The Republic of Cyprus, an EU member in the Mediterranean, spans both Asia and Europe. Cyprus Residency by Investment offers a fast-track route to permanent residency for non-EU investors. Benefits include visa-free travel within the EU, access to quality healthcare and education, low cost of living, no inheritance tax, the lowest crime levels in the EU, and the ability to live, work, and study in Cyprus.
Including the UK, and Schengen countries
A minimum amount of EUR 300,000 is required.
Months from submission of the application
Cyprus is an island country situated in the far eastern end of the Mediterranean Sea. Geographically, it is closer to Asia than it is to Europe, lying just 70 kilometres south of Turkey, 105km west of Syria, 207km northwest of Lebanon and 390km north of Egypt. Although the Greek island of Crete lies 785km west of Cyprus, historically and culturally Cyprus is definitely in Europe.
Not unsurprisingly, the island is a major tourist destination, not just for its fabulous beaches with shallow turquoise waters, but also for its many historic churches and archaeological sites dating back to the Greek and Roman empires. Cyprus has long been revered as the birthplace of the goddess Aphrodite who, in Greek mythology, was born in the sea and came to the shore 25km east of Paphos on the coast road to Limassol.
Tourism
Each of the past five years has seen an increase in the number of international tourists heading for Cyprus. 2018 saw a record breaking 3,938,625 tourist arrivals according to Cystat, an increase of 7.8% over 2017’s total of 3,652,073 and over 63.7% higher than 2013.
The highest number of inbound tourists come from the UK (36% in 2018) followed by Russia (22%). The total contribution of travel and tourism to Cyprus’ GDP last year was 21.9% and generated around 22% of employment.
Visa-Free EU Travel: Cyprus residents enjoy visa-free travel within the European Union, making it convenient for business and leisure trips across member countries.
Quality of Life: Cyprus offers a high quality of life with excellent healthcare and education systems, a favorable Mediterranean climate, and a rich cultural heritage.
Low Cost of Living: The country has a relatively low cost of living compared to other EU countries, allowing residents to enjoy a comfortable lifestyle without high expenses.
Tax Advantages: Cyprus boasts several tax benefits, including no inheritance tax, a low corporate tax rate, and numerous double tax treaties with other countries.
Safety and Security: With some of the lowest crime rates in the EU, Cyprus provides a safe and secure environment for residents and their families.
Property purchase from €300,000
Permanent Residency in 2 months; applicants are required to visit Cyprus within 1 year to submit their biometrics data in order to get their PR card, and should not be absent for more than 2 years.
Main applicant must maintain a 3-year fixed deposit with a Cyprus bank of at least €30,000 transferred from abroad.
Applicants should provide supporting evidence of secure annual income from abroad of at least €30,000 – an additional €5,000 per person must be added for spouse and/or children – and additional €8,000 for each parent of the main applicant or their spouse.
Applicants should have no intention to undertake any employment in Cyprus. They can own a business registered in Cyprus and receive dividends from this business.
Applicants must have a clean criminal record + should not be in the list of people whose property is frozen by the EU as a result of sanctions.
Phase 1: Client Onboarding
In the initial month, we initiate the client onboarding process by completing Form 1, which allows us to conduct the necessary initial Latitude due diligence. Following the completion of this screening, we provide you with a Client Agreement (CA) for your review and signature. Upon receipt of the signed agreement and retainer, our dedicated processing team assists you in completing forms and organizing required documents. If your investment involves property acquisition, you will need to establish a sales and purchase agreement with the developer. Subsequently, we facilitate communication between you, the property developer, and the Cyprus Citizenship by Investment Unit (CIU).
Phase 2: Application Review and Submission
During the following months (months 2-3), we meticulously review your application to ensure full compliance with the CIU’s requirements before submission.
Phase 3: Citizenship Issuance
Between months 3 to 4, the CIU evaluates your application. Upon approval, you are required to fulfill all necessary contributions and settle any government fees. Upon receipt of these payments, the CIU proceeds to issue Certificates of Naturalization, marking the successful attainment of citizenship.
Note: The timeframe for the real estate option may vary based on the project, highlighting the importance of selecting a project that can provide the necessary paperwork for the citizenship application.
Disclaimer: Residency requirements and investment details are subject to change. Please consult with our experts for the latest information.