Frequently asked questions
The following are questions frequently asked about the Cyprus Residency & Citizenship programs. If you don’t find your answers here, please contact us at your convenience.
Applicants realise that Cypriot citizenship provides many significant benefits, including:
• Visa free travel to over 169 countries
• Retirement in a safe country with a warm climate
• A better education for the applicant’s children
• Children and grand children gain visa free travel and the right to live, work, or study in all the E.U countries
• A better quality of life for the family, including better healthcare and an unpolluted environment
• Relatively low real estate prices
• Personal security
• Tax advantages
• Freedom associated with having multiple passports
• Applicants are not required to live in Cyprus before or after citizenship approval.
What are some of the reasons the Cyprus citizenship by investment program is attracting so many international investors?
International business people and investors who are active worldwide consider an alternative citizenship and passport a powerful tool for international tax planning and a safety net should the living conditions at home become unbearable.
What is the minimum investment required to obtain the Cyprus residency?
The minimum investment amount is EUR 300,000 plus VAT (Discounted for the purchase of the first Residential Property).
These cost estimates are exclusive of government application and attorneys fees and will vary based upon the number of family members to be included by the main applicant. Please contact us to obtain a complete checklist of all required application documents and to receive a detailed quotation.
What is the minimum investment required to obtain the Cyprus citizenship (EU citizenship)?
The minimum investment amount is EUR 2,0 million plus VAT (Discounted for the purchase of the first residential property) for the citizenship (European passport).
To qualify for citizenship, the primary applicant must be over 18 years of age and select one of the following options:
Option #1: Residential Real Estate Investment
This option requires a minimum total investment amount of EUR 2,0 million in residential real estate.
A. MULTIPLE PROPERTY INVESTMENT: The total investment amount must include a permanent personal residence valued at no less than EUR 500,000. The remaining investment amount of EUR 1.5 million must be made in residential real estate, to be held for a minimum of three years.
B. SINGLE PROPERTY Investment : One single property as a personal residence is valued at EUR 2,0 million or more.
Option #2: Other Investments
This option requires a minimum total investment of EUR 2,5 million plus VAT
Part of this investment must be a permanent personal residence purchased for at least EUR 500,000 plus VAT
The remaining investment amount of EUR 2,0 million can be made using a mix of the following, held for at least three years:
a) Eligible Real Estate, such as residential, commercial, infrastructure or developed land, or
b) Interest-bearing Cyprus Government Bonds (up to a maximum value of EUR 500,000), or
c) Alternative Investment Fund (AIF) or financial assets of a Cyprus entity licensed by the Cyprus Securities and Exchange Commission, or
d) Company formation or acquisition or participation where the applicant is a majority shareholder, with activities in Cyprus, and employing 5 Cypriot or EU nationals who have been residing in Cyprus for over five years, or
e) a combination of any of the above.
These cost estimates are exclusive of government and attorneys fees and will vary based upon the number of family members to be included. Please contact us for a checklist of all required application documents and to receive a detailed quotation. Our team can advise you on the various investment options taking into account your investment preferences.
Will the Cyprus citizenship automatically grant me European citizenship?
Under the citizenship program, can I include my family in my application?
Yes. All investment options to citizenship allow for dependents. ‘Dependent’ refers to: (1) children under the age of 18, (2) adult children between the age of 18 and 28 who are students, and (3) parents of the prime applicant if they purchase their own residence with a value of at least EUR 500,000. Neither the spouse nor the children are required to make any additional financial investments.
In the case of Residency: Parents of both applicants and spouse are entitled with further investment, as are minor children and dependent/student children under the age of 25.
As a citizen, am I required to live in Cyprus?
No. Cyprus does not require you to be present or reside in Cyprus before or after approval of your citizenship application.
Under the Citizenship & Residency Programs, am I required to own real estate in Cyprus?
Yes. Every main applicant must be the owner of a permanent residence in Cyprus, with a market value of at least EUR 300,000 plus VAT. Members of the same family – but filing separate applications – may pool their resources provided that the total amount of the residence/house covers the amount of EUR 300,000 for each applicant. However, the country does not require you to be present or reside in Cyprus.
As for Citizenship – The primary residential property must be valued at a minimum of EUR 500,000 and whereas after 5 years, one can divest and sell the properties, a residential property, where the value of which is at least EUR 500,000, must be retained.
Will my citizenship expire?
How long does it take to get the citizenship and passport? What is the process?
Does Cyprus allow me to keep my original citizenship?
Yes. There are no restrictions on dual citizenship in Cyprus.
How will new citizens be taxed?
Becoming a citizen of Cyprus does not have any tax implications
unless you move to the country. Individuals are considered as tax residents of Cyprus if they spend more than 183 days per year in Cyprus. Tax residents are taxed on all chargeable income that is accrued or derived from any source in Cyprus and abroad. Non Tax residents are only taxed on certain income accrued or derived from a source in Cyprus. Any foreign taxes that are paid can be credited against personal income tax liability.
Personal tax on income generated in Cyprus is taxed at progressive rates up to 35%. The corporate tax rate is 12.5%.
There is no inheritance Tax in Cyprus.
Can you help me find property in Cyprus?
Yes. Niron Real Estates is a leading real estate company specializing in Cyprus and Greece, by offering exclusive properties in prime locations to the discerning buyer. Our product portfolio is wide ranging, covering all the possible requirements that you may have. Whether you are looking for an investment, a holiday home, a second home, or a permanent home, rest assured that we are the right partners for you.