Citizenship by Investment in Cyprus

Obtaining Cyprus citizenship by investment is no longer possible directly in 2024 but rather through 2- step process:

1. gain residency by investment;
2. in a 5 years’ time apply for citizenship.

Quick Facts
Nationalities accepted (EU/Non-EU)	non-EU (EU citizens do not need to meet certain requirements)
Business investment option (YES/NO)	yes, investments in real estate (commercial, residential)
Real estate investment option (YES/NO)	yes
Other investment options (if available)	yes – starting a local business
Living requirement in Cyprus  (YES/NO)	no
Residence or direct citizenship option	residence – yes / citizenship – no
Direct immigration with family members (YES/NO)	yes
Family members allowed to join the program	spouse, children, parents
Residence visa/citizenship processing time (approx.)	approx. 2 months (it can increase to maximum 6 months)
Additional financial requirements for family members (YES/NO)	yes
Timeframe for obtaining citizenship for investors who applied for residency by investment	citizenship can be obtained after 5 years of living in Cyprus
Dual citizenship permitted (YES/NO)	yes
Reasons to choose  Cyprus	EU member state, it uses EUR as national currency, it has skilled workforce, attractive business environment, suitable law, attractive tax regime, low costs associated with doing business
Personal income tax rate	progressive system – taxes of 0%, 20%, 25%, 30% and 35%
Visa free travel to other countries (approx. number of countries)	175 countries
Ways to acquire citizenship	A person can obtain citizenship in Cyprus by 3 main ways: – naturalization, – marriage with a Cypriot citizen, – having Cypriot origins.
Law on citizenship	Civil Registry Law.
Fees charged for citizenship application	EUR 500 for citizenship through naturalization / EUR 300 for citizenship by marriage / EUR 20 for citizenship through Cypriot origins
Minimum requirements for citizenship by naturalization	– 5 or 7 years of residency in Cyprus, – 1 year of continuous residency in the year preceeding the citizenship application, – the completed Form M127, – the birth certificate of the applicant (in original), – original police clearance document, – a copy of the residence permit, – a copy of the current passport, – the receipt attesting the payment of the processing fee and others.
Minimum requirements for citizenship by marriage	– minimum 3 years of marriage, – minimum 2 years of residency in Cyprus (an exemption from this is granted when the spouses live abroad), – a completed Form M125, – the birth certificate of the applicant (in original), – original police clearance document, – the marriage certificate (in original), – copies of the birth certificates of the children (where applicable), – a declaration of harmonious marriage,  etc.
Requirements for citizenship by descent	The minimum requirements for those who want to obtain citizenship in Cyprus by decent vary, as there are 6 categories that provide the right to citizenship by descent.
Fees charged for minor children citizenship application	EUR 80
Duration of the citizenship process	One can obtain citizenship in Cyprus in minimum 6 months and maximum 2 years.
Application stamps fees	Fees are charged and they vary from EUR 1.71 to EUR 8.54, depending on the type of citizenship one applies for.
Institution in charge with the review of the application	Civil Registry and Migration Department.
Dual citizenship allowed (yes/no)	Yes
Fees for the issuance of a passport	EUR 45 for minors, EUR 70 for adults (additional fee for accelerated passport issuance EUR 50)
Passport validity	5 years for minors / 10 years for adults
Difference between permanent residency and citizenship	There are few differences between a permanent resident and a citizen, in the sense that the first can’t obtain a Cypriot passport, can’t vote and can’t participate in elections.
Authentication/translation of foreign documents required (yes/no)	Yes

How to obtain citizenship in Cyprus via residency (1st step)

The Cypriot legislation provides the opportunity of obtaining indirect citizenship through investments concluded in this country, by which we mean that investors can apply for permanent residence based on an investment in this country, after which they can have the opportunity to apply for citizenship, a process that has become common in Europe.

A residence permit in Cyprus can be obtained not only when arriving here for investment purposes, but also when relocating for work purposes. The law states that it can be granted for family reunification as well. Here, there are 2 main categories: residence permits for citizens of the European Union (EU) and their family members and permits for non-EU citizens and their families. While the first is very simple to obtain the 2nd category has strict requirements.

1st type of residency visa

A method to obtain a residence permit in Cyprus is by applying for the Category F permit, which is addressed to persons who do not have to secure an income from activities developed here.

In other words, it is addressed to those who already have an income from their home country and who want to relocate here for leisure activities/retirement, as long as they meet the minimum annual financial threshold (around EUR 10,000).

2nd type of residency visa

The residency by investment program allows the investor to bring in Cyprus family members such as: spouse, children, parents and the parents in law, but one has to be aware of the fact that this program does not provide the right to work in Cyprus. Please mind that in 2024, the parents of the investor or the in-laws do not qualify to participate as dependent family members under this visa program.

In 2024, foreign investors can relocate to Cyprus with their family and they can apply for citizenship after five years of living in this country, based on the permit that was issued upon the first arrival in the country.

The new visa program provides the opportunity to benefit of a residence permit that does not have to be renewed, as long as the holders of the permit meet their residency requirements, in the sense that they spend the necessary number of days per year in this country.

The law states that the children of the investor can be considered dependent family members if they have an age below 18 years old or below 25 years old as long as they are not married and are students.

Please mind that if you will start the application in 2024 you will also be able to include in the application dependent children, without respecting any age criteria, in the case in which they have a physical or mental disability.

3rd type of residency visa

If you want to immigrate to Cyprus under this program, employment is not allowed. One of the ways in which residency can be acquired (which will then lead to citizenship in Cyprus), is by investments in properties. The foreigner can qualify if he or she will invest at least EUR 300,000 in a new residential property.

It doesn’t matter if the property is an apartment or a house, if in this sum of money the foreigner will buy a single property or more, the important aspect is that the residential property is a new property, which did not have a previous owner.

One can qualify if the applicant purchases a commercial property of various types, such as a store, a shop, offices, accommodation units, or any combination of such properties. It can also be other types of units, as long as they are assimilated to the definition of a commercial property, meaning that the units already serve a commercial purpose or they will serve a future business.

The person is also allowed to start a business in Cyprus in order to qualify or to purchase shares in a company operating in Cyprus. There are additional requirements that have to be fulfilled – the company must employ at least 5 persons.

Where to initiate the visa application process?

The application must be initiated with the Civil Registry and Migration Department, operating under the Cypriot Ministry of Interior.

Please mind that the application can be initiated by the applicant (the foreign investor) or his or her legal representative. As such, we mention that investors can hire our immigration lawyer in Cyprus, who can offer legal representation in front of the Cypriot authorities, through the power of attorney.

The application must contain all the documentation required by the applicable law, along with the Form MIP1. Provided that the original documents are not in Greek or in English, they need to be translated and certified.

Annual renewal requirements in Cyprus

Persons who have obtained permanent residency in Cyprus on account of making an investment, are required to comply with yearly requirements that prove that the visa holders still qualify under the initial requirements of their visa.

In this case, Cyprus permanent residence, which can open the right to citizenship, can be maintained if the investor provides documentation that attests they have been maintaining their initial qualifying investment.

Additionally, another matter that will be inquired by the Cyprus immigration authorities is the annual minimum income, obtained from sources outside Cyprus (which, in 2024, has been increased to EUR 50,000 per year).

The authorities will need proof of having this sum of money, along the additional financial requirements for each of the family members that have been included in the visa application form (spouse and children).

The visa holder must also have a valid health insurance that can cover medical care in Cyprus. Along with this, a clean criminal record from their country must be issued upon the request of the Cypriot authorities. We invite you to address our team if you want to know any other information concerning the issuance of the indirect citizenship by investment in Cyprus.

Minimum yearly financial funds

Besides the types of investments that are accepted, the foreign applicant must make the proof of having sufficient financial funds for personal purposes.

Here, a minimum income of EUR 50,000 per year must be proved and in the case in which the foreigner will bring his or her family (requirement imposed starting with 2024, when the authorities increased the threshold from EUR 30,000).

Up until 2024, the amount required was EUR 5,000 per each family member or EUR 8,000 in the case in which the foreigner brought the parents (the parents of the applicant or the in-laws – however, now, the parents or the in-laws can relocate here with their family, but under a different visa).

However, in 2024, those who want to apply for this program have to comply with new requirements concerning the financial thresholds for family members (the investment threshold has been maintained at the same value in 2024). Thus, in 2024, the investor must provide EUR 10,000 for each child and EUR 15,000 for the spouse.

Please know that the requirement of having an income of EUR 50,000 in 2024 refers to an income obtained from sources outside Cyprus.

As said above, this program for immigration in Cyprus can’t be used for employment, but successful applicants are entitled to work as the directors of the companies that they have set up or the companies that they invested in, but without being remunerated for their activity, because they will also have shareholding rights, which are translated in the right of being paid in dividends.

How can permanent residency turn to citizenship in Cyprus?

If you relocate to Cyprus through the permanent residency by investment program, you will become a permanent resident, if you want to remain in this country.

The foreigner will have the right to apply for citizenship after being a permanent resident for 5 years; however, the applicant has to show that he or she started having a close connection with Cyprus for a period of 7 years (by investments, purchasing properties, etc.).

Main points for citizenship/residency by investment in Cyprus

In the list below, our immigration lawyer in Cyprus has prepared a short description of this program:

• the permanent residency opens the pathway to indirect citizenship by investment in Cyprus, which can be obtained in a period of 5 years since the moment when the foreigner received the residency;
• the minimum investment, of EUR 300,000, can be invested in residential properties;
• the same investment is accepted if the investment is 1 residential property and 1 commercial property, as long as the latter has a surface of minimum 250 square meters;
• please mind that to the minimum investment of EUR 300,000 a VAT of 19% must be calculated, so investors should prepare to invest a higher sum of money;
• successful applicants are not required to relocate to Cyprus on a permanent basis – they can come here every 2 years.

Please be aware of the fact that the file for permanent residency by investment can be processed in a period of approximately 2 months, but the duration of this process can increase to up to 6 months.

Thus, we advise investors who want to immigrate to Cyprus to prepare all documents in due time and take the necessary measures so that they have all the immigration documents prior to the moment when they want to arrive here.

When can an investment visa application be denied?

Foreign businessmen must know that the Cyprus immigration authorities retain the right to deny visas to foreigners who do not comply with the minimum requirements imposed for the visa type of choice. Therefore, if the investors do not meet any of the basic legal requirements (such as the minimum capital), their visa application will automatically be denied.

However, it must be noted that in some cases, the investors can meet all the basic requirements for the visa of interest and still be denied from obtaining the right to relocate to Cyprus for the purpose of making a specific type of investment.

This can be a direct consequence of the Cyprus immigration law, which stipulates certain legal grounds for denying access, that are directly correlated to security reasons. In the list below, our immigration lawyers in Cyprus have prepared a short presentation on the main grounds of refusal:

1. the foreign applicant has a criminal record;
2. he or she has provided false information in the visa application form;
3. he or she is currently under a criminal investigation process;
4. the person can be considered a security threat for Cyprus;
5. the applicant has previously been denied a visa in a country with which Cyprus has a visa- free agreement (such as the European Union).

Our immigration lawyer can provide more details on how to enter this program and what other qualifying conditions are imposed to foreigners. Our lawyer can present any other additional information regarding the manner in which the citizenship by investment in Cyprus as an indirect route can be obtained in 2024.

We invite you to watch a short video presenting the basic information on how to apply for indirect citizenship by investment in Cyprus:

https://www.youtube.com/watch?v=fJopR4eb_so

Clients interested in obtaining citizenship in another European country, for example in Romania, can receive specialized legal assistance from our partners – Rolegal.com.

For details about the best way of acquiring citizenship, please contact our Cypriot lawyers.