C y p r u s C i t i z e n s h i pIn September 2016, the Ministry of Interior has announced the new criteria for naturalisation of investors in Cyprus by exception. A non Cypriot citizen will be eligible to obtain a Cypriot citizenship if one of the following criteria is met:
C1. Investment in real estate, land development and infrastructure projects
- Investment of at least €2 million for the purchase or construction of buildings or for the construction of other land development projects (residential or commercial developments, developments in the tourism sector or other infrastructure related projects)
* It is noted that the investment in land under development is included in this criterion, provided that an investment plan for the development of the purchase land will be included in the application.
C2. Investment in financial assets of Cypriot companies or Cypriot organizations
- Purchase, or participation in companies or organizations established and operating in the Republic of Cyprus with investment cost of at least €2 million
* It must be proven that the companies or organisations have physical presence in Cyprus and that they employ at least five Cypriot or citizens of European Union member-states. The minimum number of employees shall increase, if more than one applicant invest simultaneously or almost simultaneously in the same business or company.
C3. Invest in Alternative Investment Funds or financial assets of Cypriot companies or organizations
- Investment of at least €2 million in financial assets of companies or organisation established in the Republic of Cyprus, licence and supervised by the CySec .In order to confirm that the investments meet the criteria of the current scheme will be kept for at least three years.
-The purchase of financial assets of Cypriot companies or organizations of at least €2,0 million such as bonds , bills and securities by companies that have proven physical presence and substantial economic activity in the Republic of Cyprus fall under this criterion.
C4. Combination of the aforementioned investments
Combination of the above investments, provided that the total investment will amount up to at least €2, 0 million.
With this criterion (combination of investments) the applicant may purchase special government bonds of the Republic of Cyprus, up to €500,000 on condition that the investor will retain these bonds for a t three year period.
Terms and Conditions
Clean Criminal Record
The applicant should have a clean criminal record and his/her name should not be included in the list of persons whose property is ordered by the European Commission to be frozen within the boundaries of the European Union.
Residence in the Republic of Cyprus
In all cases listed in Part A the applicant must hold a permanent privately owned residence in the ROC, of a market value of at least €500.000 plus VAT. If investment is made into residential property as indicated in Criterion 1, this requirement is not relevant
Residence Permit in Cyprus
The applicant prior to his/her naturalization as a Cypriot citizen must hold a residence permit in Cyprus.
Other useful notes
Investor’s Family members
Spouse and financially dependent children:
A passport is also issued for the investor’s spouse and all financially dependent children (up to 18 years old – or up to 28, provided that they are college students).
The applicant’s parents are also entitled to apply for citizenship provided that they are owners of a private residence of at least €500.000.
Alternatively, the applicant and his/ her parents may acquire just one residential property of a total value of at least €1,0m.
BENEFITS OF THE CYPRUS EU CITIZENSHIP PROGRAMME
- Fast and simple:
It is an express procedure; it can be obtained within 3 months
Wide choice of investment options
Once the application is approved has immediate effect
- No exceptions or requirements:
All nationalities are eligible for the programme
There are no language requirements
No requirement to physically reside in Cyprus
No need to renounce previous nationality as dual citizenship is allowed
Citizenship can be passed to future generations by descent
- Benefit from free movement within EU member states:
Free movement of People -freely travel, live and work within the European Union
Free movement of Goods -right to transfer goods from a member state to another
Free movement of Capital -transfer any amount of money from a member state to another
Free movement of Services – Establishment and free movement of Services
Other benefits include:
- Individuals who reside in Cyprus more than 183 days in a calendar year become tax residents in Cyprus and taxed in Cyprus on their worldwide income
- Right to do business, buy property and invest in Europe , taking advantage of Cyprus favourable tax regime and double tax treaties plus the high level of professional services on offer
- Protection by the diplomatic or consular authorities of any EU country
- Right to vote and stand for European Parliament Elections as a European citizen
Our Services for Cyprus Citizenship:
We have the knowledge and experience to assist foreign investors to explore in detail their option in applying and obtaining a second passport through the various fast track procedures
- Our Law firm partner specializing in immigration provide a fully immigration package to meet your requirements.
- We give personal attention to clients in providing all the necessary assistance and support during the application for naturalisation, as well as in providing business support services to their operations aﬅer they become Cypriot residents.
- We provide a full detail analysis of the proposed investment in regards to economic performance, capital growth, potentials and investment return.
- We can provide support in relation to the children education in Cyprus.