If you are a non-Cypriot citizen and buy a real estate in Cyprus, then it is possible to apply for a Cypriot Passport / EU citizenship. The vast majority of non-Cypriot citizens need the Cypriot passport / EU citizenship in order to invest in real estate. The procedure is very simple and it takes approximately 6 months.
In order to apply for Cyprus citizenship, investors need to submit a stand-alone application before investing and must be retained for a period of 3 years. If the value of one of the properties is of at least €500.000 (excluding VAT) the applicant must have invested at least €2 million in one or more residential properties.
Benefits of Cypriot Passport
- Free movement within the EU: travel, work, live
- Free travel visa to more than 150 countries
- Passed on to family members
- If the stay exceeds 183 days, then the investor does not become a tax resident
- You do not need to reside in Cyprus before or after the acquisition of the passport
- Investors are allowed to keep their original passport.
- It is not requested to pass any test regarding the language
- Investors can rent their permanent residence
- Investors can also sell the permanent residence in Cyprus provided the fact that another permanent residence will be purchased
- The applicant’s parents are allowed to apply for the Cypriot citizenship given the fact that they own a lifetime residence of at least €500.000 (excluding VAT). The application is submitted after the investor had acquired the Cypriot citizenship.