In order to withhold the Cyprus Citizenship by Investment Program, the Investor must always honor the conditions on which Citizenship was granted. This includes maintaining possession of a residential property in Cyprus of a minimum value of €500,000 for life. Furthermore, the relevant investment (i.e. real estate, government bonds etc.) can only be liquidated after the expiration of the three year period.
Yes, Cyprus permits dual citizenship.
Since the Investor is not required to live in Cyprus, it is possible to rent out their permanent residence. Such a property can also be replaced with another residential property purchased at a minimum cost of €500,000, at any time, providing approval has been gained by the Ministry of Interior.
Where the Applicant invests solely in a residential property (can be one or more properties) valued at €2 million as a means to satisfying the financial criterion for the Cyprus Citizenship by Investment program, then it is not necessary for the Investor to acquire an additional residential property valued at €500,000, provided one of the investment properties meets the requirements of the residential property, which must be maintained throughout the Citizenship. In the event the deemed residential property is sold after the three year period, the Investor would be required to purchase and maintain another residential property for a minimum cost of €500,000 to replace the initial property (ies).
The fee upon submission of the Citizenship application is €2,000 per applicant. On the issuance of the naturalisation certificate an additional €5,000 is payable, per applicant (this doesn’t include the permanent residence permit government fees).
No medical tests are required prior to applying for Cypriot Citizenship by Investment. Health insurance is not obligatory.
Provided the existing residential premises owned by the applicant were purchased, at any previous time, for a value of at least €500,000, then it will not be required to purchase an additional permanent residence. If the acquisition price at the time of the purchase was lower than €500,000, the applicant will be required to purchase an additional residential property(ies) to meet the shortfall and satisfy the €500,000 residential property criterion.
No, a couple is required to be married before they can simultaneously file a Cyprus Citizenship by Investment application as spouses. It is however possible to approach such scenario in two-steps as follows; one partner to file the Citizenship application as the main applicant, and once the couple is married, and subsequent to the main applicant’s successful application, the new spouse to file an application. In such case, no additional investment will be required by the new applicant spouse in order to obtain Citizenship.