Cyprus Residency Program - Application Conditions

CYPRUS Citizenship by Investment- Costs

  1. Cost Structure

  • Entry VISA
    • The applicant may need a visa to enter Cyprus for the inspection trip or to record their biometric data. The applicant can choose to apply for a business/travel visa or a multiple entry Schengen visa to enter Cyprus.
  • INVESTMENT
    • The investment amount will be no less than €2,000,000
  • ATTORNEY & IMMIGRATION
    • The example for the attorney and the immigration costs will be given based on a family with one minor child.
  1. Total amount of real estate investment
  • INVESTMENT COSTS
    • €2,0 million
    • VAT: 19%
  • Note: Upon purchase of the first residential property the applicant is tax liable for 5% on the first 200sqm however if the applicant purchases a bigger property then the applicant will pay 19% on the remaining space per square meter.
  • If the applicant purchases multiple properties, if the first property is less than 200sqm the applicant will only be liable for 5% VAT, on 2nd or 3rd  properties the VAT will be taxed at 19% VAT
  • Example: a real estate, worth €2,0 million (market price), covering 550 square meters, the total amount of VAT will be € 277,800:
    • 5% for the 200 square meters (€ 36,000) + 19% for the 350 square meters (€ 241,800)
    • So the total investment costs for real estate investment will be € 2,277,800:
    • € 2,000,000 + € 277,800
  • ATTORNEY & IMMIGRATION FEES
    • Attorney costs:
      • Main Applicant (with or without spouse): € 15,000 + 19% VAT
      • Children: € 2,000 + 19% VAT per person
    • Stamp duty:
      • 0.15% – 0.2% of the purchase price for the real estate
  • Immigration costs:
    • Naturalization application fee: € 2,000 per adult applicant, € 80 per minor applicant
    • Naturalization Certificate issuing fee: € 5,000 per adult applicant, € 0 for minor
    • Application for Immigration Permit: € 500 per family (Main applicant + Spouse + Minor)
    • Alien registration certificate: € 70 per applicant
  1. Total amount of real estate investment

  • Attorney Costs € 20,230
  • Stamp duty € 3,000
  • Registration fee: Purchase Contract € 50
  • Newspaper announcement Costs: € 210
  • Other Costs: € 200
  • Immigration Fees: € 14,790
    • 38,480
  • Example: applicant + Spouse + Minor, spouse applies the same time with the applicant)
  • In order for the main applicants parents to be able to apply for citizenship, they need to hold a permanent privately-owned residence in the Republic of Cyprus, the purchase price of which must be at least €500,000, plus V.A.T.
  • In this case, the total investment costs for the family (investor + spouse + minor + parents)
  • €2,000,000 + €500,000 + VAT = €2,802,000
  • Attorney & Immigration Fees
  • €38,480 + Attorney costs for Parents (€20,000 + 19% VAT) + Immigration Costs for Parents (€7,570 * 2) + Registration Fee for the Purchase Contract of Parents’ house (€100 ) = €77,520
  • Total Costs (with parents): €2,802,000 + €77,520 = €2,880,320
  1. Total Amount of Combination Investment

  • INVESTMENT COSTS
    • €2,0 million (business investment option)
    • Privately owned residence: € 500,000
    • VAT: 5% – 19%
  • Note: Business investment includes investment in commercial property,  company equity, etc. Company equity investment is VAT-free. For the investor’s first residential property in Cyprus, up to 200sqm are subject to a reduced VAT of 5%.
  • Example: a real estate, worth €500,000 (market price), covering 200 square meters, the total amount of VAT will be € 25,000:
  • INVESTMENT COSTS
    • Business Investment Costs € 2,000,000
    • Residential property € 500,000
    • VAT € 25,000
    • 2,525,000
  • ATTORNEY & IMMIGRATION COSTS
  • Attorney costs:
    • Investor (with or without spouse): € 18,000 + 19% VAT
    • Children: € 2,000 + 19% VAT per person
  • Stamp duty:
    • 0.15% -0.2%  of the purchase price for the real estate
  • Immigration Fees:
    • Naturalization application fee: € 2,000 per adult applicant, € 80 per minor applicant
    • Naturalization Certificate issuing fee: € 5,000 per adult applicant, € 0 for minor
    • Application for Immigration Permit: € 500 per family (main applicant + Spouse + Minor)
    • Alien registration certificate: € 70 per applicant
  • ATTORNEY & IMMIGRATION COSTS
    • Attorney Costs  € 23,800
    • Stamp Duty € 750
    • Registration fee: Purchase Contract € 50
    • Newspaper announcement Costs: € 210
    • Other costs: € 200
    • Immigration Costs: € 14,790
    • 39,800
    • Example: Main applicant + Spouse + Minor, spouse applies the same time with the main applicant)
    • In order for the applicant’s parents to apply for citizenship, they need to hold a permanent privately-owned residence in the Republic of Cyprus, the purchase price of which must be at least €500,000,plus V.A.T.
    • In this case, the total investment costs for the family (applicant + spouse + minor + parents)
    • €2,000,000 + €500,000 + €500,000 + VAT = €3,050,000
  • Attorney & Immigration costs
    • €39,800 + Attorney costs for Parents (€20,000 + 19% VAT) + Immigration Costs for Parents (€7,570 * 2) + Registration Fee for the Purchase Contract of Parents’ house (€100 ) = €78,840
    • Total Costs (with parents): €3,050,000+ €78,840 = €3,128,840
  1. Summary

  • Real Estate Investment
    • Example:               Investment Costs: € 2,277,800
      •                         Attorney & Immigration Costs: € 38,480
      •                         Total Costs: € 2,316,280
  • Combination Investment
    • Example:               Investment Costs: € 2,525,000
      •                         Attorney & Immigration Costs: €39,800
        • Total Costs: € 2,564,800
    • Note: costs calculated are based on one applicant, one spouse and one minor child and may change at the time of application.

Disclaimer: The communication herein is intended to convey general information only and not to provide legal advice or opinions. It should not be construed as, and should not be relied upon for, legal or tax advice in any particular circumstance or fact situation. The facts stated may not reflect the most current legal developments. No action should be taken in reliance on the information herein. Qualified legal practitioners should be contacted for professional legal advice on specific issues.

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