I currently hold a permanent resident card in Cyprus and want to obtain citizenship. Does that give me any advances on the CBI program?
Permanent residency is indeed helpful to your application. The reason is because the authorities will be able to immediately investigate your citizenship application, whereas if you are not registered in Cyprus even with an ARC (alien registration number) or residency, you will need to be registered first and then they will initiate examination of your citizenship application.
Kindly note that part of the terms and conditions regarding the Cyprus investment program, the applicant, prior to his/her naturalization as a Cypriot citizen, must hold a resident permit in Cyprus for at least six months. In this respect, if you already hold a resident permit for at least six months, your naturalization certificate shall not be delayed by the aforementioned period. Furthermore, depending on when your residence was purchased, it may possibly count toward the necessary investment criteria.
In case you hold the residency permit for a period more than six months, then upon the written approval of your CBI application by the competent authorities, you can proceed and obtain Cyprus passport.
If you want to upgrate your immigration status into citizenship, then you may deduct the amount of investment used for obtaining your permanent residency and invest the remaining amount in real estate properties in order to be eligible for obtaining the Cyprus passport. So, if you have obtained the permanent residency by purchasing a residential property of 300,000 euros plus VAT, then you should invest an additional 1 million and 700,000 euro in other properties in order to apply successfully. But you must know that in any scenario, you have to keep for life a residential property that purchased at the minimum amount of 500,000 plus VAT.
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