Cyprus is a gorgeous island country located in the center of three of the most beautiful, enchanting places on the globe: The Mediterranean, The Middle East, and North Africa.
(Not to mention how enchanting Cyprus itself is.)
It’s Greek in the south and Turkish to the north, with a beautiful mix of culture and an ideal interior for wine growing.
Choosing Cyprus as your second home is a great way to get a quick citizenship and second passport, and it’s location is perfect if you’re after business opportunities because it can serve as your central hub to three major world regions and markets… plus give you access to the European Union.
The How-To: Immigrating to Cyprus
To immigrate into Cyprus as a potential new citizen by investment, you need to meet two basic investment requirements:
- Purchase a private home within the country for at least €500,000.
- Make an investment from one of the country’s government-sponsored investment choices for at least €5 million, or for at least €2.5 million if you’re investing as a part of a group.
Investment options for the €2.5 to €5 million amount include government bonds, company bonds, real estate, land development, business creation or purchase, depositing €5 million in a Cyprus bank for at least three years, or a combination of the options to reach your required total.
(I think the option to combine is nice if you’re a stickler for investment diversification.)
Gaining Citizenship & a Second Passport
When you invest in Cyprus as a high net worth individual via the government’s programs, you can apply for a quick track to citizenship that takes as little as 3-4 months.
Better yet, you don’t actually have to move to Cyprus to make it happen… as long as your investments are made and you’ve purchased a private residential property, you’re only required to make one visit to Cyprus every seven years to maintain your citizenship and your passport.
The Economic Benefits of Cyprus
As members of the European Union, citizens of Cyprus have free trade with all other member countries of the European Union, as well as low tax rates.
Plus, as a citizen of Cyprus, you get the access that all other members of the European Union have to live elsewhere within the EU, study there, work there, or do business there. So if you’re not already an EU citizen, this is an incredibly opportunity.
(And if you have children 28 and younger, they can gain citizenship alongside you. And as long as they also visit Cyprus once every seven years, they get to keep those same benefits for their entire lives as well.)
Living in Cyprus
Don’t let the fact that it’s situated close to the physically turbulent Middle East and Turkey, where there’s a significant refugee crisis happening scare you. Cyprus is a safe, small country with a surprisingly low crime rate.
It’s got a great education system that holds its own among European standards, and with a population of under two million, nearly everyone speaks English in case Greek (the national language) is difficult for you.
There’s also some decent expat communities, with people predominantly from the UK, Russia, and some Asian nations. But even if you don’t share the same background, they’re still incredibly welcoming and will help you settle in if you decide to live there.
The Best Cities to Live
Ultimately, where you choose to live in Cyprus (if you do in fact move there) is up to you. There’s no residential or zoning requirements for new immigrants.
But since you are required to purchase a private residence, it’s worth at least considering your lifestyle preferences before you make that purchase, just in case your plans change and you do move there.
If you prefer a slower pace of life, choosing a small village where you’re actively interacting with the locals and maybe a few expats would be a great choice… plus the cost of living is lower, so you get more for your money when buying a property there.
But if you like the hustle and the feel of commerce that bigger cities offer, you can look for properties in bigger cities like Limassol, Nicosia, Larnaca, or Famagusta.
Of course, I mean “bigger” cities by Cyprus standards—the biggest city of Nicosia has barely over 200,000 residents.
Getting Started on Your Move to Cyprus
If moving to Cyprus to become a citizen and obtain the Cyprus passport seems like something you’d like to do, get in touch with us today and we’ll happily answer your more in-depth questions and get you started on your paperwork as soon as you feel ready.
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