For many families and investors, gaining Cyprus citizenship offers a myriad of benefits that are too irresistible to ignore.
In fact, the Cyprus residency scheme is an excellent choice for both investors seeking exciting real estate opportunities and families looking to relocate. 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.
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.
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.
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.
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 €300,00 (+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:
It’s important to note that to go down this path, you will also need a fully clear and clean criminal record.
Now you have all the necessary documentation at the ready, we can start the application process.
We’ve broken down the Cyprus residency permits scheme into five steps to make it as simple as possible for you.
First, you need to make a property investment in Cyprus worth at least €300,000 (+VAT). You can choose any of the following types of property:
Depending on which you choose, there may be additional requirements such as income verification or details on what you plan to use the property for.
Property chosen, you’ll now be required to prove you meet the financial requirements necessary for this process.
You need to prove you can support yourself, as well as any family or dependents, in Cyprus without financial concerns. Typically, this means an annual income of around €50,000 per year for the main applicant. If you do have a spouse or children, additional income will be required.
To do this, you’ll be asked to show documentation such as paychecks, bank statements, employment contracts, or proof of investments.
The next step is to actually submit your residency application to the Civil Registry and Migration Department.
At this stage, you’ll need the remaining documents at the ready to prove your property investment, identification, a clean criminal record, and health insurance coverage. Plus, your biometrics will be taken too – fingerprints and a photo.
With the form sent off with all the required documents, your side of the residency through investment process is complete.
Now, the Cypriot migration department will review all your details, documents, and investment and decide whether to approve or deny your application. Generally, you can expect to wait the following amount of time for your results:
All done! If your application is approved, you’ll receive permanent residency permits for yourself and any family members with you.
With these permits, you’ll be able to live in Cyprus indefinitely, meaning you can come and go from the country as you like. You do not need to live in Cyprus all year round. However, you should visit at least once every two years.
If you still want to gain citizenship in Cyprus, then this is absolutely possible after you’ve received a resident permit. However, you can’t do it straight away.
First, you need to have lived in Cyprus for at least 7 years within the past 10 years. Additionally, you need to have been physically present in Cyprus for a minimum of 12 months right before submitting your application.
To gain citizenship status, you submit a naturalisation application to the Civil Registry and Migration Department for review. You must also be able to do the following:
You may be asked to provide additional documents as part of this process. In some cases, you may be called in for an interview as well.
To get citizenship by investment in Cyprus, you’ll need to spend at least €300,000 (+VAT) on a property of your choosing.
However, there are additional costs to consider alongside this investment capital, such as government charges, legal fees, due diligence costs, and potential ongoing bills too. If you’re granted citizenship, then there are passport fees to consider as well.
While there is a long wait to apply for citizenship through investment, it is worth it. In fact, there are plenty of benefits to gaining Cypriot citizenship.
✓ Full EU citizenship
✓ Visa-free travel
✓ Right to vote
✓ Able to live across the EU
✓ Able to work across the EU
✓ Citizenship for future children
These benefits are useful for individuals, families, and investors, offering ease of travel for business trips and family holidays, as well as additional political benefits, too.
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.