Cyprus – Immigration Program
Introduction
- The Government of the Republic of Cyprus has created an immigration program to stimulate the economy of Cyprus through capital investment by foreign investors.
- The Immigration Program facilitates non-EEA nationals and their families who commit to an approved investment in Cyprus to acquire a citizenship in the Republic of Cyprus and in the European Union.
- Any non-EEA national may apply for citizenship for themselves, spouse, children aged under 18 years, dependent children (aged over 18 years and up to 28 years) and parents.
- The citizenship investment program in Cyprus is ideal for high net worth individuals seeking a fast and efficient route to a European passport.
Summary of Process
In order to establish genuine ties between the country and investor, applicants will be required to obtain Cyprus Permanent Residency (PR) status. This PR application can be submitted simultaneously with the citizenship application, it has a processing time of just two months, thus doesn't impact the overall speed. The investment made to fulfil the citizenship criteria also fulfils the financial criteria of the residency program, so there will be no additional cost to the investor.
- The applicant needs to have committed to an investment prior to applying for the visa and funds must be in place in Cyprus before application.
- The principle requirement is that the applicant makes an investment is equal to or greater than € 2,000,000 (excluding VAT) in any number of properties or a combination:
- Investment of € 2,000,000 (ex. VAT) in Residential Properties;
- Investment of € 2,000,000 (ex. VAT) in Commercial Properties + Purchase of Private Property of minimum € 500,000 (ex. VAT);
- Investment in Government Bonds of the Republic of Cyprus of € 500,000 + Investment of at least € 1,500,000 in other assets + Purchase of Private Property of minimum € 500,000 (ex. VAT).
- The investment can be made personally or through a company in which the applicant is a shareholder.
- Applicant does not become a tax resident in Cyprus, unless he/she spends more than 183 days in any one calendar year.
- The approval of Citizenship under the relevant Decision is granted by the Cyprus Council of Ministers.
- The application package is submitted to the Ministry of Interior. The Ministry of Finance assesses the economic criteria.
- Main applicant and his/her spouse apply concurrently. Upon approval, children’s applications follow.
- After examination by the two Ministries, the application is presented to the Council of Ministers.
- The application processing usually takes 3-6 months.
- The Council of Ministers has complete discretionary power regarding these decisions.
Other requirements
In addition to the investment applicants must fulfill the following conditions:
- Clear Criminal Record. Not to be included in the list of persons whose property is ordered to be frozen within the EU.
- Privately owned residence in the Republic of Cyprus, the cost of which must exceed the amount of € 500,000 (ex. VAT)
There is no language requirement, medical test or interview.
Obligations
- The investment must be held for 3 years.
- After this period investor can sell the assets, keeping his passport. The only exception is residential property - the program participant must have a real estate in Cyprus for a lifetime of € 500,000. If the residential property is bought for € 2,000,000 as an investment, it can be sold, but in exchange it is necessary to buy another real estate.
- Investments in Cyprus are returnable.
Family
- Qualifying family members include children aged under 18 years, dependent children (aged over 18 years and up to 28 years) and all future generations.
- The investor's parents are entitled to apply for Cyprus citizenship by exception provided that they are owners of a permanent residence of at least €500,000 (ex. VAT). It is possible for this value to be pooled into the main investment, enabling a more premium property to be purchased.
Benefits
Cyprus citizenship by Investment program offers a second passport and the fastest route to European citizenship. Applicants gain the full rights of EU citizens and have the ability to travel, live, work and study anywhere in the European Union.
Please note this briefing is intended as a helpful guide and is not an interpretation of the law.
If you are interested in this Immigration Program, then please fill the Get in Touch Form below. On receipt of your message a company representative will contact you to provide you with further information.
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