1. What countries offer citizenship for Cyprus passport holders by investment programs?

Citizenship by investment programs in Cyprus offer the opportunity to obtain citizenship and a passport that allows visa-free travel to 173 countries, including all EU member states. Some of the countries that offer citizenship to Cyprus passport holders through investment programs include Malta, Bulgaria, Austria, Grenada, Dominica, Saint Lucia, and Turkey.
2. How does the Cyprus citizenship by investment program work?
The Cyprus Citizenship by Investment Program was introduced in 2013 and offers foreign investors the opportunity to obtain Cypriot citizenship through investing in the country’s economy. This program is aimed at non-EU nationals who wish to acquire EU citizenship and have a genuine link with the island nation.

To be eligible for this program, an applicant must make an investment of at least €2 million in one of the following options:

– Real estate: The applicant must invest at least €2 million in residential real estate which can be used as a personal residence or for commercial purposes.

– Business: The applicant must invest at least €2 million in a business or company based in Cyprus. This can include existing businesses or start-ups.

– Alternative investments: The applicant can choose to invest at least €2 million in alternative investments such as financial assets of Cypriot companies (stocks/bonds/debentures) or government bonds.

In addition to the investment requirements, applicants must also meet certain criteria related to residency and clean criminal record. The application process typically takes between six months to one year and successful applicants gain full Cypriot citizenship along with a passport that allows visa-free travel within the EU.
3. Can I get dual citizenship through the Cyprus citizenship by investment program?
Yes, it is possible to obtain dual citizenship through the Cyprus citizenship by investment program. Cyprus allows its citizens to hold dual nationality without any restrictions.
4. What are the benefits of obtaining a Cyprus passport through investment?
Some potential benefits of obtaining a Cyprus passport through investment include:

– Visa-free travel: Cyprus passport holders have visa-free access to 173 countries, including all EU member states, making it a very desirable passport for international travel.

– Residency in an EU country: By becoming a Cypriot citizen, an investor gains the right to reside and work in Cyprus and enjoy all the benefits of being an EU citizen.

– Business opportunities: Cyprus is known for its strategic location and favorable business environment. Becoming a citizen of Cyprus can open up business opportunities in this growing economy.

– Quality of life: With its sunny climate, beautiful beaches, cultural attractions, and high standard of living, Cyprus offers a relaxed and enjoyable lifestyle for its citizens.

– Citizenship for family members: The Cyprus citizenship by investment program allows the applicant’s spouse, children under 18 years old, and dependent adult children (between 18-28 years old) to also obtain Cypriot citizenship along with the main applicant.

2. Can dual citizenship be obtained in Cyprus?

Yes, dual citizenship can be obtained in Cyprus. This means that an individual can hold both Cypriot citizenship and the citizenship of another country at the same time. Cyprus allows for dual citizenship through a variety of routes, including:

1. Citizenship by descent: A person who is born to at least one Cypriot parent is automatically eligible for Cypriot citizenship, regardless of where they were born.

2. Citizenship by naturalization: Foreign nationals who have legally resided in Cyprus for at least seven years can apply for Cypriot citizenship through naturalization. This process requires meeting certain criteria, such as having a clean criminal record and being proficient in Greek.

3. Investment-based citizenship: In 2016, Cyprus introduced a program that grants citizenship to foreign investors who meet specific financial requirements, such as making a minimum investment of €2 million in real estate or €2.5 million in other approved investments.

4. Marriage: Non-Cypriots who are married to a Cypriot citizen can apply for Cypriot citizenship after three years of marriage and residing in Cyprus.

It is important to note that while dual citizenship is allowed in Cyprus, individuals should also check the laws of their other country/countries of citizenship to ensure there are no restrictions or limitations on holding dual nationality.

3. How long does it take to obtain a second passport in Cyprus?

The timeframe for obtaining a second passport in Cyprus depends on several factors, including the applicant’s eligibility, the complexity of their case and the efficiency of the government processing. Generally, it takes approximately 3-4 months to obtain a second passport in Cyprus. However, this timeline can be longer if there are delays or additional requirements needed for the application process.

4. Are there any language or residency requirements for obtaining a second passport in Cyprus?

To obtain a second passport in Cyprus, applicants are not required to have knowledge of any specific language. However, they will need to pass the Cypriot citizenship test, which may include questions about the history and culture of Cyprus.

There are also no residency requirements for obtaining a second passport in Cyprus. Applicants do not need to have been living in Cyprus for a certain amount of time. However, they will need to provide evidence of their permanent residence on the island and their intention to maintain it. This can include owning or leasing property, having a work permit or business registration, or being enrolled in an educational institution on the island.

5. What is the cost of obtaining a second passport in Cyprus?

The cost of obtaining a second passport in Cyprus can vary depending on various factors such as the type of program, the fees for processing and government fees. Generally, the cost can range from 150,000 euros to 2 million euros.

Some popular programs and their costs are:

– Citizenship by Investment program: The minimum investment is 2 million euros, plus additional fees for processing and due diligence.
– Fast Track Citizenship program: The minimum investment is 300,000 euros, plus additional fees for processing and due diligence.
– Investment in real estate: The minimum investment is 300,000 euros, plus additional fees for processing and due diligence.

It is important to note that these costs do not include any additional expenses such as legal and administrative fees or taxes. It is recommended to seek advice from a professional immigration consultant for an accurate estimate of the total cost.

6. Can spouses and children also obtain a second passport through citizenship by investment in Cyprus?

Yes, spouses and children under the age of 18 can obtain a second passport through citizenship by investment in Cyprus if they are included in the main applicant’s application. Children between the ages of 18 and 28 can also be included in the application if they are financially dependent on the main applicant and are enrolled in a recognized institution of higher education. Additional fees will apply for each dependent included in the application.

7. Does Cyprus allow for visa-free travel to popular destinations with a second passport?

Yes, being a citizen of Cyprus allows for visa-free travel to many popular destinations around the world. As a member of the European Union, Cypriot citizens can travel to other EU countries without a visa. Additionally, Cyprus has visa-free agreements with numerous other countries including the United States, Canada, Australia, and Japan. With a Cypriot passport, individuals can also access the Schengen Zone without a visa.

8. How does the taxation system work for citizens with two passports in Cyprus?

Cyprus has a taxation system based on the principle of residency, where individuals who are considered tax residents are subject to the country’s taxation laws. The following information applies to citizens with two passports in Cyprus:

1. Tax Residency:
Individuals who have a permanent home in Cyprus, spend more than 183 days per year in the country, or have a business or employment in Cyprus that makes it their main source of income, are considered tax residents of Cyprus.

2. Domicile Status:
Domicile status is not linked to citizenship but to an individual’s intention to permanently reside in the country. In most cases, it is difficult for new citizens to claim non-domicile status and benefit from some tax advantages offered to non-domiciled individuals.

3. Worldwide Income:
As a tax resident of Cyprus, you are required to pay tax on your worldwide income, regardless of where it was earned.

4. Double Taxation Agreements:
Cyprus has signed double taxation agreements with over 65 countries, including EU countries and many other major economies. These agreements prevent individuals from being taxed twice on the same income and provide for tax relief or exemption in certain cases.

5. Dual Citizenship:
Cyprus allows dual citizenship, so holding a second passport will not affect your tax residency status or obligations.

6. Personal Income Tax Rates:
The personal income tax rate for residents in Cyprus is progressive and ranges from 0% to 35%. Individuals with lower incomes are subject to lower rates while those with higher incomes pay higher rates.

7. Investment Income:
Investment income such as dividends, interest, and rental income is generally subject to a flat rate of 17% for both residents and non-residents.

8. Capital Gains Tax:
Capital gains from the sale of immovable property situated in Cyprus are generally taxed at a flat rate of 20%, with various exemptions available under certain conditions.

9. Inheritance and Gift Tax:
There is no inheritance or gift tax in Cyprus, except for property located in Cyprus.

It is important to note that tax laws and regulations are subject to change, and it is recommended to seek professional advice regarding your specific circumstances.

9. Are there any restrictions on the types of investments that can lead to citizenship in Cyprus?

Yes, there are restrictions on the types of investments that can lead to citizenship in Cyprus. The following investments are considered eligible for the Cyprus Citizenship by Investment program:

1. Real estate investment with a minimum value of €2 million

2. Purchase or establishment or participation in Cypriot companies with activities in Cyprus and employing at least five Cypriot citizens

3. Investment in Alternative Investment Funds (AIFs) or financial assets of Cypriot companies or organizations licensed by the Securities and Exchange Commission, with a total value of at least €2 million

4. Combination of the above investments, provided that the total investment amounts to at least €2 million

5. Donation of at least €75,000 to the Research and Innovation Foundation

6. Donation of at least €75,000 to the Foundation for the Promotion of Entrepreneurship

7. Donation of at least €75,000 to the Cyprus Land Development Corporation for affordable housing schemes

8. Donation of at least €400,000 to a state-owned land development company for infrastructure projects and other public interest projects.

Additionally, applicants must also maintain their investments for a period of at least 5 years from the date of naturalization.

Investments made prior to an applicant’s naturalization will not be considered towards their eligibility unless they have been legally acquired within three years before submission of application and must be held exclusively by them during their permanent residence in Cyprus.

Furthermore, investments purchased under violation conditions such as measures against money laundering or illegal transactions will not qualify for citizenship.

10. Can individuals apply for a second passport without renouncing their current citizenship status in Cyprus?

Yes, Cyprus does not require individuals to renounce their current citizenship status in order to obtain a second passport. Cyprus allows dual citizenship and individuals can hold multiple passports from different countries.

11. Are citizens of certain countries restricted from applying for a second passport in Cyprus?

Yes, citizens of North Korea, Afghanistan, and Iran are restricted from applying for a second passport in Cyprus. Additionally, individuals with criminal records or individuals who pose a threat to the national security or public order of Cyprus may also be restricted from obtaining a second passport in the country.

12. Are there any additional benefits to holding a second passport from Cyprus, such as business opportunities or access to education and healthcare systems?

There are several additional benefits to holding a second passport from Cyprus, including:

1. Business opportunities: Holding a second passport from Cyprus can provide access to new business opportunities in the country as well as throughout the European Union (EU). This can be especially advantageous for individuals looking to expand their business operations or invest in new markets.

2. Ease of travel: With a Cypriot passport, you have the right to travel freely across all EU member states without having to obtain a visa. This makes it easier and more convenient for both personal and business travel.

3. Education and healthcare systems: As an EU citizen, you have access to high-quality education and healthcare systems in Cyprus and other EU countries. This can be beneficial for individuals seeking higher education opportunities or looking for top-notch healthcare services.

4. Tax benefits: As a Cypriot citizen, you can take advantage of the favorable tax regime in the country, which includes low income tax rates and various tax incentives for businesses.

5. Political stability: Cyprus is known for its political stability and has one of the lowest crime rates in Europe. As a citizen, you can benefit from living in a peaceful and secure environment.

6. Prestige: A second passport from Cyprus carries prestige and can enhance your status as a global citizen. It can also open doors to various exclusive clubs and organizations.

Overall, holding a second passport from Cyprus can provide numerous benefits, including enhanced mobility, access to better opportunities, and an improved quality of life.

13. Is there an age limit for obtaining a second passport through citizenship by investment in Cyprus?

There is no specific age limit for obtaining a second passport through citizenship by investment in Cyprus. However, all applicants must be at least 18 years old and meet all other eligibility requirements for the program. Minors can also be included in the application of their parents or guardians.

14. How can I start the process of obtaining a second passport from Cyprus?

To start the process of obtaining a second passport from Cyprus, you will need to follow these steps:

1. Determine your eligibility: Before applying for a second passport from Cyprus, make sure you are eligible for citizenship. You must have been living in Cyprus for at least 7 years or have Cypriot ancestry to be eligible.

2. Collect required documents: You will need to gather all the necessary documents that prove your identity, residency, and family ties to Cyprus. This may include your birth certificate, marriage/divorce certificates, proof of residence, etc.

3. Find a lawyer or agent: It is advisable to hire a lawyer or authorized agent who can guide you through the application process and help with any legal procedures.

4. Complete the application form: Once you have all the required documents, you can fill out the application form for citizenship by naturalization provided by the Ministry of Interior.

5. Pay the application fee: The current application fee for Cypriot citizenship by naturalization is €5000.

6. Submit your application: After completing the form and gathering all documents, submit your application along with the fee to the Civil Registry and Migration Department of Cyprus.

7. Undergo background checks: As part of the vetting process, you will undergo background checks by relevant authorities in Cyprus and other countries where you have resided before.

8.Present yourself for an interview (if required): Depending on your case, you may be asked to attend an interview with officials from the Ministry of Interior.

9. Wait for approval: After submitting your application and undergoing background checks, wait for approval or denial from the Ministry of Interior. If approved, you will receive a letter granting citizenship by naturalization.

10.Apply for a passport: With your newly acquired citizenship, you can apply for a Cypriot passport at any district office of the Civil Registry and Migration Department in Nicosia, Limassol, Larnaca, Paphos, or Famagusta.

11. Attend a citizenship ceremony: Once you have received your passport, you may be required to attend a citizenship ceremony where you will pledge allegiance to Cyprus and receive your certificate of naturalization.

12. Register your new passport with other countries: It is important to register your new Cypriot passport with the authorities in your home country or any other country where you hold citizenship.

13. Renewal: A Cypriot passport is valid for 10 years and can be renewed afterward through the Embassy/Consulate of Cyprus in your home country.

14. Optional – Renounce current citizenship (if dual citizenship is not allowed): If you are not eligible for dual citizenship, you may need to renounce your current citizenship before receiving Cypriot citizenship and a second passport. This process may vary depending on your home country’s laws and requirements.

15. Can naturalized citizens also apply for a second passport in Cyprus?

Yes, naturalized citizens can also apply for a second passport in Cyprus. As long as they meet the eligibility requirements and follow the application process, they can obtain a second passport from Cyprus.

16. Is proof of financial stability required when applying for a residency and potential citizenship through an investor program in Cyprus?

Yes, proof of financial stability is required when applying for a residency and potential citizenship through an investor program in Cyprus. A minimum investment amount must be made, and applicants must demonstrate sufficient financial resources to support themselves and their dependents during their time in Cyprus. This can include bank statements, income statements, and other documents showing the source of funds for the investment. Additionally, applicants may be required to provide proof of ongoing income or assets to maintain their residency status in Cyprus.

17. Are there any special regulations or requirements for individuals who have had previous legal issues seeking a second passport in Cyprus?

There are no specific regulations or requirements for individuals with previous legal issues seeking a second passport in Cyprus. However, all applicants must complete and submit a P67 form with full disclosure of any criminal records or previous legal issues. These applications will be reviewed on a case by case basis and the final decision will be at the discretion of the Minister of Interior. It is important to note that providing false information or withholding relevant information may result in the rejection of the application.

18. Does possessing dual citizenship of Cyprus pose any complications when traveling between countries while holding passports from both countries?

It is possible that possessing dual citizenship of Cyprus could cause some complications when traveling between countries. Some potential issues to consider are:

– If you enter or exit Cyprus using your Cypriot passport, you may be subject to different immigration and customs procedures than if you use your other passport. For example, you may have different visa requirements, baggage allowances, or duty-free allowances depending on which passport you use.
– Your Cypriot and non-Cypriot passports may have different expiration dates, which could affect how long you are allowed to stay in a particular country.
– Some countries do not recognize dual citizenship. This means that if you enter using one passport but then try to leave using the other, it could cause confusion or raise suspicions with immigration authorities.
– If you hold citizenship in any other country besides Cyprus and your second country of nationality, your travel between these three countries may be subject to specific rules and regulations. It is best to check with the relevant embassies or consulates for more information.

To avoid any potential complications while traveling between countries with multiple passports, it is important to always carry both passports with you and be prepared to present either one as needed. Additionally, familiarizing yourself with the specific laws and regulations of each country can help prevent any unforeseen issues during your travels.

19.Is it possible to transfer my current residency status to my new country if I obtain dual citizenship through an investor program in Cyprus?

It is not possible to give a definite answer without knowing the specific details of your residency status and the dual citizenship program in Cyprus. It is best to consult with an immigration lawyer or the relevant government agencies in both countries for guidance on transferring your residency status.

20.Can citizens of other countries living and working in Cyprus also apply for a second passport?

Yes, citizens of other countries who are legally living and working in Cyprus can also apply for a second passport under certain conditions. They must meet the eligibility criteria set by the Cypriot government and go through the naturalization process, which includes passing a language proficiency test and meeting minimum residency requirements. Additionally, they may be required to renounce their current citizenship, depending on their country of origin’s laws on dual citizenship.