisition of Cypriot citizenship if they meet the following criteria:
- Residential Property in Cyprus
- EUR 2 Million investment in a single luxury property or multiple properties
The investor must keep a real estate investment of a minimum value EUR 500,000 for a minimum of 3 years, which will be declared as the permanent residence. The original investment may be sold after 3 years.
- The main applicant must be 30 years of age and above.
- The main applicant can include their dependent spouse and children on the application.
- The applicant's spouse applies simultaneously with the applicant for citizenship. The dependents may apply on approval of their parent's application, namely within 3 months of the date of submission at no extra cost.
The definition of dependent is as follows:
- Children, up to the age of 18 and
- Children from the age of 18 to 28, if they are financially dependent on the main applicant.
The law states that adult children of an investor are considered financially dependent if they are students up to the age of 28 and are attending an institution of higher education, aiming to obtain a diploma, an undergraduate or a masters degree and their main activity is to study. The law excludes individuals who are studying for the acquisition of a professional qualification (charted accountant or barrister) or individuals who are studying for the acquisition of a second or third diploma or degree (either undergraduate or masters). Additionally, an investor's child with severe physical or mental disabilities, which make him or her unable to work is also considered financially dependent, regardless of their age.
Process And Timeline
||Step 1: Client signs and pays our retainer of EUR 10,000.
Step 2: The client reserves the property, paying a fully refundable deposit of at least EUR 10,000 into the CI lawyer / Escrow account.
||Step 3: One the documents are collected, CI submits the application alongside with the SPA (Property, Sales and Purchase Agreement) which will be submitted to the government. At this point the client must pay the balance of the property purchase price into the CI Escrow Bank Account, which will be made fully refundable in the case of rejection.
||Step 4: PR card is issued immediately while waiting for your passport.
Step 5: Citizenship approval is received and the client with spouse must visit Cyprus for one day to take an oath of Allegiance in person and to receive Cypriot citizenship certificates and passports. At this stage the client pays the remaining 50% of CI fees and government approval fees per applicant (for husband and wife).
At this stage the funds will be released from the Escrow Account to the developer based on the Escrow Agreement and SPA.
Step 6: At this point in time, the applicants dependent children may apply for Cyprus Citizenship and the relevant government fees are paid.
||Children must travel to Cyprus to collect Citizenship Certificates and passports. Alternatively, they can be collected at a Cypriot Embassy abroad (the last alternative might take longer).