1. What is the processing time for citizenship applications?
Currently, the Ministry of Interior of Cyprus commits to a processing time of three months.
2. What is the application fee for each applicant?
Investors are required to pay an application fee of €2,000, and an additional processing fee of €5,000 if the application is approved.
The investor's spouse is required to pay an application fee of €2,000, and an additional processing fee of €5,000 if the application is approved.
The investor's adult children are required to pay an application fee of €2,000, and an additional processing fee of €5,000 if the application is approved.
The investor's minor children are required to pay an application fee of €80.
The fee summary is as follows:
Applicant | Application Fee | Processing Fee | Total |
Investor | €2,000 | €5,000 | €7,000 |
Investor's Spouse | €2,000 | €5,000 | €7,000 |
Investor's Adult Children | €2,000 | €5,000 | €7,000 |
Investor's Minor Children | €80 | - | €80 |
3. Does purchasing land meet the investment requirements?
Investment criteria include investments in the purchase or construction of buildings, or land development (construction of residential or commercial projects in tourist areas or other infrastructure projects). Therefore, it cannot be interpreted broadly, and the current restrictions on land purchase have not been lifted.
4. Is VAT included in the investment amount?
VAT is not included in the required investment amount.
5. Is the transfer fee for property purchase included in the investment amount?
Transfer fees are not included in the required investment amount, nor are other taxes and fees.
6. Is the investment amount based on market price or purchase price?
6. Is the investment amount based on market price or purchase price?
If the market price and the purchase price are inconsistent, the purchase price shall prevail.
7. The collective investment criterion for groups of seven remains valid before June 1, 2014. Does this mean the investment must be completed before June 1, 2014, or the application must be submitted before June 1, 2014?
It means that the applicant must complete the investment and submit the application documents before June 1, 2014.
8. Can the purchase price of a private residence be included in the investment amount?
The purchase price of an investor's private residence in Cyprus cannot be included in the minimum investment amount required for the application; this purchase price is additional.
However, if the applicant decides to invest separately in a private residence worth 5 million euros, 2.5 million euros, or 2 million euros, then they will no longer be required to purchase a private residence worth 500,000 euros.
9. Can an investor rent out their private residence to others?
Yes, investors can rent out their private residence to others.
10. Can an investor sell their private residence and purchase another one at the same or a higher purchase price?
Yes, they can, provided that the price of the other residence purchased is the same or higher.
11. What degree of kinship is required for the applicant and their family members to purchase the same private residence together?
