Cyprus

Citizenship Through Investment

Project Overview

In 2009, Cyprus’ Minister of Interior decided to strengthen Cyprus’ economy by creating investor residency programs. The special ‘F-Visa’ allows applicants to purchase private property and reside in Cyprus as permanent residents. After 5 years of residing in Cyprus as permanent residents, applicants will be eligible to apply for Cyprus citizenship and a Cyprus passport (Cyprus is part of the European Union).

Applicant Requirements

• Have a valid passport
• 25 years of age or older (no maximum age limit)
• Must have a reputation as a good businessman and have large international bank assets
• Have a stable source of international income (outside of Cyprus) to provide comfortable living for family residing in Cyprus – the applicant’s average annual income must be at least €30,000 and an additional €5,000 for each family member
• Pass a background security check

Investment Requirements

• Minimum of €300,000 investment in private property and must open a bank account in Cyprus

This project does not have strict basic net worth, funding sources, management experience, language, and academic background requirements.

Benefits of the F-Visa

• The applicant as well as his/her spouse, and dependent children under 18 will all have the right to live in Cyprus permanently
• Cyprus provides high-quality living including: advanced modern medical facilities, abundant shopping, sports, rich cultural environment, a warm climate, beautiful natural scenery, and many private schools and universities that teach English.
• Applicants will have the right to apply for citizenship after residing in Cyprus as a PR for 5 years.
• No tax is levied on international income.

Life in Cyprus

Geographic Location

The Republic of Cyprus is an Asian-European island located in the Eastern part of Mediterranean Sea. It is the Mediterranean region’s third largest island with a land mass of around 9,521 square kilometers.

The middle section of the island is a plain surrounded by two mountains. It boasts 648 km of coastline, including 52 recognized beaches.

Population

The total population of Cyprus is around 1.141 million with around 35% of the population living in the provincial capital of Nicosia.

Climate

Cyprus is the hottest and driest island in the Mediterranean, with an average of 340 sunny days a year. The average coastal temperature is around 24 °C during the day and 14 °C at night

Language

The official languages of Cyprus are Greek and Turkish; however, 80% of the population also speak English.

Education

Free education is provided for children aged 5-18 in public schools taught in Greek. Schools also offers special language courses for children who wish to attend public schools but do not speak Greek.

Each city has a number of private schools and universities in English or French, and many public universities across the country also teach in English or French.

Health Care

Cyprus hosts many private hospitals across the country. These hospitals offer modern medical care as well as surgical services.

Economy

Cyprus operates a service-oriented, free-market economy and is one of the most prosperous countries in the Mediterranean. They shifted from the agriculture industry to the service sector around 20 years ago and the United Nations lists Cyprus’s future development as “high potential & high performance”. As they are a part of the European Union, their currency is the Euro.

An important gas field discovery in 2011 on a closed coast in Cyprus has revealed approximately 7 trillion cubic feet of natural gas. Plans to explore more in the future have been made, therefore, Cyprus is expected to become one of Europe’s richest countries.

Prior to joining the EU in 2004, Cyprus lifted most of their investment bans, attracting a lot of foreign investment, especially from the EU. Cyprus has good business and financial services, modern telecommunications, an educated workforce, good routes, a sound legal system, and low crime rates. Cyprus’s geographical location, preferential taxation and modern infrastructure have also transformed Cyprus into a natural hub for commercial transactions between companies and the Middle East, Eastern Europe, the former Soviet Union, the European Union and North Africa. Therefore, Cyprus has developed into an important regional and international business center.

The GDP in 2009 was $ 24.7 billion US with tourism, services (including financial and medical services), industry (mining, manufacturing, chemicals, etc.) and construction as the main sources. Exports in 2009 amounted to $ 1.4 billion US, including crops, pharmaceuticals and clothing. The main markets were the Greece, the UK, Middle East and Russia. Imports amounted to $ 8.3 billion, consisting mainly of consumer goods, raw materials, oil, food, and cereals. The main suppliers were Greece, Italy, Germany and the UK.

Application Process

Step 1: When the applicant and his/her family have their F-Visa, they can permanently reside in Cyprus. Common processing times are approximately 3-4 months.

As your representative, Go-Immigration will help you:

1. Collect all forms, background documents, and necessary information about the applicant and his/her family.
2. Conduct an assessment and review of the documents and confirm their compliance with the requirements set out by the Cyprus Investment Immigration Program. When the entire document is determined to be complete, we will submit them to a special lawyer in Cyprus. At this point, the applicant is required to transfer €10,000 to Go-Immigration’s account as part of the application fee.
3. Upon receipt of an initial request from the lawyer, arrange for the applicant to visit Cyprus and examine standard residential properties for sale (with minimum values of €300,000). Properties can be viewed in advance on our Cyprus partner’s website. We will assist with the applicant’s hotel reservations and other arrangements, provide free puck-up services, and arrange for private residential real-estate viewings. We will also assist the applicant in fulfilling all the requirements of the project by completing a returnable contract for the property selected by the applicant, notarizing any required immigration documents, obtaining a health insurance card, opening a bank account, and obtain a bank guarantee. The applicant will be required to sign a limited power of attorney to authorize the Go-Immigration lawyer in Cyprus to complete the property transaction and to prepare the property for future residence (e.g., connection of water and electricity). After the business visit, the applicant will be required to pay the remaining €35,000 in application fees to Go-Immigration’s account.
4. Submit the application to the Civil Registry and Migration Department. The Cyprus government will issue a document number after the applicant’s immigration petition is approved. Go-Immigration’s lawyer in Cyprus will complete the purchase of residential property on behalf of the applicant. The applicant will deposit at least €10,000 for each family member in the Cyprus bank account, and Go-Immigration will submit his passport to the Republic of Cyprus for a F-Visa. The applicant and his family can then reside in Cyprus as permanent residents (please note that the applicant cannot work/earn income in Cyprus).

Step 2: After 5 years of permanent residency, the applicant and his/her family can apply for citizenship and thus, a Cyprus/European Union passport.

As your representative, Go-Immigration will help you:

1. Submit a naturalization petition to the government. Applicants must provide evidence that they have maintained a relationship in Cyprus (such as a cash deposits of at least €10,000 per family member), property in Cyprus (uninterrupted ownership of the property), and its continued providence of international income to their family. In addition, all family members must have been in Cyprus for two weeks each year. This process takes approximately 14-15 months to complete and costs € 45,000. Once naturalized (as a citizen of Cyprus), the applicant will be able to work/earn income in Cyprus.
2. Apply for Cyprus passports for the family. These passports will allow the applicant to travel, live and work freely in the EU Member States.

* The standard permanent residency term is 7 years, however, for applicants who have a F-Visa, the period is 5 years.

Required Documents

Note: All documents must be officially translated to English.

Background Information (each family member):

• Passport and/or travel document (with certificate number, date of issue, expiry date, photograph, name of the holder, date of birth and place of birth)
• Birth certificate and the equivalent of the census registration
• Marriage Certificate (if married)
• Divorce certificate (if divorced)
• Police check (proof of clean criminal record)
  • Only for the main applicant and spouse
  • Must be provided by the State where they are currently residing
  • Must be from within one year (within 6 months is preferable)
• Two passport-sized photos

Required Documents (Principal Applicant):

• Complete and signed M.67 form
• Original documents and affidavits certifying the applicant’s international income (annual income must be at least €30,000 and €5,000 for each subsidiary applicant)
  • An employment confirmation letter showing payroll
  • An accounting confirmation letter showing the company’s income
  • An accounting confirmation letter showing share income or investment income
  • Real estate license certificate, as well as a proof of real estate income letter from an accountant
• Curriculum vitae (including academic qualifications)
• Documents proving the applicant’s work:
  • Membership in trade associations, professional organizations, etc.
  • Employer ‘s Letter
  • Proof of enterprise ownership
• Original statement from international bank and stamped by the issuing bank within the previous month
• Proof of address (utility bill, bank statement, etc.)

Required Documents (Dependent children over 18 years of age):

• Proof that child is attending college
• Declaration of child’s dependency
  • Signature of Principal Applicant
  • Notarized by lawyers in Cyprus

Additional Documents:

Note: to be provided by the principal applicant following his/her visit to Cyprus.

• Proof of purchase of the property in Cyprus (original documents and contracts must clearly show the purchase price of at least €300,000)
  • If ownership has not yet been obtained, the applicant must submit a contract of sale, officially sealed by the Commissioner and the Department of Land & Surveys (demonstrate minimum payment of €200,000)
• Proof of health insurance provided for each family member.
• Monthly Cyprus bank statement showing original balance of at least €30,000 cash + € 5,000 cash per additional family member (these funds must be committed for 3 years, we recommend depositing more than the minimum amount)
• Original affidavit proving source of international income
• Applicant’s statement that he/she has no intention of working/earning income in Cyprus

Please contact us for more details or with any questions or concerns you may have.

Questions & Eligibility Assessment:

If you have any questions, don’t hesitate to contact us!

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