For many families and investors, gaining Cyprus citizenship offers a myriad of benefits for lifestyle, finances, and personal gain.
In fact, the Cyprus residency scheme is an excellent choice for both investors seeking exciting real estate opportunities and families looking to relocate. In essence, you invest at least €300,000 (+VAT) in a new property, and you're able to apply for residency.
While this scheme won't lead to citizenship directly, it does open the door to future citizenship opportunities.
In this blog, we'll go over how to get permanent residency in Cyprus, as well as how to get Cyprus citizenship by investment.
Does Cyprus Still Offer Citizenship by Investment?
No, Cyprus terminated the direct route to citizenship through investment in November 2020.
However, you can get permanent residence in Cyprus through investment. The main difference between the two is that with citizenship, you're granted a passport and Cypriot nationality, while permanent residence allows you to live in Cyprus indefinitely.
You can still get Cypriot citizenship through investment, though, as it is just the direct route which is now closed.
Why Was the Citizenship by Investment Scheme Scrapped?
The citizenship by investment scheme was scrapped after the European Commission expressed concerns about security in the countries offering it.
Interior and finance ministries stated there was a 'long-standing weakness' in the system, which led to the 'abusive exploitation of the provisions of the programme, reported Al Jazeera. As such, the scheme was scrapped and replaced with a new residency scheme instead.
Obtaining Cyprus Citizenship by Investment
Gaining Cyprus citizenship through investment is still entirely possible; there are just a couple more steps to take before you're able to do it.
Under the new process, you still invest in property in Cyprus; that hasn't changed. However, while the previous scheme enabled you to gain Cypriot citizenship directly after that investment, you now get residency status first.
After 7 years of living in Cyprus as a resident, you can then apply for citizenship through the naturalisation process. However, keep in mind there are other aspects of the naturalisation process, such as Greek competency, lawful residence, and physical presence requirements.
What You Need to Get Residency by Investment
Before we go through the necessary steps to start the citizenship-by-investment process, there are a few documents you'll need to have ready.
Of course, before you get to this step, you need to have made your investment of €300,000 (+VAT) and have been living in Cyprus as a resident for at least 7 years. Once you've done that, you can get started on your application for citizenship.
You will need the following documents:
- Proof of investment
- Proof of income
- Form of Identification
- Health insurance coverage documents
It's important to note that to go down this path, you will also need a fully clear and clean criminal record.
Who is Eligible for Cyprus Residency Through Investment?
The residency by investment scheme is designed to support citizens of non-EU countries to get permanent residence in Cyprus.
Generally, that means people from Britain, America, Canada and further afield are eligible. However, there are a few criteria to meet to qualify, including:
- Over 18 years old
- Have a clean criminal record
- Have valid health insurance
- Be a non-EU, non-EEA, non-Swiss citizen
What's the Difference Between Citizenship and Residency?
One of the main differences between citizenship and residency is the number of benefits you have access to.
While a lot of the perks are granted for both citizenship and residency, there are some you can't access as a resident, or they come with specific stipulations. For example, you can buy real estate as a resident, but only with permission from the Council of Ministers.
To make it easy to compare how they differ, we've broken down the differences between Cyprus citizenship and residency in the table below.
| Benefit | Cyprus Citizenship | Cyprus Residency |
|---|---|---|
| Open a bank account | ✓ | ✓ |
| Free travel to EU countries | ✓ | ✗ |
| Live and work in other EU countries | ✓ | ✗ |
| Be employed | ✓ | ✓ |
| Access healthcare | ✓ | ✓ |
| Register a company | ✓ | ✓ |
| Buy real estate | ✓ | Permission required |
| Rent real estate | ✓ | Permission dependent |
| Vote | ✓ | ✗ |
As a resident of Cyprus, you're residing in the country as a foreign national, which is why there aren't quite as many benefits available. When you're a citizen, you're legally recognised as a member of the country.
Explore Property Investment Opportunities with Us
At DNP Property Group, we specialise in developing and selling luxury properties in Cyprus.
If you're interested in gaining Cypriot residency or citizenship, investing in our properties is the best place to start. We have apartments across the Paphos area, offering stunning sea views, proximity to local airports, as well as excellent retail, leisure, and educational facilities.
Get in touch with us today to discuss the ideal apartment or investment opportunity for you. You can reach us via phone on + 357 7000 8188 or fill out the contact form to hear from a member of our team.
FAQs
Can UK citizens still get residency in Cyprus after leaving the EU?
Yes, you can still get Cyprus residency as a UK citizen, even after the country's exit from the EU. While the paths to residency differ slightly for non-EU nationals, residency through property investment is still a viable option for citizens of the UK.
How long does a Cyprus residency last?
Once you have Cyprus residency, the status lasts indefinitely. However, if you go through the property investment path to residency, you need to keep your qualifying investment. Plus, you need to visit Cyprus at least once every two years.
Do I need to speak Greek to get residency?
No, you do not need to speak Greek to get residency in Cyprus through property investment. You can still follow this path to residency without knowing the national language.
Do I need to speak Greek to get citizenship?
Yes, unlike residency in Cyprus, you usually need to prove a working knowledge of Greek to get citizenship in the country.
Can a Cyprus residency lead to an EU passport?
Yes, Cyprus residency can eventually lead to an EU passport through naturalisation – the legal process where a non-citizen becomes a citizen.
However, you need to have lived in Cyprus legally for at least 7 years within 10 years first. Plus, you need to meet additional conditions, such as a working knowledge of Greek, proof of income, and evidence that Cyprus is your main place of residence.
Can I bring my family to Cyprus as a resident?
Yes, you can bring eligible family members to Cyprus as a resident. Typically, this includes a spouse or children. Keep in mind that each family member will also need to provide supporting documents and ID.
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