Cyprus Investment Scheme

Cyprus Investment Scheme

Cyprus Investment Scheme

Dual citizenship offers an effective tool for international tax planning and provides financial privacy for banking and investment. It improves personal security, enhances freedom of movement and opens up significant opportunity. The Cyprus Investment Program enables a non-Cypriot that meets the economic criteria of the program, to acquire Cypriot Citizenship for himself and his family, including dependent children up to age 28. The program requires an investment of €2M into residential real estate, an investment which must be retained for a period of three years. All nationalities are eligible to apply; the application examination period is six months.

TIME TO CITIZENSHIP: 6 Months

VISA-FREE TRAVEL: 158 Countries

DUAL CITIZENSHIP: Permitted

EXIT STRATEGY: 3 Years

FAMILY: Investor and spouse, Dependent children up to age 28, Parents of main investor, Citizenship passed on by descent

ELIGIBILITY: All Nationalities

TAX CONSEQUENCES: None

Cyprus citizenship by investment

In March 2014, Cyprus changed the legislation that enables foreign investors to become a Cypriot (EU) citizen and obtain a Cypriot passport through naturalisation, making it more accessible and affordable than ever. An EU citizen is any person who holds the nationality of an EU country. EU passport holders are entitled to enter, reside, study and work in the European Union, Iceland, Liechtenstein and Norway.
Non-Cypriot Investors can acquire Cyprus Citizenship by naturalization by exception on the basis of the Civil registry Laws 2002-2013.

Global citizenship

Dual citizenship offers an effective tool for international tax planning and provides financial privacy for banking and investment. It improves personal security, enables freedom of movement and allows access to the best healthcare and education opportunities.

HIGHLY EFFICIENT

> PR approval in 5 days
> Citizenship conditional approval in 3 months
> Passports & ID’s issued within 6 months

FAMILY

> Investor and spouse
> Dependent children up to age 28
> Parents of main investor
> Citizenship passed on by descent

EXIT STRATEGY

> Pure investment – no donation element
> Main investment can be sold after three years
> Investment can generate a good return

VERY PRACTICAL

> No residency requirement
> No tax consequences
> No need to relinquish current nationality
> No language requirement, medical test, interview

Investment criterion

Cyprus citizenship may be obtained through a secure property investment, the financial criterion is as follows:

€2 Million investment in residential real estate (in a single property or portfolio)

Parents of the main investor can be included in the application provided that they purchase a permanent residence property with a value of at least €500.000. This amount can be pooled in the main investment if preferred.

Motivators And Benefits

  • Mobility
  • Stability & security
  • Healthcare & education
  • Taxation & Succession planning
  • Investment opportunities
  • Enhanced financial freedom

Benefits of Cyprus EU citizenship

Freedom

  • The freedom to live, work, travel, anywhere in the EU
  • EU citizens also enjoy the rights in Switzerland, Iceland, Lichtenstein & Norway which participate in the European Economic Area (EEA)

Business

  • Free trade within EU, business access to 500 million EU citizens
  • Establishment & free movement of services & goods

Mobility

  • Unrestricted right to live, work, travel & study anywhere in the EU
  • Visa-free travel to 158 countries

Education & Health

  • European Citizens have the right to attend schools or universities within any EU country for free or with reduced tuition rates, as applicable
  • European citizens can access the established 1st-class EU healthcare systems

Security

  • European citizens have the right to protection by the diplomatic or consular authorities of any EU country in a 3rd country (country outside the EU) where your home EU country is not represented by a consulate
  • Cyprus offers a great place to visit/live, it enjoys a strategic geographical position, offers excellent worldwide connections, has excellent infrastructure, a pleasant climate & is highly stable

Visa-Free Travel

VISA-FREE / ON ARRIVAL TRAVEL TO 158 COUNTRIES

THE CYPRIOT PASSPORT IS RANKED 9TH IN THE WORLD!

• Austria
• Belgium
• Bulgaria
• Croatia
• Cyprus
• Czech Republic
• Denmark
• Estonia

• Finland
• France
• Germany
• Greece
• Hungary
• Iceland
• Ireland
• Italy

• Latvia
• Liechtenstein
• Lithuania
• Luxembourg
• Malta
• Netherlands
• Norway
• Poland

• Portugal
• Romania
• Slovakia
• Slovenia
• Spain
• Sweden
• Switzerland
• United Kingdom

Cypriot passport holders can quickly and cost effectively obtain visas for other countries, such as the USA

Application Fees

Government Fees
> Submission fee €2,000 per adult, minor child €80
> Approval fee €5,000 per adult

Taxes

> Vat may be reduced to 5% on the 1st property purchase (1st 200m²), instead of 19%

> Additional taxes & duties approximately €4,000

Conditions

1. The main investment may be sold after 3 years; however, the investor must always maintain / purchase a property with a value of at least €500,000.

2. Property purchased up to 3 years prior to the submission of the citizenship application will count towards the required investment.

3. Applicants must hold a clean criminal record from the country of origin & country of residence if different & their name must not be on the list of persons whose property is ordered to be frozen within the EU.

All nationalities are eligible to apply & the requirements & process are very straightforward.

Application Criteria

In addition to making a real estate investment applicants must also meet the following criteria / supply the following documents:

> Passport (copy)
> Birth certificate
> Police clearance certificate
> Marriage certificate (if applicable)
> Detailed biography

application criteria

The Process

step 1 – Review & select real estate investment
Select property/ies (through visit to Cyprus or via correspondence). Sign purchase agreement and transfer funds to a secure account.

step 2 – Preparation of citizenship application – the client will receive a detailed application package and document checklist.
Applicant must gather all necessary papers required for application (see Application Criteria page). The documents must be officially translated into Greek or English and certified with apostille (if in a country which has signed the Hague Convention of 1961) or stamped by the Ministry of Foreign Affairs and relevant Cyprus Embassy.

step 3 – Pre-clearance check
The appointed lawyer completes a pre-clearance check

step 4 – Submit applications (PR & citizenship)
The applicant/s must visit Cyprus in order to submit the PR and citizenship applications and to give their biometric data required for the issuance of the permanent residency card, which is issued in 5 days. The payment of the government submission fee of €2.000 per adult applicant for the purpose of the citizenship application, is required at this stage. The citizenship application is lodged, together with the property purchase agreement and all required documents, at the Ministry of Interior.

step 5 – Acquire In Principal citizenship approval
The Ministry of Interior will approve the citizenship application within a period of three months from submission. Payment of the government approval fee €5,000 per adult applicant is required at this stage.

step 6 – Completion of naturalization, issuance of Cypriot passport & ID cards
Once the applicant has held a Cyprus PR card for a period of six months, he is able to complete the naturalization process. The Naturalization Certificate must be signed by the applicant either in front of a Registrar of a Cypriot Court or a Consular at any Cypriot Consulate abroad within 3 months of receiving approval. In Cyprus the process, including collection of biometric ID cards, takes 1 day, while through a Cyprus embassy abroad the process takes up to 2 weeks.

step 7 – Naturalisation of children & grandparents
Submit the applications of children/parents to be naturalised. Applications of minor children are processed within 3 weeks; they can visit Cyprus anytime to collect their papers. Adult children/parents applications are processed within 2-3 months and are subject to a submission fee of €2,000 and approval fee of €5,000 per person. Once approved passports and ID cards must be collected within three months.

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