Frequently asked questions – Cyprus Investment Programme

Do you have any questions about the Cyprus Investment Programme (CIP)? Please don’t hesitate to contact us!

Below we have also included some of the most frequently asked questions about the CIP:

How are the applications for the CIP processed?  

Getting a Cypriot passport is a very simple and straightforward process, especially with the right legal counsel by your side.  A brief overview of the application process is as follows:

  1. The CBI application for the main applicant and the spouse is filed.
  2. On the following day after filing the CBI application, a Permanent Residency Permit  (PRP) application is filed for the main applicant, the spouse and the minor children for which a one-time visit to Cyprus is required. (Minor children may apply for the PRP at a later stage and it will not affect their ability to attain citizenship)
  3. After 5 days from the filing of the PRP application, approval is granted. This allows the holder to travel visa-free to 159 countries.
  4. Within 2-3 months, the CBI application will be approved.
  5. Within 6 months from the date of original filing, Certificate of Naturalisation will be issued in regards to the main applicant and the spouse.
  6. If the minor children’s citizenship application was not filed along with their parents’, the application may be filed after the parents attain citizenship. Within 2-3 weeks, the application will be approved and Certificates of Naturalisation and passports will be issued immediately.
  7. PRP applications will be filed for the adult children and the parents of the main applicant.
  8. Adult children and parents of the main applicant are approved for citizenship within 2 to 3 months of filing the relevant PRP application.
  9. Certificates of Naturalization and passports are immediately issued 6 months from the date of relevant PRP filing (in regards to adult children and parents of the main applicant).

Who is eligible for Cypriot Citizenship?

Non-Cypriot citizens who are able to meet the eligibility criteria, including the investment criteria either personally, through a company in which he or she participates as a shareholder or as a high ranking senior manager of a Cypriot Company who receives remuneration which generates Republic tax revenue of at least €100,000 (approx. €125,000 p.a) for a 3 year period and has executed all tax payments to the state may be eligible for Cyprus Investment Programme.

What is the compliance time for the CIP –Cypriot Nationality?

  • 6 months for the main applicant and spouse.
  • 8 months for minor children.
  • 12 months for adult children and the parents of the main applicant.

What are the benefits of getting a Cyprus Passport?

 Getting a Cypriot passport confers several benefits onto the investor, namely:

  • Citizenship within 6 months - approval granted within 3 months.
  • There is no need to carry out donations to the government– only approved investments.
  • No presence or residence is required before/after approval – only a one-time visit.
  • Cypriot Citizens benefit from Visa-free travel to 171 destinations
  • Once granted, Cyprus Citizenship is valid for life
  • Citizenship is transferable to descendants. The spouse and children of the applicant are not obliged to meet additional financial criteria.
  • The parents of the main applicant may be included in the application.
  • Simple and straight forward process - Applicants will not need to disclose their source of wealth or funds, not undergo any medical testing, and are not subject to language requirements.
  • After 3 years, investments made can be reduced to a €500,000 investment in residential property to be held indefinitely.
  • New citizens may benefit from the ‘non-domicile’ tax regime – benefit from 0 taxation of worldwide dividends and interest income for a period of 17 years.

When was the Cyprus Investment Law approved?

Following a decision by the Council of Ministers on 19th March 2014, based on Section 11A (2) of the Civil Registry Laws of 2002-2013, Cyprus can offer Citizenship to investors. The programme was recently amended by the Cyprus Council of Ministers on 13 September 2016.

What services does Chetcuti Cauchi Advocates offer?

Our dedicated team of lawyers at Chetcuti Cauchi Advocates will walk you through the process every step of the way, giving you peace of mind that your application will be successful. Our services include, but are not limited to:

  • Advising on the financial criteria, conditions to be met, and the application procedure;
  • Conducting a thorough examination of the specific circumstances of the applicant to establish the most effective way to meet the required financial criteria;
  • Finding the right property matching the criteria of the applicant via our network of reputable licensed real estate agents and ensure the applicant is presented with properties that are good value for money;
  • Communicating with the responsible Ministries for clearance prior to submitting an application;
  • Drafting and assisting with the collection of all required documents;
  • Monitoring the status of the application and follow up, including personal meetings where deemed necessary;
  • Regularly updating the applicant on the progress of their application;
  • Upon granting of the Citizenship, our office can assist with the issuance of the Cyprus passports and ID cards;
  • Assisting clients with the opening of bank accounts at local banks.