Cypriot Citizenship – New Rules
At the end of 2016 Cyprus has reduced the investment amount required to obtain EU passport from €2.5 million to €2 million. It simply means EU citizenship can now be obtained within 3 to 6 months with issuing a Cypriot passport after the real estate investment is made by the property investor in Cyprus. It is not necessary any more to be part of a collective of 5 investors to obtain €2 million real estate investment limit. In addition parents of the applicant are now qualify for citizenship in case they make an investment of €500,000 into real estate. This extends the Cypriot citizenship to 3 generations which includes children up to the age of 28.
Cyprus is a full member of the European Union, and holding Cypriot citizenship means holding European citizenship with the right to work, live, travel or study anywhere in the European Union, including the UK.
Real estate prices
- Houses – Prices (+1.1%), Rents (+4.9%), Yields (2.0%).
- Apartments – Prices (+0.5%), Rents (+4.9%), Yields (4.0%).
- Retail – Prices (+0.8%), Rents (+0.5%), Yields (5.3%).
- Warehouse – Prices (stable), Rents (-1.2%), Yields (4.3%).
- Offices – Prices (+2.8%), Rents (+5.2%), Yields (4.5%).
* (Percentage changes for prices are on a year-on-year basis. Yields are stated as at end Q2 2016.)
What is Cyprus
Known as the mythical birthplace of Aphrodite, the goddess of love and beauty, the sunny island nation of Cyprus lies in the Mediterranean Sea, next to Israel, Turkey, Syria, and Egypt. It have acquired both European and Middle Eastern culture. Cypriot sandy beaches, crystal clear waters, green forests and small authentic towns attract over 2.4 million tourists a year. As a member of the European Union, most of Cypriots speak English – in fact that it was once colonized by the British. With a history of over 12,000 years, Cyprus is rich in historic places and structures, from Roman villas to medieval castles. Many of its Byzantine churches and three of its towns have been declared UNESCO World Heritage Sites.
Benefits of Possessing Cyprus Passport
- Family Applicable – citizenship is granted to the applicant, his/her spouse, minor children and dependent children (students) up to the age of 28.
- No Residence Required – investors must visit Cyprus once every 7 years only.
- Valid for Life & The Future – citizenship can be passed to future generations by descent, no renewal is required.
- Visa Free Travel – visa-free travel to 158 countries including the EU and Canada. Unrestricted travel, movement of goods, services and capital within the EU.
- Right to Live and Work – citizens have the right to live, work, study, own & operate a business within the European Union.
- Dual Citizenship – no need to renounce previous nationality as dual citizenship is allowed.
- Health Care & Education – access to the first-class EU health care and education systems.
- Language – there are no language requirements. Cyprus is an English speaking environment.
Requirements to Obtain Cyprus Passport
- Minimum real estate investment of € 2 million
- Must include one permanent residence of at least € 500,000 (excluding VAT)
- Can be one single residential property or combined with other residential & commercial properties
- Investment to be kept just for 3 years (except the permanent residence)
- No donations required
Real Estate Investment Options
- Residential Property Only – minimum of € 2 million (excl. VAT). €2 million must include at least € 500,000 residential property as Permanent Residence. TOTAL Investment €2 million (excl. VAT)
- Commercial Properties or combination with Residential – minimum of € 2 million (excl. VAT) plus at least € 500,000 residential property as Permanent Residence. TOTAL Investment €2.5 million (excl. VAT)