Q & A
Q&A Guide To Cyprus Citizenship by Investment
- How long is the examination period for the Citizenship application?
Upon filing of a Citizenship application, it typically takes 6-8 months before a decision is made by the Ministry of Interior.
- Is it a requirement that an applicant must live in Cyprus prior to or after Citizenship is granted?
There are no residency requirements, meaning the applicant does not need to reside in Cyprus before, during or after the granting of Citizenship. Cyprus is currently the only EU country with a Citizenship by Investment program without residency requirements.
- When does the successful applicant receive their Cyprus passport?
Once Citizenship is granted, the applicant can receive their Cyprus passport within a few days of the naturalization certificate being issued. There is also the option to apply and have the passport issued in various foreign countries where a Cyprus embassy or consulate exists.
- Does the Citizenship by Investment scheme have an expiry date?
As at present no expiry term has been designated, but there is cap in the number of applicants to be accepted per year. Please contact us for more detail.
- Are re-sale properties eligible for the real estate investment criterion?
Investors can purchase resale properties for both purposes, where it should be noted VAT is not applicable.
- How can the investor maintain Citizenship granted via the investment program?
To maintain Cyprus Citizenship acquired via the Investment Program, the Investor must always honor the conditions on which citizenship was granted. This includes maintaining possession of a residential property in Cyprus of a minimum value of 500,000 Euro. Furthermore, the relevant investment (i.e. Real estate, Government bonds, fixed deposit account etc) can only be liquidated after the expiration of the three year lock-in-period.
- Does Cyprus permit dual citizenship?
Yes, dual citizenship is allowed.
- Can the permanent residential property be sold or rented out once Citizenship is granted?
Since the investor is not required to reside in Cyprus, it is possible to rent out their permanent residence. It is also permissible to replace such property with another residential property purchased at a minimum cost of 500,000 Euro at any time, with the approval of the Ministry of Interior.
- What are the government fees for submitting an application?
The fee upon submission of the Citizenship application is 2,000 Euro per applicant. On the issuance of the naturalization certificate an additional 5,000 euro is payable, per applicant.
- Are medical tests required or a health insurance prior to applying for a citizenship?
No medical tests are required prior to applying for Cypriot Citizenship by Investment. Obtaining health insurance is not obligatory for the applicant.
- In case an applicant already owns residential premises in Cyprus, will he still be required to purchase an additional permanent residence of at least 500,000 Euro for the purposes of the Citizenship by Investment application?
Provided the existing residential premises owned by the applicant were purchased, at any previous time, for a value of at least 500,000 Euro, then it will not be required to purchase an additional permanent residence. If the acquisition price at the time of the purchase was below 500,000 Euro, the applicant will be required to purchase an additional residential property(ies) to satisfy the 500,000 Euro residential property criterion.
- Can an unmarried couple simultaneously file a Cyprus Citizenship by Investment application where the investment will be made solely by one of them as the main applicant and the unmarried partner will be considered the spouse?
No, a couple is required to be married before they can simultaneously file a Cyprus Citizenship by investment application as spouses. It is however possible to approach such scenario in two-steps as follows; one partner to file the citizenship application as the main applicant, and once the couple is married, and subsequent to the main applicant’s successful application, the new spouse to file an application. In such case, no additional investment will be required by the new applicant spouse in order to obtain Citizenship.