Cyprus Investment Programme is currently suspended until further notice
The Cyprus Government has introduced a very attractive scheme whereby one can obtain Cyprus citizenship and passport by investing in the economy of Cyprus.
This scheme is very attractive due to the following reasons:
- Cyprus is a member state of the EU.
- All nationalities are eligible to apply.
- Right to enter, reside, study and work visa-free in the EU.
- Unrestricted access and free trade within the EU.
- One of the fastest programmes in Europe.
- Multiple citizenships are possible.
- Citizenship granted to whole family and is an inheritance right.
- Visa-free travel to 158 countries.
- No interview, no language and no physical residency requirements.
- Secure investments that can be disposed of after just 3 years.
- No tax consequences.
The applicant must also donate at least €75.000 to the Research and Innovation Foundation. It is noted that if the applicant wishes to donate an amount higher than the minimum of €75.000, this additional amount can be used for purposes of supplementing the total amount of the investment made on the basis of the criteria.
The threshold of investment has been reduced to €2 million altogether (if the applicant has invested in housing properties and the value of at least one of them is at least €500,000.00 plus VAT). If the main investment is not in housing properties then the investment is €2 million plus a residential unit of at least €500,000.00 plus VAT.
The citizenship is granted to the whole family – husband, wife and all financially dependent children under 28 years old. Furthermore, the parents of the main applicant are eligible to apply for Cyprus citizenship provided that they purchase a residential unit of at least €500,000.00 plus VAT.
The Government’s rules and regulations provide for a number of different options that one may utilize in order to qualify for citizenship by exception.
OPTION A: INVESTMENT IN REAL ESTATE
An investment of at least €2 million for the purchase or construction of building(s) or for the construction of other real estate development projects. If the investment under Option A consists exclusively of residential units, one of which is of a minimum value of €500,000.00 plus VAT, the minimum investment required in addition to the residential property is €1.5 million and not €2 million.
OPTION B: INVESTMENT IN CYPRUS COMPANIES
An investment through the creation of a company or companies in Cyprus or through the purchase or participation in a company or companies registered in Cyprus. The company must employ at least 5 Cypriot or European citizens. Furthermore, the applicant must purchase a residential property in Cyprus with a minimum value of €500,000.00 plus VAT.
OPTION C: INVESTMENT IN ALTERNATIVE FUNDS AND OTHER FINANCIAL INSTRUMENTS
The applicant must invest €2 million in Cyprus Alternative Investment Funds or in financial instruments of companies registered in Cyprus and licensed by Cyprus Securities and Exchange Commission. Furthermore, the applicant must purchase a residential property in Cyprus with a minimum value of €500,000.00 plus VAT.
OPTION D: COMBINATION OF INVESTMENTS
A combination of the above investments provided that the total investment amounts to at least €2 million. Within the criterion (combination of investments), the applicant may purchase special government bonds of the Republic of Cyprus, for an amount of up to €500,000.00. Furthermore, the applicant must purchase a residential property in Cyprus with a minimum value of €500,000.00 plus VAT.
For all options set out above, the applicant must retain his investment(s) as above, for at least three years from the time of naturalization. The residential property of €500,000.00 plus VAT must be retained indefinitely.
- RESIDENTIAL PROPERTY: The applicant must purchase a residential property in Cyprus with a minimum value of €500,000.00 plus VAT.
- INVESTMENT: The applicant must choose one of the investment options outlined above in order to satisfy the minimum amount required.
- APPLICATION: The application, along with other necessary citizenship application documents, and an Immigration Permit application will be submitted to the Ministry of Interior.
- CITIZENSHIP: An Immigration Permit is granted within a few days of submission of the application. The naturalization certificate and passport are issued within six months.
The Government application fees are €2,000.00 per person with a further €5,000.00 per person being payable to the Government once the citizenship is granted.
In order to obtain Cyprus Citizenship and passport, the applicant (as well as his wife and children) must provide the following documents:
- Valid passports
- Birth certificates
- Police Clearance (from both country of origin and country of residence if different)
- Marriage certificate (if applicable)
- Detailed Biography
- 2 passport size photos
The applicant must also open a bank account with one of the Banks in Cyprus.
WHY TAPAKOUDES LAW OFFICE:
- Professional advice and assistance are offered to the applicant in selecting the most suitable choices for their investment in Cyprus.
- Assistance in all stages of the application process (preparing contracts for the purchase of the relevant investments, drafting and filing the appropriate applications, communicating and conducting meetings with the appropriate authorities).
- Consistent monitoring of the status of the application.
- Professional advice and client support of the highest standard.
For further information and clarification on the above, please contact us and we will provide specific assistance upon request.