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.

Cyprus Builds Largest Sea Front Tower in Europe.

Since Cyprus reduced its Citizenship by Investment programme down to just €2,000,000, the scheme is now attracting more attention than ever! As one of the fastest track schemes in Europe to obtain a second passport, the citizenship programmes also allows both children and grandparents to be included under one family application.

One of our most popular investment projects this year has been this fabulous, sea front tower in Limassol, which is set to be the largest coastal tower in Europe! Construction has already begun with 60% of the project sold so far and the remaining properties being reserved quickly! The monumental height of this project will offer investors exclusive, stunning views over Limassol’s vibrant city and crystal clear sea, redefining luxury living in Cyprus. For more details, please contact us.

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Cyprus Citizenship Reduced to €2.0 million

The Cypriot government have announced changes to the real estate investment programme leading to citizenship.

The minimum required investment amount for the right to obtain citizenship has been reduced to €2 million provided the whole investment is made solely in residential property. The parents of the investor are now also eligible to obtain citizenship provided they purchase their own residency property for a minimum €500,000.

Children up to 28 years old are eligible to obtain citizenship provided they are financially dependent on the investor and are studying.

Every applicant (including the investor and dependents), prior to his naturalization in Cyprus will have to be in possession of a Cyprus Permanent Residency (PR) Permit. Those applicants who don’t already have a permit can apply simultaneously with the submission of the citizenship application. For the purposes of applying for PR solely in the context of a citizenship application the applicant will only be required to meet the provisions of the citizenship scheme. This provision has been included for the purposes of assisting the citizens of countries in which dual citizenship is prohibited.

The provision that the investment can be disposed of 3 years after the citizenship is granted, remains the same in the new scheme. The investor will still be required to be in possession of real estate of minimum value €500,000- and if the application was made with parents, then they also will need their own residence of minimum value of €500,000 in order to retain citizenship.

 

Residency and Citizenship through investment in Cyprus

Cyprus Villas.jpgThe Cypriot government has two programs for investors that lead to either residency or direct to citizenship. Both require investment in real estate, €300,000 for residency and €2.5 million for citizenship.

Each investment scheme can extend to family members and neither programme requires the investor or their family to live in Cyprus. However Cyprus has a favourable tax regime, a low crime rate, excellent education and medical facilities, a year round warm climate and English is widely spoken throughout the country.

Cyprus is a full EU member, residents will find it easy to travel throughout Europe and citizens, with their EU passport are free to live, to work or study anywhere within the European Union.

Contact us for more details on the programmes.