Cyprus Investment Program (CIP)
The Cyprus citizenship through naturalization by exception has been renamed to CYPRUS INVESTMENT PROGRAM (CIP). The new amended and approved scheme has some additional conditions for granting the Cyprus Citizenship to a non-EU investor/individual. The Cyprus citizenship may be obtained within 6 to 8 months from the date of application as this is the major benefit for the investors that invest in various sectors of the Cyprus Economy.
NEW TERMS & CONDITIONS HAVE BEEN IMPOSED AS FROM THE 16th MAY 2019.
The Basic Property investment is €2000.000 Excluding of VAT + €150.000 Donation to 2 sectors.
- Minimum Investment for a Primary Residency – €500.000 Excluding of VAT.
- Minimum Property Investment of €1500.000 Excluding of VAT.
- A mandatory donation of €75,000 to the research and development sector
- A mandatory donation of €75,000 to the land development organisation
The changes include the following:
- The applicant must, prior to his naturalization process, possess a residency permit of the Republic of Cyprus for a period of 6 months
- Applicants should be in possession of a valid Schengen visa;
- Applicants who were rejected by another EU country shall be excluded from the CIP;
- The Property investment should be maintained for 5 years following the date of naturalization, instead of 3 years;
- During the 5-year period the investor will be able to change his investment, provided that consent will be granted in this regard by the Ministry of Finance;
- Shipping will be included in the investment sectors, while investing in government bonds shall no longer be available for the purposes of the CIP;
- A planning permit shall be mandatory for properties under construction;
- Due diligence and background checks shall be carried on by a specialized foreign firm on each applicant.
- If a residential property had already been purchased under the CIP, the required basic investment is increased to 2.5 m or in case of commercial properties to 3.0 m.;
- Investments made to the Cyprus shipping industry will be considered as an eligible investment under the CIP;
- Applicants are no longer able to invest in Cyprus government bonds;
- All other terms and conditions remain the same as per the scheme requirements;
Documentations and Requirements:
To utilise the benefit from the investment and to qualify under the new regulations, the applicants for citizenship must fulfil the following key criteria:
- 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, Plus €150.000 donation.
- Must have Certificate of clean criminal record from the country of origin as well as the country of residence if it differs.
- The declared funds for investment must come outside Cyprus from legal sources.
- 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).
- 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.
“Benefits of investing and residing in Cyprus’
- Receiving the Cyprus Citizenship (EU Passport)
- Freedom to work, travel, and reside in any European Country.
- The whole family can obtain the Citizenship including the spouse of the investor and minor children as well financially dependent adult children up to the age of 28, who are attending an institution of higher education aiming to obtain a diploma or an undergraduate or a master’s degree
- The parents to the Investor may also obtain Citizenship provided they hold a private residence of a purchase price of at least €500,000
- Citizenship is transferable to all descendants
- The investor is able to rent out his privately owned residence
- Low Corporate Tax at 12.5%.
- Cyprus is a Financial and business hub between Europe, Middle East and Asia
- Geographical position of Cyprus is considered an attractive place for residence.
- Warm and stable climate with more than 300 days of sunshine a year.
- Cyprus is a full member of the European Union since 2004.
- 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 the exclusive economic zone of Cyprus will boost the 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 premium quality of life. The average life expectancy is 82.7 years according to Eurostat’s 2016 data, which is 1.7 years more than the EU average.
- Multiple citizenship permitted
- No language proficiency tests required
- VISA – free Travel to over 157 countries worldwide
Cyprian Properties can assist you in every step for obtaining the Cyprus Citizenship through property investment.
Please contact us by email email@example.com by phone +357 26 952 348 or make an inquiry.