The desire of foreigners to become a citizen of one of the EU countries is explained by the large number of advantages that a European passport offers. Each holder of such a passport can live, study, and work in any EU country. Becoming a citizen of one of these countries is not easy. However, the government of some countries provides foreigners with the opportunity to become EU citizens. One of these countries is Cyprus.
Foreigners who are willing to invest in the development of the Cypriot economy can obtain a Golden Passport. This document provides its owner with a Cyprus Permanent Residence Permit, the opportunity to travel to more than 155 countries of the world, and other benefits.
Benefits of Cyprus residence
The Cyprus golden passport gives you access to a visa-free program in almost 160 countries of the world. This list includes not only Schengen countries but also the USA and Canada. In addition to the main applicant, relatives can also obtain Cypriot citizenship, so the whole family will be able to travel to most destinations around the world.
Cyprus is located in the Mediterranean Sea and has a warm climate and a low crime rate. If a foreigner knows English, there will be almost no misunderstandings in Cyprus. Education is also available in English, which is essential if the applicant is bringing their children with them.
Although Cypriot citizens can live and work in any EU country, many prefer to stay on the island as it is comfortable to do business here due to the loyal tax regime. The cost of living in this country is also lower than in many other countries in Europe.
How to get Cyprus permanent residence?
The Cypriot government allows foreign investors to obtain citizenship status in several ways:
- Investments in commercial or residential real estate
- Investment in a company in Cyprus
- Purchase of securities
The minimum investment amount in each case is 2,000,000 euros. At the same time, investments must be kept for 5 years, and only after that, the applicant can sell the assets.
According to investment immigration specialist Elena Ruda (Immigrant Invest agency), to apply for a Cyprus PR, a foreigner must have a valid Schengen visa and donate 150,000 euros to the state funds of the country. You do not need to take language proficiency exams. To retain citizenship, a foreigner must own real estate in Cyprus in the amount of at least 500,000 euros.
How to get Cyprus PR for family members?
The benefits of Cyprus residence can be obtained not only by the investor. Some of their relatives can take part in the program, namely:
- Children under 28 if they are not married
- The parents of the investor and their wife
The more family members receive the Cyprus Golden Visa, the more money the investor will spend on government fees associated with the approval procedure and the issuance of a certificate of naturalization to applicants. The required amount for 1 person is 7,000 euros. Additional funds should be prepared for the applicant to pay taxes and other expenses.
The process of obtaining Cypriot citizenship by investment
The whole process usually takes up to 6 months and consists of several stages:
- Choosing a way to participate in the program
After evaluating their capabilities and prospects, the applicant must decide on the choice of the investment object. If the option with a business or securities is chosen, the investor must also take care of purchasing real estate for living in the amount of 500,000 euros.
- Investments and preparation of documents
The investment may take a different amount of time depending on the chosen method. In the process, additional documents may be required for the conclusion of contracts. After all the transactions are concluded, the applicant must prepare all the necessary documents before submitting the application.
- Submission and processing of the application
When all the necessary documents are collected, the investor can apply for citizenship and pay the state fees. While the application is being processed, applicants will receive a residence permit in Cyprus. If the foreigner did not make mistakes in the documents and confirmed the legal source of capital, in a few months, all applicants will receive EU citizenship.
Security, a stable economy, a high standard of living, and widespread English make living in Cyprus worth the investment. And if the applicant prefers to move to another EU country, they will have every opportunity to do so thanks to the advantage of Cyprus PR. Investment is not the only way to become a Cypriot citizen. However, this is the fastest way, unlike citizenship by naturalization (the required period of residence in Cyprus is 10 years). In any case, each foreigner must make the final choice themselves.