Cypriot citizenship is a bonus of purchasing real estate
Second citizenship. Second citizenship has long been relevant for Russian citizens.
Until recently, Cypriot citizenship was closed with ‘seven seals’ of local legislation. However, due to the crisis, the situation has changed, and today a Cypriot passport can be obtained completely legally and quickly – in just three months after investing the money in a Cypriot property.
The advantages of European citizenship
The advantages of European citizenship are not just freedom of movement without the necessity of a visa, but also, and more importantly:
- having the passport of an EU member country means that you and your children can live and work freely in any European country;
- your children will have the benefit of higher education;
- the whole family will be eligible for European standards of medical care;
- ease of registering companies abroad and doing business on an international level.
Cypriot citizenship advantages
Nowadays Cyprus offers the operational mechanism for obtaining economic citizenship. Subject to certain conditions, you and your family can become Cypriot passport holders within three months. The Cypriot authorities do not require you to take a language proficiency test or be resident on the island for a significant amount of time. Cyprus doesn’t prohibit dual citizenship, so you will not have to relinquish your Russian status.
Conditions for obtaining economic citizenship
So, what is the cost? The minimum investment should be €2.5 million.
Firstly, the candidate must own a property worth at least €500,000. This property cannot be sold. It will be a permanent home owned by the candidate for life.
Additionally, the money should be invested in the island’s economy for a period of 3 years. There are 2 options.
- The first option isn’t cheap – the total amount of investment, including the real estate, amounts to €5.5 million. That means that in addition to the permanently owned property of €500,000, a further €5 million will need to be invested. It may be in the purchase of further property, investing in state funds with a partial donation or regular bank deposit. Remember these investments are being made for a period of 3 years, after which they can be returned to the investor..
- The second option restricts investments to the real estate market. Prior to June 1, 2014 the total amount of investments was €2.5 million which is distributed similarly to the previous version: € 500 thousand for the purchase of ‘permanently owned’ real estate, and €2 million invested in real estate for three years. From June, 1 next year the amount of investment will increase to €3 million, the remaining terms will remain the same..
One of the most frequently asked questions is “does the program take into account Cypriot property purchased before this term? Only property acquired during the past three years is taken into account.
How to get Cypriot citizenship?
Obtaining Cypriot citizenship is absolutely legal. The relevant law lobbied Cypriot developers to support the construction industry in Cyprus. As a result, the supply of applications for economic citizenship (especially in the second embodiment) is available directly from the developers and consideration is given to the application made collectively by a group of developers.
Some companies offer a contract with special accounts, on which the buyer transfers money to the estate. The amount of the contract can only be obtained if the developer receives the passports, and this should happen, according to law, less than 3 months after signing the contract and receipt of payment.
Being a member of the economic citizenship program, «Cyprus Inform» provides free consultations on this issue. You can send us an email, call or fill out the form below, and we will contact you.