Frequently Asked Questions
It’s good for business.
Cyprus is a EU member country and is in the Eurozone, making it attractive for business transactions within the European Union. Provision of services and transfer of goods across the EU is unhindered, either for companies, or for individuals.
Additionally, the country has multiple taxation benefits for resident companies (arguably the best in Europe) and tax treaties with countries across the world, which make it ever more attractive commercially globally.
The geographic location and the aforementioned tax treaty network of Cyprus make it an ideal business hub for dealings with Asia, Africa and non-EU member states of Europe, among others.
Running your business from Cyprus means that you will likely want to stay in the country freely and travel across various destinations without any obstacles. Except for visa-free travel within the EU, Cyprus has similar arrangements with multiple other destinations, making its citizens welcome to visit over 150 countries without any additional bureaucratic “red tape”.
Cyprus citizenship does not presume prior residency in the country (and it does not presume you will do so after receipt of the passport), nor does it require any donations to the government. The procedure is expedient and permits your entire families, as well as your children’s family apply for the same, as soon as possible.
Should you wish to stay in Cyprus after obtaining the citizenship, you would be able to benefit from the enviable infrastructure: high quality schools, private medical care, an extensive network of professional workforce, as well as the lowest crime rates in Europe.On multiple accounts
Cyprus vs Malta
- 3 months processing time vs 14 months
- Right to sell investment after 3 years vs 5 years
- No donation to government vs EUR 650.000 (plus additional EUR 25.000 per child)
- No physical stay required vs need to reside
Cyprus vs Latvia
- 3 months processing time vs 6 years
- Right to sell investment after 3 years vs 5 years
- Dual citizenship allowed vs ban on dual citizenship
Cyprus vs Bulgaria
- 3 months processing time vs 2 years
- Right to sell investment after 3 years vs 5 years
Cyprus vs Spain
- 3 months processing time vs 10 years
- Right to sell investment after 3 years vs 5 years
- No physical stay required vs need to reside
- Dual citizenship allowed vs ban on dual citizenship
Cyprus vs UK
- EU vs non-EU?
- 3 months processing time vs 6 years
- Right to sell investment after 3 years vs 5 years
- No physical stay required vs need to reside
Making Cyprus your home (if even for a while)
The real estate investor should also own a private residence of value equal to, or exceeding EUR 500.000, located in Cyprus.
However, should the private residence of the applicant be worth EUR5 million (for a single application) or EUR 2,5 million (for a collective scheme), no further purchase of an additional private residence is required.
Planning for the medium-term is key.
The properties/development project should have been owned by the applicant for three years prior to the application and must be kept for a further three years post-naturalization. Random checks could occur, so keep your timeframes in mind.
This does not mean that an investor should be staying in the country for 3 years before and after application!
Additionally, the private residence can be sold, and a new one purchased in the meantime. Keeping the value of the property at a minimum of EUR 500.000 is the only requirement. No need to pass up an opportunity to make a profit from your Cyprus property, while you wait!
“Keeping it in the family” is the Cyprus motto
Your spouse and dependent children can apply for Cyprus citizenship without needing to comply with any financial criteria. This includes adult children, provided they are between the ages of 18 and 28 and are studying for their first university degree or equivalent.
Time is of the essence
Your spouse can apply simultaneously. Your children, both adult and under the age of 18, must wait until you receive your Cyprus naturalization to apply.
Tax structuring is Cyprus’ “bread and butter”.
Far be it from the local authorities to stomp on the legitimacy of corporate structuring. You can invest personally, or via an SPV (“special purpose vehicle), be it company, fund or foundation. Just make sure you are a traceable in the structure, as an individual.
It’s all Greek to me
It is absolutely not mandatory to learn the language or demonstrate its understanding to qualify for the Cyprus citizenship. Furthermore, you do not need to pass a history test, nor recite the national anthem, in order to become a Cyprus citizen.
Furthermore, living in Cyprus is perfectly comfortable for many foreigners, since the ex-British colony boasts probably the highest percentage of English-speakers within the EU, bar UK itself.
Have your cake and eat it, too
Dual citizenship is not banned in Cyprus, so you can always retain your other passport(s), provided the other jurisdictions do not have any overriding or conflicting regulations.
Less time than opening a Swiss bank account nowadays
A typical timeframe from the moment of application to the moment of naturalization is 3-4 months. Make concessions for the ever-so-slow month of August or Christmas festivities, but otherwise, you could do it in a single financial year quarter.
Everything is crystal clear
VAT is not included in the investment property value or private residence value. Neither are other taxes included in the amounts in question, such as transfer fees.
Let professionals take care of details
The island has an ample supply of professionals that are familiar with the procedures and requirements, so you are in good hands. As far as documentation is concerned, you would need to provide certain documents from your home country, such as:
- Birth certificate
- Marriage certificate
- Copy of passport
- Clean criminal record certificates from country of origin (and residence, if different).
All of the above needs to be translated into Greek or English and such translations duly certified by Apostle or Ministry of Foreign Affairs/Diplomatic Mission of Cyprus in the country of origin of documents.
Several documents will be prepared in Cyprus, such as:
- Application forms,
- Certificates for the corporate entities involved,
- Audited financial statements of the corporate entities involved,
- Purchase documents for the properties,
- Title deeds for the properties (proof of submission of purchase documents to the Land Registry),
- Proof of payments made.
In case of employment in Cyprus (for high-ranking managers, applying for citizenship), copies of employment contracts and receipts of taxes paid must also be presented.
Additionally, each applicant is expected to provide passport photographs.
Some additional documents may be required for the adult children, proving their financial dependency and enrolment in higher education institutions.