Cyprus Citizenship by Investment

Breaking News: The Cyprus citizenship by investment program is due to change on the 15th May. The changes are listed below. Clients should contact us today to ensure that their application falls into the current scheme before it is too late.

Westkin is different to other Cyprus citizenship providers in that we are a law firm – not merely sales agents or property developers. We take care to ensure that our clients get the best advice, best service at the highest ethical standards.

The Cyprus 2nd Passport is very popular with high-net worth families and we have recently had several clients granted Citizenship. We work with the largest property developer in Cyprus, meaning you will have peace of mind for both the investment and the application process.

The Current Cyprus Passport Scheme – how it is better than the UK Investor Visa for those looking to reside in the UK.

The main advantage over the UK Investor visa is:

1. You get a European passport within 3-6 months, unlike the UK Investor visa which takes 6 years
2. There is no residency requirement
3. The investment period is only 3 years compared to 5 years
4. The passport will allow you to live and work anywhere in the EU
5. You can include children up to the age of 28
6. You can include parents
7. Once you have the Cyprus passport you are able to live in the UK without a Visa and get a British Passport after 6 years. The same length of time as other UK visas.

Brexit and Cyprus 2nd Passports

In regards to Brexit, this is not a concern for EU nationals whom are living in the UK prior to the finalization of the exit, this has been confirmed to be 31 December 2020.

Cyprus citizenship by investment – the current program:

The Ministry of Interior of the Cypriot Government has created opportunities for foreign buyers to acquire citizenship rights through investment options.

In return for such investments, a non-European investor will gain irrevocable citizenship for himself and his dependents from Cyprus, and by default, because Cyprus is an EU member state, will also gain a right to reside, work and study in all 28 EU Member states (including the UK) and visa free travel to 125+ Schengen countries.

Cyprus 2nd Citizenship requirements:

• Investment of 2 million EUR into approved Real Estate held for a period of 3 years
o A further 500,000 EUR can be invested in order to include parents in the application
• After the minimum period a property at the value of 500,000 EUR must be retained for life
• The property(s) may be rented out and our developers guarantee a 4-7% rental return

Cyprus second passport – schedule and costs

The estimated processing time for a citizenship by investment in Cyprus, is 3-6 months. An applicant is required to make particular settlements in addition to investment choice.

Government Costs

A. Government Submission Fee:

• EUR 2,000 – Main applicant
• EUR 2,000 – Spouse
• EUR 2,000 – adult child dependent 18 -28 years of age (in full time education)
• EUR 80 – minor child dependent  below 18 years of age

B. Certificate Issuance Fee:

• EUR 5,000 – Main applicant
• EUR 5,000 – Spouse
• EUR 5,000 – adult child dependent 18-28 years of age

C. Passport and ID Issuance Fee:

• EUR 140 – Main applicant
• EUR 140 – Spouse
• EUR 140 – adult child dependent 18 -28 years of age
• EUR 140 – minor child dependent

D. Legal Fees

• All the legal fees (including ours) are covered by the developer.

This route is an excellent option for high-net worth migrants as it is the quickest way to obtain an EU passport, once the passport is obtained then the migrant is able to live and work anywhere in the EU and be able to travel to several countries without a visa. The investment period is far less than other programs such as the UK Investor visa meaning it can be used for more profitable activities.

Changes in the Cyprus second citizenship program after 15th May

These are generally unwelcome changes, particularly as the program will become 150,000 Euros more expensive and will further require a 5, not 3 year investment period.

• All applicants will have to be in possession of a Schengen visa.

• Applicants who were rejected by another EU country will be excluded from the programme.

• The investment period will be increased to 5 years, instead of 3 years.

• The investor will be able to change his investment, provided that consent is granted from the Ministry of Finance.

• If a residential property had already been purchased under the program (Resale) the required investment is increased from €2 million to €2.5 million. Newly built properties investment will remain at €2 million.

• Shipping will be included in the investment sectors, while investing in government bonds will no longer be available.

• A planning permit shall be mandatory for properties under construction.

• A further compulsory government donation of €150,000 will be required.

• Due diligence and background checks shall be carried out by specialist foreign firms on each applicant.

Contact us on 0207 118 4546 and we can guide you without obligation and advise on the correct route for you.