Cyprus Citizenship in 5 Simple Steps

Cyprus VillasThe process for Cyprus’ Citizenship by Investment program could not be simpler and is achievable in just 5 simple steps. La Vida’s specialist consultant’s will be able to assist investors from A to Z, from the real estate purchase, to the legal work and application.

Below is a guide to the necessary steps:

Step 1: Engage and Invest

Once La Vida have been appointed and our client facilitator agreement has been signed, the first step is to make a visit to Cyprus. La Vida will tailor a visit to suit, provide a full itinerary, arrange property viewings and a meeting with a legal representative. Investors will need to select real estate to meet the required investment of €2,000,000 and reserve the property with a deposit to begin the purchase. It is possible to do all of the above remotely if a visit is not viable and La Vida and our legal team will help with this.

Step 2: Application submission

Following the property investment, La Vida’s legal partners will begin the application for the main investor and spouse, undertake due diligence and gather all the supporting documentation. On submission of the naturalization application a permanent residency permit will also be applied for which takes less than 2 weeks to obtain. It is necessary for every adult applicant to hold a PR card in Cyprus for at least 6 months prior to collecting their passport/national ID.

Step 3: Biometrics

Shortly after the application has been submitted, biometric data will need to be given. This can either be done during a further visit to Cyprus or it is possible to visit certain Cypriot embassies to submit the data. The Cypriot Embassies in locations such as London, Moscow and Pretoria can provide this service. At this point it is also possible for investors to collect their residency permit cards.

Step 4: Approval in Principle- 3 months

The Government have a set timeframe of 3 months for the examination of the citizenship application from submission. At this stage investors will receive an ‘in principal’ approval certificate.

Step 5: Collect Passport

Following the ”in principle” approval and once the investor has held their PR card for a total period of six months, their new Passports/ID’s can be collected either in Cyprus or at a local Cyprus embassy. The total process will take just over 6 months.
It’s at this stage that the main applicant’s dependents can then apply for citizenship.

For more details on the Cyprus Citizenship by Investment programme and a free consultation with one of our specialist consultants, please do not hesitate to get in touch.

Cyprus Citizenship Remains Strong

Mk4 - PafiliaExtra - A_3067The Cyprus citizenship by investment programme remains a firm favourite amongst high net worth individual’s worldwide.  With it passport power scoring highly and its simple and fast processing time, the Citizenship programme is often at the top of many investors lists when searching for a second passport programme. Not only does Cyprus offer a straightforward route to EU citizenship, the geographical location of the country is very appealing to many as it is conveniently position between Europe, Africa and the Middle East and often viewed as an ideal business hub between the three continents.

In terms of the Economy, the property market is steadily growing which is a strong reflection on how successful the Citizenship and Residency programmes have been, attracting large international investments into the country.

Back in 2011 Cyprus also discovered 2,000 billion cubic metres of natural gas reserves off shore which has significantly increased the countries credibility and will certainly help to boost the Islands economy further as this exciting prospect progresses in the future.  A large drilling operation for the natural gas began in July 2017 and will take place through to October 2017.

Not only is Cyprus part of the EU it is also a member of the Commonwealth of Nations, Eurozone, United Nations, IMF and World bank. For more information on this programme, please do not hesitate to contact La Vida’s specialist consultants.

Economic Growth Continues in Cyprus

shutterstock_83630347According to the most recent RICs property price index report for Cyprus, there has been more promising signs of economic growth throughout the country. An improved confidence in Cyprus’ banking system resulted in a higher number of transactions taking place in the final quarter of last year.  2016 also saw an overall GDP growth of 2.9%, which was an excellent reflection of how fruitful the Golden visa programme is proving for the country.

The Minister of Finance recently commented that there had been approximately two thousand golden visas issued to non-EU citizens last year. This equates to around 4 billion euros worth of investment, which in turn makes up around 25% of Cyprus total GDP.

Rental values have also noticeably increased. Comparing Q4 of 2016 to the previous year, there has been a rise in ROI’s of 6.6% for apartments and 8.7% for houses, making the average rental yield now between 3-4% p.a.

The countries Citizenship by Investment programme still holds it’s place as Europe’s quickest CBI programme. Following an investment of €2,000,000 + costs, it is possible to obtain an EU passport within just 6 months which in turn allows one to live, work or study anywhere in the EU. Contact our Experts for more information…

Cyprus CBI Webinar

shutterstock_530610559Over the last few weeks La Vida have hosted a number of informative webinars for our clients to learn more about the various residency and citizenship programmes that we offer. Last week our Cyprus visa expert, Edwina Keyser, hosted a very successful webinar on the Citizenship by Investment programme. The webinar covered many points about the scheme, including the requirements, the step by step process, real estate options and a Q & A section at the end.  If you missed the live session it is possible to catch up and listen to the recording online. La Vida can assist you from A to Z with the Cyprus citizenship and permanent residency schemes and if this is something you are considering, we would be delighted to hear from you.

To receive a copy of the recording, please see the link:
Cyprus Citizenship by Investment and a Second Passport