Cyprus is beautiful island nation that enjoys the bounties of Mother Nature and offers high quality of life. It attracts tourists by the drove every year and some of them are so enchanted by the beauty of the country that they apply for Cyprus residency. You may be surprised to know that getting your Cyprus passport is easier than you think. The government wants global citizens to come and settle down in Cyprus. Let a law firm handle your application and your passport will be delivered soon.
How easy is it to become a Cypriot resident?
As has been mentioned above, becoming a Cypriot resident is easier than you think.
You can become a Cypriot resident by birth if you have been a permanent resident in the country for consecutive 7 years. The timeline becomes 5 years consecutive if you are a parent or a child of a Cypriot citizen.
There are many who get their Cyprus residency through marriage. If you are a foreigner (EU or non-EU citizen) and legally inhabit in Cyprus, you can get your citizenship by marrying a Cypriot. However, you can only apply for citizenship after you have completed 3 years of your marriage.
Become a Cypriot by investing in the country
The government of Cyprus has been encouraging foreign investment in the country. The government is specifically targeting the high net worth individuals who can bring in large investments into Cyprus. As a reward for their investment, such individual can apply for a Cyprus passport. The government sees to it that their applications are taken through a fast-track process by encountering a minimum number of red tapes.
If you are keen to become a Cypriot through investment, then the following options are available to you.
You can invest €2 million and more for purchasing real estate in Cyprus to get your passport. This rule is also applicable in the case of commercial or residential projects involved in land development and infrastructure projects of building plots (that will be developed in future).
A minimum of €2 million can also be invested in purchasing, creating or participating in companies or businesses that are based out of the country and operate locally. This rule is applicable for those companies or businesses that have a physical presence in Cyprus and employ a minimum of five Cyprus nationals.
An investment of €2 million (and more) in purchasing bonds, Alternative Investment Funds and debentures and other securities of Cypriot companies can also help you get your Cypriot passport. However, such companies need to engage in substantial economic activities in Cyprus and must be regulated by the Cyprus Securities and Exchange Commission.
There is also a fourth option in case you are not sure of investing such a large sum in one type of investment. You can make a combination of investments to arrive at the minimum value of €2 million. In addition, you will also be allowed to invest up to €500,000 in Cyprus Government bonds in the primary market.
Being a resident of Cyprus
There are residents and there are citizens. Many countries make a difference between the two but not Cyprus. You enjoy all the benefits of being a Cypriot when you get your residency permit here.
Cyprus had a population of only 1.7 million as of 2016 and there is enough land available for new settlers. Hence, if you are interested in becoming a Cypriot citizen and reap the double benefit of being a European Union citizen, this is the right time for you to apply for your passport. Once you receive your passport, it becomes even easier for your parents, spouse and children to get their Cypriot passport.
Because Cyprus is a member nation of the EU, you get the same benefits as the EU nationals get. For instance, you can work anywhere in the EU and make investments in properties and other assets. You are also free to travel throughout the EU and choose the place where you want to reside.
Hiring a law firm to handle your residency in Cyprus is always a good idea. You will sound advice from your lawyer depending on the citizenship route you are looking to take. There is a lot of paperwork and documentation required for you to get your Cypriot passport and you could face a lot of running around if you don’t know the right people in the government. A law firm deals with cases like yours day in and day out and they are always better at handling your application.
Get your Cyprus residency and enjoy unprecedented benefits. Getting your Cyprus passport is easier than you think.