Our clients often ask if it is possible to obtain citizenship by purchasing real estate in Cyprus. Previously, there was a program called the ‘Golden Passport’ that allowed for citizenship acquisition, but it was canceled in 2020. Currently, buying real estate does not grant automatic rights to Cypriot citizenship.
However, when investing in real estate, you have the right to obtain a Permanent Residency Permit (Regulation 6.2). This permit applies to the applicant and their family members. Still, there are basic conditions to meet:
- The property must be purchased directly from the developer (i.e., first sale), with a minimum value of 300,000 EUR + VAT
- Opening a bank account in a Cypriot bank and depositing 50,000 euros for the applicant, 15,000 euros for the spouse, and 10,000 euros for each child per year
Thise property meant to be for a personal use and can only be rented out after 5 years.
There are other investment options in Cyprus that can lead to obtaining a Temporary Residency Permit (TRP) or Permanent Residency Permit (PRP).
Here are some of them:
- Investment Fund: Under the Cyprus Investment Fund program, you can obtain a TRP or PRP by investing at least 300.000 euros in shares, bonds, or other financial institutions or companies in Cyprus. The investment can be done as in private sector so the government.
- Business Investments: If you plan to start or acquire a business in Cyprus, this can also be a pathway to obtaining a PRP. The conditions and requirements for this option may vary.
Opening the Company with Foreign Interest can be a case.
And finally, individuals holding Permanent Residency Permits (PRPs) in Cyprus can apply for citizenship after 5 years of continuous residency.
Each option provided above has its own nuances and requirements. If you are interested in obtaining a TRP or PRP in Cyprus, you are welcome to consult with us.
We provide comprehensive relocation services for families and businesses to Cyprus, and in addition to migration matters, we can also help with education (school selection and document preparation), real estate, business establishment, licensing, and many other urgent issues that arise when moving to another country.
Regardless of your reason for relocating to our country, we are here to assist you in making Cyprus your new home!
