New attractive legislation is in place which makes obtaining the Cyprus/EU Citizenship even easier.The relevant scheme grants approvals within 3-4 months. Compared to the previous scheme, thresholds are considerably lower (reduced to €2mln from €5mln), in addition to a more inclusive set of criteria. Investors do not need to reside in Cyprus and they do not become tax residents (unless they spend over 183 days in Cyprus). The scheme is in force from November 1st, 2016 onwards.
|Applicant is 18+|
|Investments > €2mln for min. 3 years|
|Residence worth €0.5mln kept for life|
|Minimum of one visit|
|Clean Criminal Record|
Key Terms & Conditions
Clean Criminal Record
The applicant must have a clean criminal record. Furthermore, his name must not be included on the list of persons whose property is ordered to be frozen within the boundaries of the European Union.
Residence Permit in Cyprus
The applicant, prior to his/her naturalisation as a Cypriot citizen must hold a residence permit in Cyprus. It is noted that all of the above also apply for the adult members of the family of the investor, who will apply for naturalisation.
It is noted that members of the same family, which apply separately as investors, can collectively acquire a residence, provided that the total value of this home- property covers the amount of €500.000 per each applicant.
Criteria for Granting The Cypriot Citizenship by Exception
A non-Cypriot citizen, who meets one of the following economic criteria, either personally or through a company/ companies in which he/ she participates as a shareholder - proportionally based on the percentage of participation, or through investments done by his/her spouse, or even as a high-ranking senior manager of a company/ companies that meets one of economic criteria, may apply for the acquisition of the Cypriot citizenship through Naturalisation by exception. A high ranking senior manager may apply, provided that he/she receives such a remuneration that generates for the Republic tax revenues of at least €100,000 over a three year period and provided that this tax has been already paid or prepaid. Investment must be done in one of the following:
- Real estate, land development and infrastructure projects An investment of at least €2,0 million must have been made 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
- Financial assets A purchase or participation must have been made in companies
or organizations established and operating in the Republic of Cyprus with investment costs of at least €2,0 million. The companies or organizations must have proven physical presence in Cyprus, and employ at least five (5) Cypriot or EU member-states.
- AIF or financial assets of Cypriot companies or Cypriot organizations that are licensed by CySec Units of at least €2,0 million must have been bought from alternative investment funds (AIF) established in the Republic of Cyprus, licensed and supervised by the CySec and whose investments are made exclusively in the Republic of Cyprus, in investments that meet the criteria of this Scheme or in areas approved by the Minister of Finance.
- Combination of the aforementioned The applicant may proceed with a combination of the above investments, provided that the total investment will amount up to at least €2,0 million.
In case that the purchase value of the permanent privately owned residence in Cyprus exceeds the amount of €500,000, part of this additional amount can be used for purposes of supplementing the total amount of the investment made on the basis of the criteria of Part A above.
Additionally, it is noted that if the applicant has invested in housing unit/units on the basis of the aforementioned criterion A.1, the purchase of another permanent residence in Cyprus will not be required, if at least one of these housing units is worth at least €500,000, plus VAT, provided that the applicant retains possession of the residence for life.
Why Invest in Cyprus
- Member of EU with the Euro as official currency
- 300 days of sunshine with an average annual temperature of circa 20 oC
- Clean air and the cleanest bathing waters in Europe
- Both, blue flag beaches and mountain forests, within an hour’s drive
- A charismatic region in the winter and the warmth & beauty of the summer combined
- Investors seeking strong, long term returns, regard investment property in Cyprus as a mature market and sound investment area in which to expand their property portfolios
- Cyprus allows dual citizenship and has no residency requirements
- Excellent British education (30% of students are foreign)
- Largest natural gas find in the Mediterranean worth trillions of Euro
- Highly qualified & multilingual workforce (English widely spoken)
- Sophisticated, high quality financial professional services and support
- Efficient British-based legal system
- Multi-cultural environment with a strong British, Russian and growing Chinese community
- Appealing business & investment environment:
- Wide choice of financial and legal services
- Excellent investment potential, real estate prices are low making it a great time to investment
- The World Bank’s Doing Business Report 2014 ranked Cyprus 39th out of 189 economies and 16th out of EU28 for the ‘Ease of Doing Business’ ranking
- Excellent healthcare system
- Relatively low cost & high standard of living
Detail Information & Process: