Second Passport. Cyprus Investment Program

Advantages:

• €2 mln of min investment into property
• Investment returns in 5 years
• Rental income
• Travelling to 170+ countries without visa
• Acommodation in Cyprus
• Citizenship for the whole family
• Legal right to live in any EU country
• Keeping you tax residence and first citizenship

Main Information About the Program

Cyprus approved the terms of the Citizenship by investment program in 2013. The project has become a landmark for the country. More than 3000 applicants have already received a second citizenship of Cyprus and brought in more than €6.6 billion to the country's economy. 

Cyprus is ready to issue passports for investments in various sectors of the economy. But the most popular option (according to statistics) is buying real estate. The minimum entry threshold is €2 mln for the primary market, while other options will require a minimum of €2.5 million.

Moreover, the regulator does not oblige passport applicants to invest the entire amount on one property. You can buy a package of realizable real estate. Еhe assets must remain in the ownership of the investor for 5 years, it is not forbidden to lease the property. But after that the property can be sold, and you still keep the passport. 

The state program of Cyprus was amended. It was then that the term of ownership of assets was extended to 5 years (previously 3 years), there was a mandatory non-refundable payment, the requirements for investors changed. Read more about the current conditions for obtaining a passport for real estate below. 

Also Read: Become a Property Owner on Cyprus: Step by Step

Residential Property For Sale

2 500 000 €

Apartment in Limassol, Cyprus

Residence

Investment offer in one of the best tourist areas of Limassol: 6 apartments with an area of 95-132 m2 with 1-2 bedrooms, high ceilings, terraces with city views, rooftop pool, indoor Parking. Within walking distance: sandy beaches, restaurants, shops, banks, pharmacies. Availability: I quarter of 2022. The projected sales horizon is 5 years

NF Group

4 450 000 €

Villa in Paphos, Cyprus

600 sq.m 7 7

Residence

Exclusive 4-bedroom villa in Pegia with an additional basement, area of 250 m2, as well as patios and balconies, private pool 6 x 12, full central heating and air conditioning, plot area -2500 m2, double car port, electric gate, barbecue and kitchenette, double glazing, marble staircase, granite working peaks, fireplace 2 km from the sea and 30...

BLUE SKY HOUSES

1 450 000 €

Villa in Paphos, Cyprus

216 sq.m 6 4 3

We offer for sale a luxurious villa after a total renovation carried out to a high standard by the elite Cap St George project, which the new owner of this beautiful house will also have a membership. Accordingly the owners can use the project’s tennis courts, mini football fields, beach volleyball fields, playgrounds, a club house with a...

Foutina

2 600 000 €

Villa in Paphos, Cyprus

430 sq.m 5 4 4

Residence

This brand new luxury villa is idealy located on the border of the famous Akamas peninsula and offers fantastic sea and moutain views. Absolute peace and quiet reign in this secluded place in an incredible combination with mountain air and sea breeze. But this still does not mean that civilization is too far away – the nearest private...

Foutina

567 000 €

House in Paphos, Cyprus

170 sq.m 3 3

Residence

For sale 1-storey villa of 170rs in Paphos. Villa consists of 3 bedrooms. The owners will be leaving the furniture with the sale. The property boasts a swimming pool of private use. AgnadesVillage, Villa No. 12 is a beautiful coastal countryside3 bedroomvilla for sale in the famous summer destination of Polis in Cyprus. The villa is adjacent to...

Mercury Group

1 068 000 €

House in Paphos, Cyprus

301 sq.m 3 3

Residence

For sale 1-storey villa of 301rs in Paphos. Villa consists of 3 bedrooms. The owners will be leaving the furniture with the sale. Extras included with the property: parking space. The property boasts a swimming pool of private use. Viewpoint Hills Villa No. 1257is a modern state of the art luxury3 bedroom villa for sale in Peyia, Cyprus. The...

Mercury Group

355 000 €

Flat in Limassol, Cyprus

132 sq.m 4

Residence

For sale apartment of 132rs in Limassol. The apartment is situated on the floor. Flat has interior layout. The owners will be leaving the furniture with the sale. Extras included with the property: parking space.

Mercury Group

258 100 €

Flat in Cyprus

75 sq.m 3 2

Residence

Everything you need is within walking distance. Comfortable housing meets all the needs of a modern person. The balcony area is 8,2m2.

Renaissance Estate

1 980 000 €

Villa in Paphos, Cyprus

338 sq.m 5 4

Residence

BLUE SKY HOUSES

315 000 €

Land in Limassol, Cyprus

752 sq.m

BLUE SKY HOUSES

600 000 €

Villa in Paphos, Cyprus

102 sq.m 2

Online Viewing

The two-level 2-bedroom villa has a comfortable layout, modern finishes and covered outdoor areas, which ensures an unobstructed indoor and outdoor life, and is equipped with a number of first-class amenities, including private pools, barbecue areas, landscaped gardens, large verandas with outdoor living rooms, Located in the most sought-after...

Intermark Global

130 525 €

Apartment in Alsancak, Cyprus

85 sq.m 3 2 1

Residence Online Viewing Remote Transaction

Alsancak is a town located west of central Kyrenia, between Karaolanoglu and Lapta. Alsancak is known for the best beaches and restaurants in Northern Cyprus. Alsancak is also home to a large chain of Merit hotels – Merit Park, Merit Crystal Cove, Merit Royal and Merit Premier. The quiet and cozy complex is located 620 meters from the sea,...

Leverage Investments

280 000 €

Apartment in Paphos, Cyprus

54 sq.m 1 1

BLUE SKY HOUSES

216 000 €

Apartment in Kyrenia, Cyprus

62 sq.m 2 1 1

Online Viewing Remote Transaction

Properties in the Developing Area in Girne Esentepe Esentepe is located east of Girne, the developed city of Cyprus. It has become a favorite of foreign investors in recent years. The region has many social facilities, such as restaurants serving world cuisine, coastal beaches, picnic areas, golf courses at international standards, and event...

TEKCE

278 000 €

Apartment in Iskele, Cyprus

104 sq.m 3 2 2

Online Viewing Remote Transaction

Special Design Apartments Near the Sea in North Cyprus İskele Located on the northern side of Cyprus island, İskele surrounds white sandy beaches that follow estate investors. The region has especially in recent years taken great interest in real estate developers. Today, İskele offers a taste of the Mediterranean lifestyle at advantageous...

TEKCE

2 275 000 €

Apartment in Limassol, Cyprus

199 sq.m 3 3 4

Residence

This modern architectural masterpiece offers a lifestyle of convenience and luxury in the heart of Limassol. Surrounded by numerous restaurants, shopping centers, hotels, beauty salons, and other amenities, residents enjoy a comfortable and easy life. The spacious layouts of the apartments feature living rooms connected to kitchens, hallways,...

Cyprus Sotheby's International Realty

750 000 €

House in Paphos, Cyprus

5 4 3

Residence

For sale exclusive 2-storey villa of 210 m² at the planning stage, in one of the most prestigious areas of Paphos, 500 m from the sea, close to the city's entertainment and service centers such as schools, hotels, supermarkets, shopping centers, banks, etc. . On the ground floor there is an open plan kitchen and living room. 1 bedroom,...

Mercury Group

700 000 €

Villa in Paphos, Cyprus

135 sq.m 3 3 2

Residence

This exquisite villa, located in the famous seaside resort of Coral Bay, just 12 km from Pafos, offers unparalleled luxury and convenience. Renowned for its sandy beaches and vibrant entertainment scene, Coral Bay offers an idyllic setting for both permanent living and holiday rentals. Spanning two storeys, the modern villa showcases three...

Cyprus Sotheby's International Realty

370 000 €

Flat in Paphos, Cyprus

140 sq.m 4 3 2

Remote Transaction Rental property

This lovely apartment is situated in the heart of the tourist area of Paphos, just a short walk from the beach and all the amenities that the area has to offer. The property has a contemporary design and features three bedrooms, making it ideal for families or groups of friends. As you enter the apartment, you’ll find yourself in the...

Foutina

630 000 €

Villa in Paphos, Cyprus

226 sq.m 5 4 3

Residence Remote Transaction Rental property

Permanent residence under the accelerated scheme., installments. 4 bedroom Villa in the center of Paphos. The villa is located in the heart of Paphos city, close to all major amenities such as Paphos Harbour, tourist area and Kings Avenue Shopping Mall. The villa has comfortable living rooms and balconies with wonderful views of the surrounding...

ABC CYPRUS HOMES

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Requirements for the applicants

Who can participate in the program

The Cyprus program wins over others in terms of family composition. The application can include: 

Spouse

Not only a marriage, but also a civil partnership is allowed. In the second case it is necessary to prove the financial dependence of the spouse and the fact of cohabitation.  

Children under 28

The application can include not only minors, but also adult children up to 28 years of age. Including adopted children and from previous marriages. The main condition is that children must be financially dependent on the investor, i.e. they must not work or be married.  

Parents

Parents on both sides can also apply for passports, regardless of their age. An additional condition is the older generation must have their own housing worth from €500,000. You can take one property for a large family of several generations, but then it should cost more than a million euros. 

Other requirements for applicants

• From 18 years (for the main applicant)
• No criminal records or bans on entering the Schengen area (if the visa refusal is in the passport, you just need to get a new one)
• Pass a security check and prove the legality of the invested funds
• A valid Schengen visa
• A residence permit in Cyprus for 6 months (the application for a residence permit is submitted at the beginning of the procedure, the status is issued in 1-2 weeks)
• No refusal to provide a passport of another EU country (for example, Malta).

Documents

Applications are submitted through licensed agents who help applicants collect the correct and complete set of documents.

Documents

• Signed application for citizenship (form M127) 
• Two passport-size photos certified by a Cyprus notary
• A copy of your passport with a valid Schengen visa
• Family documents: birth certificates, marriage certificates, children's birth certificates
• Certificate of no criminal record from the country of origin and country of permanent residence (if different), issued no earlier than 90 days from the date of applying for Cyprus citizenship
• Due Diligence verification report completed no earlier than 30 days from the date of application.
• Copies of two ads in a daily newspaper (applicants must submit ads to the state newspaper of Cyprus stating that they are applying for citizenship)
• A copy of the current residence permit in Cyprus (permanent residence) 

Financial documents

• Proof of the legality of the invested funds (certificates of income, property, etc.) 
• A copy of the bank transfer of the donation to two state funds
• Proof of transfer of the principal amount of investment to a Cyprus bank account in the name of the seller

Real estate documents

• Real estate purchase and sale agreement
• Certificate of ownership (title) or registration of the contract with the Land Department (in the case of property without a title)
• Investment plan for the development of the land plot (if it is planned to build) 
• Construction permit
• Certificate of absence of encumbrances on real estate
• The act of completion for real estate under construction. Until the end of construction, 5% of the property value must be kept in a special account as a guarantee.
• Permission to purchase by a foreigner from the Council of Ministers for oreal estate on the secondary market that have a title

Rights and obligations

• The Cyprus passport obtained under the investment program is no different from the passports of all other citizens of the country. Your rights will be the same.
• The right to live and work in any EU country.
• There is no obligation to move to Cyprus or spend most of the year here, but you can do it if you want to.
• The ability to travel without a visa to 170+ countries, including all the countries of the Schengen area, the UK, Australia, Hong Kong.
• The holder of a second citizenship does not automatically become a tax resident of Cyprus, but if desired, they can choose this status and, among other things, take advantage of the local preferential tax regime named "Non-Dom" ("not domicile").
• Real estate that participated in the program must remain owned for 5 years. But even during this period you can extract income from the property by renting it out.
• It is possible to keep the first citizenship, and pass the new one on by inheritance.

Procedure for obtaining Cyprus citizenship takes up to 1 year. 

Quoting conditions of Prian.info materials