Cyprus Citizenship Investment Program

Cyprus Citizenship program by Investment  

On 13th September 2016 the Council of Ministers amended and approved the regulations for granting Cypriot (EU) Citizenship to non-Cypriot investors/individuals. The amended scheme aims to further encourage real estate investments that would benefit the Cyprus economy.

 

Program Information 

The Cyprus citizenship scheme is the most simple and efficient vehicle to obtain European citizenship. These major changes are designed to make the scheme even easier for international investors to qualify for EU Citizenship and passports:

Cyprus passport is issued within 6 months from the date of application. Applications will be submitted on an Individual basis. (Collective Investment is abolished).
•    Exit strategy after 3 years.
•    There is no language obligation.
•    No medical tests are needed.
•    No physical residency is required.
•    Cyprus allows dual Citizenship.

 

Type of Investments:
A-    Investment in Residential Properties and land development of a minimum of €2 million + VAT. At least one of the properties must be of a minimum €500.000 +VAT, for the investors’ permanent residence that shall be kept for life. (Other properties can be sold after 3 years)

B-    A Combination of investment in Residential and Commercial properties of a minimum of €2.5 million +VAT. At least one of the properties must be of a minimum €500.000 +VAT for the investors’ permanent residence that shall be kept for life. (Other properties can be sold after 3 years)
 
C-    A combination of investment of a minimum of €2.5 +VAT million in Residential and   commercial properties as well as may include up to €500.000 of Cyprus Government bonds from the primary market.  At least one of the properties must be of a minimum €500.000 +VAT for the investors’ permanent residence that shall be kept for life. (Other properties can be sold after 3 years)
Parents of the investor are also eligible to apply for obtaining the Cyprus Citizenship, provided they purchased a permanent residence of €500.000 + VAT. Adult Dependent Children and the Investors' parents can apply for the Cyprus Citizenship right after the investor has obtained the Cyprus Citizenship.
Upon submission of the Citizenship application, the applicant(s) will be issued with a Permanent Residence Permit prior to Naturalization (unless the applicant(s) is a Temporary Permit holder already).

 

Program Requirements / Eligibility for Cyprus Citizenship by Investment

To qualify under the new regulations, a main applicant for citizenship must fulfil the following key requirements:

  • Investment in real estate for the minimum amount of €2.0 million (to include a private residential property at the minimum value of 500,000), excluding VAT. If any investments already made in real estate by the applicant during the last three years, then will count towards the above mentioned investment figures. In the opposite case the applicant must proceed with additional investments in order to reach the total required amount.  
  • Must have clean criminal record of conduct
  • The declared funds for investment must come outside Cyprus from legal sources.
  • Investor's name must not be on the list of persons whose property is ordered to be frozen by the EU
  • To qualify for citizenship, the primary applicant must be over 18 years of age.
  • Documents required by the Applicants:
  • Proof of investment of a minimum of €2.0 million, excluding VAT.
  • Proof of purchase of a residential property not less than €0.5 million, excluding VAT
  • Birth Certificate.
  • Passport copy.
  • 2 Photos (Passport Size).
  • Certificate of clean criminal record from the country of origin as well as the country of residence if it differs.
  • Marriage certificate (if married).
  • Application duly completed and signed before a Registrar of a Cypriot Court or a Consular Officer.
  • Curriculum Vitae.
  • Hukou Book (For Chinese Nationals)

**All official documents must be duly legalized by apostil. If the Country, which issued the official document is not a party on the Hague Convention of 5 October 1961, abolishing the requirement of legalization for foreign public documents, then the document must be legalized by the Ministry of Foreign Affairs of the issuing country and the diplomatic mission of the Republic of Cyprus in the issuing country.

 

“Why invest and reside in Cyprus’

  • Geographical position of Cyprus is considered an attractive place for residence.
  • Warm and stable climate with at least 320 day of sunshine a year. 
  • Cyprus is designated at the 5th best relocation destination in the world. 
  • Is a Financial and business hub between Europe, Middle east and Asia
  • Is a full member of the European Union since 2004, with Euro currency.
  • Cyprus has one of the lowest Corporate Tax in Europe at 12.5%.
  • Cyprus has a very strong Legal System based on mixed legal system of English common law and civil law with European law supremacy.
  • Excellent educational system, with many universities and private collages. 
  • Very low Criminality, which means that, is safe for all the family.
  • Deposits of hydrocarbons (gas) found in our exclusive economic zone will boost Cyprus economy further.
  • Licenses are approved for an upcoming Casino, new Golf courses and Yachting marinas which will attract more investors and visitors to Cyprus. 
  • High standards of Living and quality of life. The average life expectancy is 81.5 which give Cyprus a World Life Expectancy ranking of 14.

 

Benefits & Advantages of having a Cyprus Citizenship (EU Passport)

  • Citizenship is granted to all family:  Naturalization is granted to the applicant, the spouse and all financially dependent children up to the age of 28. 
  • Cypriot Welfare: Upon receiving Citizenship of the republic of Cyprus, automatically receiving equal benefits like a Cypriot born citizen. 
  • Freedom of Movement within EU: The whole family will freely be able to travel reside, open business, work or study within all EU state member.  
  • Freedom of Trading: EU Individual citizens and their companies can offer services and trade within 750 European citizens without obstacles. 
  • Freedom of movement of Capital: Cypriot passport holders can transfer funds between EU member states, purchase property in any preferred EU country, and establishing any type of business venture without restrictions. 
  • Free Movement of Goods: All goods produced in EU member states can be freely transferred between countries of the European Union. 
  • Cyprus allows Dual Citizenship: Dual citizenship provides financial privacy and an insurance policy against political instability. 
  • No obligation to physically reside in Cyprus: The applicants are not required to physically reside in Cyprus before the filing of an application, or after obtaining Cypriot Citizenship. 
  • Attractive Tax System: Cyprus is an attractive financial center due to its highly favorable tax system and strategic location at the crossroads of three continents – Europe, Africa and Asia. Double taxation treaties with more than 50 third countries. 
  • High Standards of Education and healthcare: Cyprus passport holders have access to reputable private schools and universities, trustworthy private and public medical facilities and having among the lowest crime rates within Europe. 
  • Investment Exit Strategy: The investor at any time after 3 years may cash in the investment but only keep its main residency of 0.5 million. The Investor will be exempt to pay capital gains tax from the sale of property purchased from the 25th of July 2015 until the 31st of December 2016 irrespective of when decides to sell the property.
  • Visa Free Travel: Cypriot passport holders are free to travel to any European country member and also to travel to more than 150 non-EU countries without pre-applying for visa. 

Cyprian Properties can assist you in every step for obtaining the Cyprus (EU)Citizenship.

Please contact us by email info@cyprianproperties.com by phone +357 26 952 348 or make an inquiry.

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