Cyprus Key facts

Official Name: The Republic of Cyprus
Independent State: 1960, since then, Member of the UN
Full member of the EU: May 2004
Capital: Nicosia
Area: 9,251 sq km
Population: 862,000 (2011)
Official languages: Greek, Turkish English is widely spoken
Monetary Unit: Euro as of 2008
Life Expectancy: 79 years
Form of State: Presidential Republic

Decision of the Council of Ministries

On February 2009, the Council of Ministries introduced a plan of a favorable treatment for permanent residency, specifically designed for third country retirees who wished to live in Cyprus
The decision aimed in two directions:

A. To enhance the real estate sector
B. To encourage wealthy individuals spend their retirement in Cyprus

Since then, the plan is still aiming at the same directions, but it went through many changes, until to arrive in its current form

The PRP scheme today

It is undoubtedly one of the most attractive in the European Union
Very popular among third country nationals who are seeking alternative and envious lifestyle

The current form of the Permanent Residency Scheme

Granting permanent residency permission (PRP) to non EU nationals with the purchase of a house the price of which is at least €300,000*

• Along with the applicant, eligible for the PRP are:
• The spouse
• The children up to the age of 18
• Unmarried children of the applicant aged between 18 and 25 who may prove that they are high school students or undergraduates

Additional options of the existing PRP scheme

Granting second PRP with the purchase of a house the price of which is at least €600,000
This option is designed for families with a child over the age of 18 who is not a student or undergraduate and he or she wishes to live with the parents.
Similarly, an investor with two children over or close to the age of 18, can buy a house the price of which is at least €900,000 and be eligible for three PRPs.

The Permanent Residency Scheme

Application-Investors may submit their application for PRP along with:

• Financial statements of €30,000 deposit
• Evidence of at least €30,000 annual income
• Evidence of an additional €5,000 annual income for each dependant
• Title deeds or contract of sale of the house withreceipts of 66% of the price
• Application fees
• Other necessary documents (CV, clean criminal record, copy of passport medical insurance, birth certificate, etc)

Information available in English; Russian; Chinese; Greek and Arabic at: www.moi.gov.cy
These amounts must be proven to have been transferred to Cyprus from abroad.

Benefits of the PRP Scheme

• No obligation as to the place where the applicant wishes to purchase the house.
• Flexibility as to the frequency the holder of the PRP should visit Cyprus (the law requires one visit every two years).
• The purchaser may be a physical or legal person. In the case of a legal person, the entity must be registered in Cyprus and the applicant to be the sole shareholder
• The applicant reserves the right to purchase two houses, independent to each other. Additional option for purchasing one house and one shop. In any case the total amount of the two must be €300,000.
• The estimated procedure for approving the application does not exceed the two months.

Attractive Naturalization Scheme Through Various Investment (Options -1-)

Decision of the Ministries’ Council

In 2007 the council of the Ministries introduced an attractive scheme for naturalization
Since then the scheme is reviewed constantly and updated according to the current investor’s needs.
The naturalization scheme is characterized by its plurality in options and aims on a dual direction:

• Attraction of foreign investors in Cyprus
• Boosting the Cyprus economy.

Investor’s Options for acquiring Cypriot Citizenship

On the basis of the relevant Council of Ministers’ Decision (dated 13/09/2016), non-Cypriot Investors can acquire the Cyprus Citizenship by Naturalization (by exception on the basis of the Civil Registry Laws 2002-2015).

Economic Criteria and other required conditions

* At least one residential property must be of at least €500.000(excl. VAT); the said property must be kept for life.

Terms and Conditions:

• The parents of the investor can apply for the Cyprus Citizenship following the purchase of a permanent residence of minimum €500.000.
• Clean Criminal Record for adult applicants (main applicant, spouse, adult children and parents) who are also not included in the list of persons whose property is ordered to be frozen within the EU.
• All above mentioned investments need to be kept for at least three years from the date of Naturalisation.
• All investments need to be concluded with fresh funds from abroad.
• A high-ranking senior manager may apply, if he/she receives such a remuneration that generates for the Republic tax revenue of at least €100.000 for a three year period, and he/she buys a permanent residence of €500.000. An investment as per the economic criteria must be completed in the employing company in Cyprus.

Key Benefits of the Naturalization Scheme

• Freedom of Movement : Travel, reside, study and work within the EU.
• Investor and all family members can obtain the Cyprus Citizenship (i.e. spouse, children under 18 years of age and adult dependant children aged 18 - 27 years old).
• Free movement of Capital, Goods and Services.
• Parents of the main applicant can obtain the Cyprus Citizenship with an additional residential property of a minimum of €500.000.

Why choose the Cyprus Citizenship Program?

1. No requirement to make a donation to the local government.
2. Cypriot passport issued within 6 months.
3. No physical residence requirements during or after the application process.
4. No obligation to relinquish current nationality.
5. No language test requirement.
6. Main Applicant, spouse, and dependent children below the age of 28 acquire citizenship.
7. Parents of the investor may also apply provided they hold a private residence of at least €500.000.
8. Grandchildren also inherit the citizenship via naturalization thus creating a whole bloodline of EU Nationals.