Passport from Cyprus is fast track to EU Citizenship

As a measure to attract foreign investors to invest in Cyprus, the Council of Ministers passed a measure in May 2013 which set new financial criteria to grant Cypriot citizenship and passport and provide exceptional naturalization to foreigners.

Foreign investors can acquire citizenship of Cyprus by making an investment in real estate of €2,000,000 to €2,500,0000  depending on the chosen investment option. These real estate options provide the opportunity to invest in income producing commercial real estate properties which can generate very attractive high risk adjusted returns.

The procedure to become a citizen of Cyprus is very simple and it could be accomplished within 3 months. This is probably the easiest and fastest track procedure to acquire EU Citizenship.

A high level summary of some of requirements for real estate investment are shown below:

Financial Criteria for Real Estate Investment in Cyprus

According to the new regulation an individual investor can either invest in Residential Properties to the value of €1.5 million and/or Commercial Property to the value of €2 million. Additionally, to the above, the investor will have to acquire a Permanent Privately owned Residential Property in the Republic of Cyprus, the purchase price of which must be of a minimum value of €500,000 + VAT. It is also paramount to highlight that the residential or commercial real estate investment portion can be new construction or existing properties (prior built properties). If it is new construction, then there is an 18% VAT which has to be paid to the government while if it is existing then there is no VAT requirement.

Benefits of Cypriot Passport / EU Citizenship

.Right to work, live and buy property in all European Union member countries

  • Free movement within the European Union member states without visa restrictions
  • Enjoy governmental welfare benefits to all European Union countries
  • No visa necessary to travel to more than 140 countries
  • Have the same legal rights as a natural born Cypriot citizen
  • No need to pass a language test
  • No need to reside in Cyprus before or after the residence
  • Right to rent the permanent residence in Cyprus
  • The Republic of Cyprus allows you to keep your original passport and not surrender your citizenship of your native country
  • Excellent national healthcare

Required Conditions for Citizenship in Cyprus

  • Clean criminal record
  • Birth certificate
  • Marriage certificate
  • Passport pictures
  • Privately owned residential property in Cyprus and investment of €3 million to €5 million depending on chosen option.

A&R Cyprus-Greece Fine Properties has the expertise and several income producing investment property options to help any person interested to acquire the Cyprus citizenship and to gain access to the European Union. We offer many real estate investment strategies to help any person interested in acquiring the Cyprus citizenship while simultaneously earning a very attractive return on real estate.

It is also paramount to highlight that our legal associates have handled in excess of 500 applications for Cypriot Citizenship and Permanent Residency with HUNDREAD PERCENT (100%) SUCCESS RATE.

Out of pocket expenses and estimated legal fees for Cyprus citizenship are shown below:

Out of pocket expenses:

  1. Stamp Duty

In the case of a sales agreement, you, as the buyer, are liable for the payment of a one-off Stamp Duty Tax in the rate of 0.15% on the value of your purchase that spans between €5,000 and €170,000. Thereafter, the rate becomes 0.20%. Stamp Duty is payable within 30-days of signing the sale agreement.

Example: Purchase Value of €500,000

Value of Property

Rate

Tax Amount

Up to €5,000

0%

0

From €5,001 to €170,000

0.15%

€255

From €170,001 to €500,000

0.2%

€660

TOTAL Stamp Duty payable

€915

2.    Stamps and certification for the powers of attorney: €20 for each power of attorney.

3.     Amount to be paid to the Land Registry for the deposit of the power of attorney and the contract of sale: €50 for each power of attorney (it depends on the number of the purchasers) and €50 for the contract of sale.

4.     Amount to be paid to the Ministry of Interior for submission of application for citizenship: €2,000 for each adult and €80 for the minor child.

5.     Cost of newspaper advertisements in two consecutive publications for each adult: €40 per person.

6.     Stamp duties paid to the Court for certification of application for citizenship: €9 per person.

7.     The amount to be paid to the Ministry of Interior for Naturalisation certificate fee: €5,000 for each adult (there is no fee for the minor child).

8.     The amount to be paid to the Ministry of Interior for issue of Cyprus passports and ID card: €140 per person.

9.     If buying property then transfer fees will have to be paid and if investing in a private company then company registration fees and fees to the Company Registrar will have to be paid.

Legal Fees:

Our legal associate’s fees are estimated to be about €20.000 plus VAT.  

For more information, feel free to contact us.


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Company Profile

A&R Cyprus-Greece Fine Properties, Ltd (A&R CGFP) is a diversified real estate services provider, exclusively representing overseas buyers and investors who are looking to buy fine residential or income producing commercial real estate properties in Cyprus and Greece. Our team has over 70-years of combined experience in the global capital markets and a deep understanding of the local real estate and financial markets of Cyprus and Greece.

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