Cyprus has always been one of the popular destinations among expatriates. Especially the retirees who simply want to relax and live in an idyllic environment with a low crime rate, inexpensive living and good quality healthcare centers.
Inheritance tax is non-existent and generously sized homes are available at comparatively low prices near beaches and coastal areas. And this has also seen resurgence of professionals and families trying to reside somewhere within.
The idea of becoming a Cypriot citizen instead of being a permanent resident is mostly appealing to those who intend to move to Cyprus. As there is a number of factors that influence this decision:
Free movement including all the rights and privileges granted to EU citizens
The gold visa is also seen to be advantageous because it is highly acceptable as long as the requirements are fulfilled. There are few physical residency requirements, permission to bring a spouse and children under 25 years of age. And the possibility to do the application process online with the exception of visiting to give biometric information.
Although residence by investment is not a surety of subsequent citizenship, it is a temporary solution. Residents have the chance to obtain a second passport after eight years in Cyprus, but it is necessary to add that some extra requirements will be issued.
Other requirements to be a Cypriot permanent resident
In addition to the least financial investment, those seeking permanent residence must be in a position to show that they have a stable continuing annual income originating outside of Cyprus. Of at least 50,000 Euros plus an added 15,000 Euros per dependent spouse and 10,000 Euros per dependent child. Income that is earned abroad is also accepted on most basis, as long as it is not earned in Cyprus. These may be rental incomes of owning real estate, earnings in wages, pension income, interest, and dividend income. Individuals interested in becoming permanent residents of Cyprus should be able to present a clean criminal record check in their home country. As well as other countries they have resided. And to provide a declaration indicating that they do not depend on earning income in Cyprus, other than directorships of companies that they have invested in. All the applicants and dependents must also provide proof of health insurance since there is an assumption that they will not be anticipating to be dependent on the Cypriot General Healthcare System.
Becoming a Cypriot citizen through Cypriot permanent residence by investment
Once permanent residency has been attained by an applicant, there is no need to renew the permit. They however will only be required to visit Cyprus once in every two years in case they are not residing on the island. This helps the holders of permits to retain their right to reside and be able to renew their identity card occasionally. It is a rule that, after a period of eight years, permanent residents are allowed to apply to be granted Cypriot nationality. But in order to apply, the applicants should have resided in the island at least 12 months, no matter how long they have been enjoying the residency status.
As we have mentioned, dual citizenship and second passport are not automatic after a successful residency by investment application. With that said, as long as you are within the terms, like publishing statements that you are willing to become a citizen. Passing a Greek language exam and being ready to provide the record of your arrivals and departures, most applications are successful.
Other ways of acquiring Cypriot second Citizenship
The other option that applies in many cases to expatriates who are already in Cyprus is to think of citizenship on the basis of naturalisation.
Naturalisation
The Cypriot government will take applicants into consideration provided they are legal residents of Cypriot soil and have lived there on an eight year basis within the last 11. The applicants are not to have left the country during the last 3 months consecutively. The same 12-month residency requirement prior to the date of application is used.
Additional alternatives are available to professionals of high calibers who reside in Cyprus and work in a foreign interest company. Such applicants are able to acquire the status of Cypriot citizens through naturalisation at reduced turnaround times and usually after four to five years of residence. Processing time is also faster in case of people who have a higher level of proficiency in the Greek language.
You can also view these posts:
Immigration to Cyprus from India
Cost of living in Cyprus
Cyprus immigration quotas and caps – what you need to know
