The small mountainous island of Cyprus is conveniently situated in the north eastern Mediterranean Sea and has been a full member of the EU since 2004. With a relaxed pace of life and low cost of living, the island is a blend of Western European Culture with a hint of the East. Cyprus boasts a Mediterranean climate with hot, dry summers and cool but mild winters with an average of 340 days of summer. It is no wonder there is a high population of British expats enjoying the summer lifestyle, making English a widely spoken language on the island.

The property market in Cyprus has seen an enormous boom over the past two years, especially from foreign buyers looking for an investment property. The residences- and citizenship-by-investment programmes have encouraged a significant interest in Cypriot property. When you acquire citizenship under the Cyprus Citizen-by-investment Programme, you and your family enjoy full citizenship for life, which can be passed on to future generations by decent.

Cyprus – Permanent Residence Program

Cyprus is an attractive tourist destination with an excellent geographical location. It is situated at the crossroads of three continents: Europe, Asia and Africa. The strategic location of the island has played a significant role in its development as a financial center. Cyprus, with its beautiful beaches and its tropical Mediterranean climate, is considered an ideal destination for permanent residence for non-European Union (EU) nationals. Cyprus has the lowest crime levels in the EU, a relatively low cost of living and no inheritance tax. It has high quality healthcare and offers access to leading medical centers. Additionally, it is a brilliant destination for British education, with a wide range of private English schools and universities, giving access to European, US and Canadian universities. Cyprus has been a full member of the EU since 2004. The legal system in Cyprus is based on English statute and English common law. It has a prosperous, free-market, service-based economy which has grown in recent years. Its efficient legal framework and regulations give foreign investors certainty to invest and grow. In line with the Cyprus Government’s intent to increase foreign investment and to help its economic development, Regulation 6(2) of the Aliens and Immigration Regulations has recently been simplified by the Ministry of Interior in order to issue residence permits to applicants from non- European countries.

Requirements

The main requirement is the purchase of new immovable property of a total market value of at least EUR 300,000 plus VAT. The applicant must submit the application form accompanied with a contract of sale and proof of payment of at least EUR 200,000 plus VAT. The contract of sale must have been submitted to the Cyprus Department of Land and Surveys. The property can also be bought by a company provided that the company is registered in the name of the applicant or the applicant and spouse, and they are sole shareholders.

The applicant may purchase up to two residential properties (apartments/houses), or one residential unit and one shop (with a minimum area of 100 m2), or one residential unit and one office (with a minimum area of 250 m2), provided that the combined value exceeds EUR 300,000. The Government of Cyprus has specified that new properties qualify and can only be purchased directly from the developer. Furthermore, multiple units must be purchased from one developer.

The applicant must submit a confirmation letter from a Cyprus bank that they have deposited a minimum of EUR 30,000 from abroad into an account which will be locked for three years. After the expiration of this period, the money will be released without restrictions.

The applicant must provide supporting evidence of a secured annual income of at least EUR 30,000 deriving from abroad. This income must increase by EUR 5,000 for the spouse and for each child and by EUR 8,000 for each dependent parent. This income may include salaries from employment, rent, pensions, and dividends from shares, etc.

The residence permit issued to an applicant covers the applicant’s spouse, any children under the age of 25, as well as the parents of the main applicant and spouse. Unmarried children aged between 18 and 25, who can prove that they are students or undergraduates, and are financially dependent on the applicant, may submit a separate application to obtain a residence permit. In this case, the parents must present an additional annual income of EUR 5,000 for every such dependent child. It is noted that every dependent child must submit all the required documents with their application.

The parents of a couple who applied or have already received the residence permit, are also entitled to acquire the permanent residence permit without purchasing additional real estate. The main applicant must prove additional income of at least EUR 8,000 for each dependent parent. A separate application must be submitted for each dependent parent.

A residence permit may also be granted to children of the applicant who are over the age of 18, who are not financially dependent on the applicant, provided that a property is acquired for each child for a market value of at least EUR 300,000 (excluding VAT). A confirmation of payment for 66% of the market value of the dwelling must be submitted with the application. The non-dependent child must submit all other supporting documents required by Regulation 6(2) with their application, such as the secured annual income of at least EUR 30,000 and a deposit into an account with a minimum value of EUR 30,000 fixed for three years.

In all cases, the applicant, their spouse and all dependents included in the application must have a clean criminal record from the country of residence. Furthermore, they must not be included in the list of people on whose name there is a freezing or confiscation order of property within the boundaries of the EU. The applicant and their spouse and all dependent children over the age of 18 must provide a declaration that they do not intend to be employed in Cyprus. All the documentation must be duly translated and certified. Another requirement is a health insurance policy for the applicant and their dependents.

Citizenship

Residence permit holders are entitled to apply for Cypriot citizenship through naturalization, enabling qualification for a Cypriot passport, after seven years of holding a residence permit.

 

Key Advantages

  • Fast track application procedure, within two months.
  • High approval rate if all criteria are satisfied.
  • It is not necessary to reside in Cyprus, but a visit once every two years is required.
  • Dependents can be enrolled in high quality private schools, offering English language courses.
  • Residence applies to the whole family (applicant, spouse and children under 18 years old). Dependent children between 18–25 and parents of the applicant are also eligible.
  • The whole process can be arranged without being present in the country; however, a visit is required for biometric capturing.

 

Cyprus – Citizenship-by-Investment Program

There have been several updates to the existing Cyprus Citizenship-by-Investment Program. The Council of Ministers revised the existing program on 13 September 2016, enabling foreign nationals to gain citizenship if they meet certain criteria set out by the Council of Ministers. When you acquire citizenship under the Cyprus Citizenship-by-Investment Program, you and your family enjoy full citizenship for life, which can be passed on to future generations by descent.

Cyprus has been a full member of the EU since 2004. The island is located in the southeastern Mediterranean Sea, at the crossroads of Europe, Asia and Africa. The strategic location of the island has played an important role in its development as a financial center.

Cyprus, with its warm and stable climate and convenient geographical position, is considered an attractive place for residence. The investment landscape in Cyprus is beneficial due to the island’s well-qualified labor force, attractive taxation and a reliable transport and telecommunications system.

Cyprus has a modern, free-market, service-based economy, with an effective and transparent regulatory and legal framework, giving international investors and businesses confidence to invest, grow and prosper.

A number of new measures have been implemented to reboot the economy in the wake of the massive restructuring of the country’s banking sector, which aim, among other things, to help stimulate economic growth.

 

Requirements

The Cyprus Citizenship-by-Investment Program requires a person to make a significant economic contribution to the country. In exchange, and subject to a stringent vetting and due diligence process, including thorough background checks, the applicants and their families are granted citizenship.

The Council of Ministers reduced the capital requirement to EUR 2 million.

To qualify for citizenship, the primary applicant must be over 18 years of age, and meet the application requirements under one of the following options:

  • Real estate, developments and infrastructure projects: the applicant must commit at least EUR 2 million to the purchase or construction of real estate
  • Purchase, establishment, or participation in Cypriot businesses and companies: the applicant must commit at least EUR 2 million to the purchase, creation or participation in businesses or companies that are based and operating in the Republic. These businesses or companies should have a demonstrable and tangible presence in Cyprus and employ at least five Cypriot or EU citizens
  • Participation in alternative investment funds or the purchase of financial assets of Cypriot enterprises or organizations licensed by the Securities and Exchange Commission: the applicant must purchase units amounting to at least EUR 2 million from alternative investment funds (AIF) This criterion also covers the purchase of financial assets of Cypriot businesses or organizations for at least EUR 2 million, in the form of bonds, securities and debt securities
  • Combination of the above options: the applicant may choose a combination of the above, provided that the total amounts to at least EUR 2 million. The applicant’s combination may include the purchase of special government bonds of the Republic of Cyprus of up to EUR 500,000

In all cases, the applicant must have a clean criminal record. Also, the name of the applicant must not be included in the list of persons on whose name there is a freezing or confiscation order of property within the boundaries of the EU.

In addition, every applicant must be the owner of a permanent residence in Cyprus, with a market value of at least EUR 500,000 plus VAT. It is understood that the members of the same family, who submit different applications as investors, can buy a residence collectively provided that the total amount of the residence/house covers the amount of EUR 500,000 for each applicant.

Under each of these options, there are government processing fees of EUR 7,820 per applicant over 18 years old.

All options for citizenship allow dependents. ‘Dependent’ refers to the spouse of the main applicant, children under the age of 18, and children between the ages of 18 and 28 who are full-time students and are financially dependent on the main applicant. The parents of the main applicant may also be included provided that they will purchase another residence in Cyprus of at least EUR 500,000 plus VAT. The main applicant and any dependent over the age of 18 must have clean criminal records.

Key Advantages

  • Citizenship of an EU member state, and as an EU citizen you enjoy the right to freedom of movement; freedom to work and study; and security within the social and legal system.
  • Full citizenship with passport is granted to the applicant and family.
  • A Cypriot passport allows visa-free travel to 158 countries including Canada, Hong Kong, Singapore, and the UK.
  • Flexible options with no residence required; and granting of citizenship within 180 days.

 

Further info

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Citizenship info

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Residence info

Explore Cyprus

Places of interest

Places of interest

Nicosia is the capital city of Cyprus and located in the centre of the island. It is home to the Ledra Tower, which provides an iconic view across the north side of the island. The bustling modern business centre lends an oriental atmosphere to the Old City with mosques, cafes and craft shops. Limassol is the second largest town and a lively metropolis, business hub. It presents top-class shopping and cosmopolitan restaurants along the sandy shores. Paphos is along the south-western coast of the island and is an UNESCO World Heritage site. This is the British “playground in the sun”. It provides amenities for every need, including its own airport with year-round EasyJet flights to the UK.

History

History

The island’s tumultuous past is reflected in its historic sites, with ruins of Neolithic dwelling, Bronze Age and Phoenician tombs, Roman monasteries and mosaics. The Venetian walls, Byzantine castles and churches, and Islamic mosques give a sense of living history.

There are an abundance of sightseeing highlights such as the Paphos archaeological site, Omeriye Hamman Turkish baths, the ancient city of Salamis and the Troodos Byzantine churches. The Neolithich site of Choirokoitia is a UNESCO World Heritage Site and is one of the most important and best preserved prehistoric settlements in the Mediterranean, dating back to 7000BC

Cuisine

Cuisine

Although Cypriots consider theirs to be superior in both quality and ingredients, the cuisine is largely identical to Greek cuisine. Traditional Greek favourites of moussaka, souvlakia and kleftiko are found in most restaurants, not forgetting the meze together with dips such as tzatziki, taramasalata and humus. There is a long history of winemaking thanks to the island’s period under Lusignan (French crusader) rule. Less not forget the ever popular Ouzo, enjoyed ice-cold on the rocks or with a dash of water. Cypriots are known to eat their main meal late at night, with most restaurants and traditional tavernas rarely opening before 7pm. 

Outdoor activities

Outdoor activities

From beaches to pine-clad mountains, Cyprus offers a plethora of activities. Every conceivable water sport from scuba diving to kite surfing is offered along the exquisite shore lines. Golf enthusiasts have the option of three international- standard 18-hole golf course to choose from: Aphrodite Hills Golf Course, Elea Golf Club and Minthis Hills Golf Club. Still unsure of what to do? Why not select from one of TripAdvisor’s top-rated activities: four-wheel drive and off-road tours, boat cruises, scuba diving and snorkelling, or take a nature and wildlife tour.

Living in Cyprus

Citizenship

There are no restrictions on dual citizenship in Cyprus. The Cyprus citizen-by-investment programme provides applicants with a favourable balance between the capital required and the benefits received. The minimum capital requirements is EUR2million, which can be spread across real estate, land development or infrastructure projects. 

Economy

Cyprus has a modern, free-market, service-based economy with an effective and transparent regulatory and legal framework. This gives international investors and businesses the confidence to invest, grow and prosper. The country has a remarkable story of resilience after turning around its economy from near bankruptcy to continued sustained growth in a few years. Cyrus’s tax system is a simple one, with several exemptions applied to taxable income such as dividends, passive interest and capital gains on titles. 

Travel

The island is conveniently located in the north eastern Mediterranean Sea, at the crossroads of Europe, Asia and Africa. Its strategic location has played an important role in Cyprus’s development as a world financial centre. Along with its strong economic outlook, Cyprus has the 16th most powerful passport in the world, according to the 2017 Visa Restrictions Index. Cypriot citizenship provides visa-free travel to 158 countries, including all 28EU member states, Canada, Hong Kong, Singapore and the UK.

Education

Cyprus spends more than 7% of its GDP on education, the third-highest share in the European Union after Denmark and Sweden. The high-quality education system is based on both European and American systems with numerous public and private universities, ensuring international standards. Several of these universities and colleges offer dual-degree programmes, fully accredited by the UK and USA partner universities. 

National & International Projects

Telephone: +27 21 762 2617

Adddress: Monterey, 12-14 Klaassens Rd, Bishopscourt, Southern Suburbs, 7708, Western Cape

Email: projects@pamgolding.co.za

For example Camps Bay or Mauritius