1. Does a Permanent Residency Permit (PRP) lead to Cyprus passport?
A PRP holder may be granted Cyprus passport by naturalisation following seven consecutive years of residence in Cyprus.
2. What is the eligibility criteria for obtaining the Cyprus Investment Programme?
- Minimum investment of ?1.5 million in real estate or a minimum of ?2 million in other investment options;
- Residence amounting to ?500,000;
- The main applicant must be 18 years of age;
- A clean police record;
- One visit is required to obtain Biometrics and receive a Permanent Residency Permit.
3. How long is the application process for obtaining the Cyprus Investment Programme?
Prior to filing in the application, one must obtain the investments and purchase residence amounting to ?500,000. Once an application is filed, the authorities then have 6 months to process the file. Following which, the Cyprus passport is issued.
4. What kind of investment is required?
In general, an investment of ?1.5m is required
There are various options, and an applicant may opt for one of the following;
- Investment in Cypriot companies, which also needs to be maintained for three years;
- Another option is to make an investment in land development or real estate;
- Applicants may also invest in Cyprus Alternative Investment Funds or Cypriot public companies;
- Applicants may also opt for a mixed investment.
5. In cases where an applicant already owns a residential property in Cyprus, would he/she be required to purchase an additional property?
If the existing property is worth at least ?500,000, then the applicant is not required to purchase additional property in order to satisfy the residency requirement. In the case that the value of the existing property is worth less than ?500,000, then the applicant must purchase an additional property.
6. Does an applicant need to live in Cyprus prior to obtaining the Cyprus Investment Programme?
While no minimum physical residency is required prior to being granted a Cypriot passport, applicants are required to visit Cyprus once in order to obtain Biometrics and receive a permanent residency permit.
7. Does the Cyprus Investment Programme expire?
No, it does not, nor is there any capping on the number of passports issued.
8. What are the application fees?
The fee for submitting a Cyprus Investment Programme application is ?2,000 for each applicant. Once the naturalisation certificate is issued, then an additional ?5,000 is payable to the Cypriot authorities.
9. What are the benefits of obtaining the Cyprus Investment Programme?
- The Programme provides access to 171 visa-free destinations;
- Once obtained, it is valid for life and is transferred to descendants;
- The process is 6 months long
- A Cyprus Residence Permit is issued within 2 months
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.