the most happening hub located at the center of the Mediterranean provides easy access to Africa, Asia and Europe. Its effervescent culture, pleasant climatic conditions, stable and secure setting makes it a perfect choice as a dwelling place for families. Investors too find the country very conducive because of the blooming economy boosted by sectors including tourism, shipping, real estate, financial and legal services.
Advantages of the Cyprus citizenship program are numerous; some of the important ones are listed below:
Investment Choices available for investors are listed below
1.Investors can opt to invest a minimum of 2 million Euros in infrastructure developmental projects, land improvement projects (both commercial and residential) or other real estate related ones.
2.Investing in buying, participating or creating companies or business units is another option provided they are operated within Cyprus. A minimum of 2 million Euros should be invested, should have a tangible presence in the country and need to employ a minimum of five European or Cypriot citizens.
3.Investors can choose to invest in financial assets including securities, debentures and bonds issued and registered in Cyprus with a locking period of at least three years. The minimum value of 2 million Euros is expected to be infused.
4.Investments can also be done by combining many of the above mentioned choices involving a minimum of 2 million Euros.
Timeframe for Citizenship and PR
The customer will be signing the Second Citizen Retainer agreement and would be paying the retainer invoice amount. Either the customer or a representative on his/her behalf would be asked to come to Cyprus to choose the investment plan or property and pay the deposit (fully refundable) into an official Escrow account.
Upon approval of the contracts, the customer will have to pay the residual amount in full in the same Escrow account. If rejected, the amount would be completely refunded.
The collected documents are submitted by second citizen along with the Property, Sales and Purchase Agreement (SPA) and application to the government.
The customer then pays the second citizen professional fees for submission
Second to fifth month:
Permanent Residence Card is issued in few weeks even while the passport application is in the process. The customer might be required to revisit Cyprus in order to finish off the biometric procedures for PR before issuance. Under special circumstances, this could be completed through a Cyprus Embassy located in your place.
Upon receiving the Citizenship approval, the customer along with the spouse is required visit Cyprus at least for a day in order to take the Allegiance oath and also to obtain the citizenship certificates in person. At this juncture, the customer needs to pay the balance professional fees to second citizen and government approval fees for each applicant (wife and husband).
Based on the SPA and Escrow Agreement, amounts will the disbursed from the Escrow Account to the concerned developer or business owner. This period is when the dependent children of the applicant can apply for Citizenship in Cyprus and pay the appropriate government fees. The customer makes the Approval invoice payment of second citizen professional fees.
Within three months of approval, passport is given and in just six month the PR card is provided. Children are required to visit Cyprus in order to obtain the second passports and citizenship certificates. However, they can also be obtained at a Cypriot Embassy in a foreign country ( but this option might be time consuming).