Cyprus Second Passport
In order to obtain a Cyprus second passport, you must first be eligible to become a citizen of Cyprus. Individuals seeking Cypriot citizenship need to meet certain requirements to qualify for the relevant investment immigration program. An investment immigration or second passport program as it is commonly referred to, involves individuals investing substantial amounts of money into the Cypriot economy, in return for citizenship status.
DeltaQuest offers expert advice and guidance in relation to obtaining a Cypriot second passport. To proceed with the second passport program, please complete our Application form. Alternatively to speak with a member of our team regarding your Cyprus citizenship, please Contact Us.
Obtain Cyprus Second Passport
As an investor seeking to obtain full Cypriot citizenship, there are certain criteria that need to be satisfied. According to the new criteria, Cypriot citizenship may be granted in exceptional cases to an alien/foreign businessman, aged 30 years and older with no criminal records, who owns property in Cyprus, the value of which exceeds EUR 1 million in current market prices. The applicant must also meet one of the following conditions, as listed below:
1.Investment in government bonds
An investment of at least €5 million in Cypriot government bonds purchased from the primary market (i.e. directly from the Ministry of Finance).
2.Financial assets of Cypriot companies or organizations
Purchase of financial assets of Cypriot companies or Cypriot organizations (bonds/ securities/ debentures registered and issued in the Republic of Cyprus) of at least €5 million. These financial assets can be purchased either at issuance, or subsequently by the market.
3.Real estate, land development and infrastructure projects
An investment of at least €5 million in the purchase or construction of buildings, land development projects (residential or commercial) or infrastructure projects.
4.Purchase, creation, or participation in Cypriot businesses or companies
An investment of at least €5 million in the purchase, creation or participation in businesses or companies that are based and operating in Cyprus. These businesses or companies should evidently have a tangible presence in Cyprus and employ at least 5 Cypriot citizens. The mandatory conversion of deposits into shares is included in this criterion.
5.Deposit in a Cypriot bank
The applicant must have personal fixed term deposits for three years in Cypriot banks or deposits of privately owned companies or trusts in which he/she is the beneficial owner of at least €5,0 million.
The applicant is required to have a combination of the above criteria (options 1 – 5) amounting to at least €5,0 million.
7.Compensation scheme for lost investments: persons whose deposits with the Bank of Cyprus or Popular Bank have been impaired after March 15, 2013
The applicant has incurred impairment in deposits amounting to a total of at least €3 million. In the case where the applicant has incurred an impairment in his/her deposits under €3 million he/she may apply, having made an additional investment through investment options 1-5 for the balance of the required amount.
In April 2013, the Government of Cyprus introduced changes to its citizenship-by-investment program. The applicant may apply for Cyprus citizenship under the “Collective Investment Scheme”, which reduces the minimum investment amount from EUR 5 million to EUR 2.5 million. According to the scheme requirements, several applicants can jointly apply for citizenship with a total minimum investment of EUR 12.5 million.
Cyprus Second Passport Requirements
It is important to fulfill certain requirements in order to qualify for a Cyprus second passport program;
Business experience: individuals who wish to acquire a Cyprus second passport through entrepreneurial activity must provide necessary documents proving their experience and educational qualifications.
Medical requirements: individuals and family members must undergo a medical examination to ensure they do not have a disease or severe medical conditions.
Police certificates: police clearance certificates must be submitted as part of your citizenship application.
Financial Standing: applicants must present bank statements demonstrating that they are in good financial standing and will be able to support their living expenses in Cyprus.
Payment of fees: all applicants must pay for their application processing fees.
Advantages of obtaining a Cyprus second passport
- Citizens are able to benefit from all rights of a natural born Cypriot citizen
- Practice their legal rights
- Unrestricted travel in all 27 EU member states
- Right to reside in all 27 EU countries without additional documentation required
- Right to work in all 27 EU member countries without obtaining a work permit
- Right to buy property
- Enjoy government welfare benefits such as unemployment and health allowances
How DeltaQuest can assist with a Cyprus Second Passport
DeltaQuest can assist with every stage of the Cyprus second passport acquisition process and will advise you on the necessary stages that must be carried out. The applicable stages of initiating investment immigration include;
Jurisdictional rights: We will advise you on your rights, benefits, restrictions and obligations should you wish to obtain Cyprus second citizenship. We will guide you in understanding Cyprus as a location for investment immigration and ensure your desired citizenship goals and requirements are met.
Guidance on investments: We can advise you on the most suitable Cyprus investment choice that will meet your overall needs in accordance with your financial limitations
Administering documentation: We offer support, guidance and administration services in relation to the correct completion of your documentation and subsequent presentation of the documents to your chosen country.
Legal compliance: We offer comprehensive support with the complete investment immigration process to achieve citizenship in your selected country, from the filing of initial applications to informing applicants on how to invest in line with the relevant laws of that country. We can also guide individuals on how to maintain their citizenship status in compliance with the necessary immigration rules.