Practical Questions and Answers on the Cyprus Citizenship Program - Marr Group

Practical Questions and Answers on the Cyprus Citizenship Program

Cyprus is the most attractive country for obtaining citizenship. So quickly and with such minimal bureaucratic procedures, becoming a citizen of an EU country will not succeed anywhere else. Let’s look at the main issues related to the registration of Cypriot citizenship:

Who can get Cyprus citizenship for buying a property?

– EU citizens, as well as citizens from other countries who have not violated the law, they are not on the Interpol lists, having a Schengen multivisa. Those who have already been denied citizenship by other EU countries will not be able to obtain citizenship.

What amount of investment is required to obtain a Cyprus passport?

– a minimum contribution of at least 2 million EUR for the purchase of real estate in Cyprus + 75 000 EUR a non-refundable contribution to the Cyprus Land Corporation and 75 000 EUR to the Research and Innovation Fund of the Republic.

Who else can claim Cypriot citizenship with a property buyer?

– Citizenship of Cyprus is granted to the spouse (e), minor children (under 18 years old) and financially dependent children under the age of 28 years and parents.

What are the restrictions on buying property in Cyprus for foreigners?

– Cypriot law allows you to acquire ownership of all types of real estate, but provided that the area does not exceed 4014 sq.m.

How long does it take to own property purchased as part of an investment program?

– the buyer is required to own Cypriot real estate for at least 5 years, after which he can sell it, except for residential property worth 500,000 EUR, which should be owned by the buyer for life.

What expenses accompany the purchase of real estate in Cyprus?

– during the acquisition of real estate on a sunny island, a foreigner will bear the following expenses: VAT – 19%, but when buying the first real estate in a new building, the tax is reduced to 5%; stamp duty – 0.15 or 0.2% depending on the value of the object, and the price of real estate affects the amount of the fee when registering the right of ownership – up to 8%. Well, of course, do not forget about the lawyer’s fee – up to 1%.

What are the benefits for a foreigner with Cypriot citizenship?

– He is equal in rights with European citizens. A foreigner gets the opportunity to freely move between EU countries, receive education, work and live in Europe. In addition, he receives a driver’s license, which is valid in all EU countries, as well as visa-free access to 174 countries of the world.

How long does it take to obtain citizenship in Cyprus?

– The process of obtaining citizenship in Cyprus will take no more than six months. Obtaining European citizenship in such a short period of time will not succeed anywhere else.

Can I rent property in Cyprus for rent?

– Yes, and many foreigners do just that, thanks to which the investment efficiency is noticeably increasing.

Citizens of Cyprus need a visa to travel to the USA?

– Yes, for a trip to the USA it is necessary to apply for a visa, but they immediately give it immediately for 10 years. And also, in early 2020, active negotiations between the governments of Cyprus and the United States on a visa-free regime are underway.

What are the advantages of the Cypriot citizenship investment program compared to other EU countries?

– Firstly, investments in Cyprus property are repayable (except for a non-refundable contribution of 150,000 EUR). After 5 years, the investor can sell the property and return the money spent. For comparison, the size of non-repayable investments in Malta is 650,000 EUR, in Portugal – from 280,000 EUR (moreover, for a permanent residence permit). Secondly, the speed of registration – in Cyprus citizenship is issued in just 6 months.