Having another country’s citizenship ads up to much betterment in one’s life. Primarily there are many benefits come along when you attain European Citizenship. To list a few, health care is provided by the state in all European countries. Several top-ranked universities have campuses in Europe, and education is free for European Citizens. Capital can be invested over the widespread of all the European countries, and you can travel, invest, or reside in any of the European countries.
The process of attaining Citizenship may be a little confusing and overwhelming, but there is a solution that is applying for the citizenry in Cyprus; it has all the benefits of any European country but only cheaper and simpler.
Cyprus is a country with warm weather and sunshine for 320-40 days of the year. It is located at the intersection of three continents Europe, Asia, and Africa. It is culturally diverse and has high standards of living with the lowest crime rates in Europe. Economically stable and western-type presidential democracy having the cleanest and highest number of blue flag beaches in Europe.
The attainment of Cyprus citizenship through investment is the quickest way to get European Citizenship.it can be extended to your descendants, and you don’t have to maintain a minimum residency; there are no such rules.Cyprus has many other attractions which are discussed in the following:
1- With the economical and easy availability of technical and professional labor, rental costs, access to European markets, and business support services make Cyprus a global business hub.
2-The government of Cyprus has established an encouraging and attractive tax system, making it a desirable place to invest or relocate your business.
3-The public healthcare system in Cyprus is free and available for all citizens.
4- With many national and international universities offering free education for the citizens of Cyprus, it adds up a great benefit for you and your children.
5-Upon gaining the Cyprus passport, you will be able to travel without a visa to 170 countries in the world, including European Union countries. In European Union countries, you can work, study, travel, or reside without any problem. You can also be able to invest across European Union countries; there are no restrictions.
How to becomeCypriot?
There are two major ways to get Cyprus Citizenship if you are currently not a resident in Cyprus.
1-Fasttrack (investment process)
2- Category F Application
1- Fast Track application
The applicant must donate €75,000/each to
(a) Research and Innovation Foundation
(b) Cyprus Land Development Corporation
Donation (a) can be lifted if the applicant invest an equal amount of funds to a social enterprise or a certified innovative enterprise (certified by the Ministry of Finance)
Making an investment in
- Real state or Land development or Infrastructure projects
The applicant must invest in the sectors, as mentioned earlier, of €2m, at least. For the construction and purchase of buildings, land development, or infrastructure projects.
- Participation or purchase or Establishment
Of a company or business. The applicant must invest the amount of €2m, the company must have at least 5 Cypriots or European state citizens as their employees. The organization or company must have physical operations having significant turnover and activity.
Investment in Funds
- Investment in Alternative Investment Funds (AIF) or
- Registered Alternative Investment Funds (RAIF) or
- financial assets of Cypriot companies or Organizations
The investment of €2m (at least) must be put forward to buy units of AIF and RAIF. Those alternative or registered alternative investment funds must be established in Cyprus and registered or licensed by the Cyprus exchange commission (Cysec) and Cyprus securities.
All the forms of the investments mentioned above can be merged, the total amount invested must sum up to the €2m (at least).
All these investments will be kept by the concerned company/organization/land/where they were invested for a period minimum of five years.
Also, the applicant has to purchase a first time sold permanent residence property worth € 0.5m, plus V.A.T. This property must be owned by the applicant privately.
1, spouse and children who are younger than 17 years of age.
2, Applicant’s Parents and spouse’s parents
3, applicant’s children whose age is between 18 to 24 years (Single or married). But they must be enrolled, students.
- all the children who are dependent on the parents and are handicapped or have any permanent illness.
Some other requirements
Applicants have to declare that stable and secure sources of annual income from outside Cyprus.
Applicants and all the coming along members of Cyprus citizenship application must have a clean criminal record in the country of their residence.
Cyprus Citizenship application will be rejected if
- Their application has been denied by an EU country if,
- Their assets have been sanctioned in any EU country due to any reason.
They will visit Cyprus after the approval of their application for biometrics and to take the permit receipt. (They must have to visit every two years afterward)
Process of submission (fast-track)
You can receive your approved Cyprus permanent resident application only in two months if the above mentioned all the criteria are fulfilled.
Permanent residency application, along with all the required legal documents, is to be submitted to the migration department and civil registry.
Proofs Above mentioned private residential property, and all the required payments must be paid.
You don’t have to present there to make these payments or purchase a property; this can be done on your behalf by your legal representatives.
Once the Citizenship has been granted, visit Cyprus (within one year) to collect the permit receipt and to provide authorities with your biometrics. (You must visit Cyprus every two years afterward).
2- Category F Application
When a resident rents out a property, or purchase a property, apartment (no fixed minimum value required)
The applicant must not have employment in Cyprus.
Maintain a stable income (for the long run) of approx.10000 euros from sources abroad. (With the added amount of 5k approx. for every dependent)
No sanction order and clean criminal records of applicants and dependents.
Income Sources abroad must be legally accepted.
You are free to travel anywhere once your application is filled. There are some benefits of category F, you don’t have to purchase a property necessarily, and income statement should have to as high as in fast track application type.
The only disadvantage of category F is, the application can take a year or longer to get approved.
3- Citizenship for non-Eu residents of Cyprus
Upon the completion of five consecutive years of stay with temporary legal stay, residents of third countries can apply for permanent resident permits.