Did you know that you can obtain citizenship by investment? I’ll break down how you can obtain Cyprus citizenship by investment.
Obtaining Cyprus Citizenship By Investment
Geographic arbitrage and nomadic living is on the rise. I love looking at the prospects of other countries and what it truly takes to live somewhere new. I have yet to travel to Cyprus, but I’ve heard nothing but good things. By freelancing, you can live and work anywhere you want in the world.
With its mystical caves, golden sand beaches and fabulous weather, it’s no wonder that Cyprus was once considered by the ancients to be the birthplace of the Greek goddess of love, Aphrodite. Even today, this tiny Mediterranean island is one of the most paradisiac places on earth and continues to attract droves of tourists to its shores each year.
Now, imagine being able to call this dazzling island your home. That’s exactly what the Cyprus Investment Scheme offers to EU and non-EU investors alike.
This marvelous program offers an opportunity to gain Cyprus citizenship through investment and it happens through a rather straightforward process which we will explain below, along with the benefits of being an official Cyprus citizen. In general, citizenship by investment has recently seen explosive growth. People have become more global and seek geographic arbitrage. Consider the growth of citizenship by investment in your evaluation process.
Do you have the assets to become a citizen? Your individual net worth is a very important consideration.
Application Process to Obtain Cypriot Citizenship by Investment
The main requirements that applicants need to fulfill in order to qualify for this scheme are pretty straightforward. For starters, you need to be an adult aged 18 years or older, with no criminal record and of good standing. If you like, you can include your spouse and your kids in your application as well, so long as they are depended on you.
Since there’s a lot of information required during the application, you need to thoroughly prepare all the necessary paperwork before you start.
Typically, the application process for citizenship by investment happens as follows:
- You prepare all the documentation and credentials required for the application with the help of a qualified partner like CSB Group
- You purchase real estate property in Cyprus
- Your application is submitted along with an investment of your choice which will deposited into an escrow account
- Once the Cyprus government receives your application, they’ll start processing it
- Your application will be provisionally approved
- Once the government fees have been paid up, your investment will be released and you will receive a certificate confirming your citizenship
- You will then apply for a Cyprus passport, take the required biometric tests and then receive your passport
The process for applying for citizenship in Cyprus is pretty straightforward as identified above.
Advantages of Being a Cyprus Citizen
Obtaining citizenship in Cyprus certainly has its advantages. Especially if you intend on living a nomadic lifestyle. One of the most significant advantages is having the access to an additional 160 countries without the need for a visa. I love the prospects of that. This opens the doors to significant travel opportunities.
Here are some advantages to being a Cyprus citizen.
- Low taxes and no need to pay gift and inheritance tax
- Access to 160 countries without the need of a visa
- You can still retain dual citizenship if you so wish
- Low cost of living
- High quality living standards
- Access to the country’s superb healthcare and education facilities
- Cutting-edge infrastructure
The best part about this program is that you can include your whole family in the application and it only takes about 4 to 6 month to process, which is rather quick for a scheme of this nature.
Once your application has been approved, all you have to do is travel to Cyprus at least once a year and you’ll be able to retain your citizenship. An island flush with beaches… I don’t think that would be a problem.
You will also be obligated to maintain a physical residence in the country, as explained in the investment options below.
Investment Options for Cyprus Citizenship
As part of your application for the Cyprus citizenship by investment programme you’re required to make an investment of your choice from the options of an investment in Cyprus real estate property or a mixed Cyprus investment. Here is the detailed breakdown on the investment options to obtain Cyprus citizenship by investment.
1) A €2 million investment in Cyprus real estate property
This investment requires that you purchase residential real estate property in Cyprus, which you will hold on to for a minimum of 3 years from date of purchase. After 3 years, you may reduce the investment and purchase a residential property of €500,000 which you will be required to retain for life. If you like, you can purchase multiple properties as part of your initial €2 million investment, so long as you retain them for 3 years, while your permanent residential property in Cyprus must be worth €500,000 or more.
2) A €2.5 million mixed Cyprus investment
This investment category requires that you obtain a €2 million investment in one or a combination of the following:
- Suitable residential, commercial, infrastructural or land real estate in Cyprus
- Cyprus government bonds of no more than €500,000
- Majority shareholding in an active Cyprus Company or business enterprise that employs a minimum of 4 Cypriot or EU nationals
- After the first 5 years of your citizenship, you may invest in Cyprus real estate property with a value of €500,000 or more, which you must retain for life.
You can obtain citizenship by investment by completing either investment option. Obviously, these require significant net worth by an individual. If you are a very high net worth earner, you should have a net worth of over $25 million, so you don’t have more than 10% of your asset allocation exposed to Cyprus.
Although Cyprus recently suffered an economic slump, signs of recovery are aplenty and they include an increase in activity across the tourism, shipping, financial and legal service sectors.
The country has also been experiencing an increase in investment values, foreign investment, and property development, all of which make Cyprus an ideal investment destination. There are investment limitations with Cyprus being that it is an island and much of the economic expansion will need to happen through tourism.
Conclusion on Cyprus Citizenship by Investment
Sometimes obtaining a foreign citizenship (like Cypriot citizenship) can be a great way to broader your horizons and give you access to new places while diversifying your investment holdings. I suggest that you evaluate the necessary risks and rewards associated with obtaining a foreign citizenship by investment.
By having access to another country, you may reduce the risks of the politics and economic risks in your current domestic country. In addition, if you obtain citizenship in another country you enable yourself to unlock significant travel opportunity with access to other countries. This can be seen from the explosion of foreign investment in this type of citizenship obtainment. China remains a leader in this type of investment.
Would you consider Cyprus citizenship by investment? Have you been to Cyprus? Let us know in the comments below. I’d love to hear from you.
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