Cyprus Citizenship by Investment Program

On October 13, 2020, the Cypriot government suspended its citizenship by investment program. This news came as a great disappointment to many investors looking to obtain a second passport in Europe.

On the positive side, Cyprus now offers a residency by investment program known as the "Cypriot Investor Permit." However, to obtain permanent residence in Cyprus, you are required to invest at least €300,000 through a property purchase.

If you would like to obtain more information regarding Cypriot residency by investment program or explore alternative investment routes, get in touch with our team.

Cyprus Investment Program (CIP) is one of the most efficient in the world. Cyprus citizenship by investment is an attractive opportunity that offers the best of both worlds: a culturally-rich, beautiful place to live and a dynamic international hub for businesses or companies creation and expansion. Cyprus government type is presidential democracy.

Cyprus is a picturesque island with a rich history stemming back more than 10,000 years. Relics of its past can be found all around in castles, monasteries, mosaics, tombs and temples from powerful ancient civilizations. In the modern day, it’s a flourishing Europen Union (EU) state with an abundance of opportunities, both for economic enterprises and a world-class lifestyle.

Cyprus is drenched in sunshine most of the year, which is the perfect complement to its renowned golden beaches, charming old harbors, and myriad of cultural offerings. When it comes to business, Cyprus provides everything you need to expand and prosper. It has arguably the most advantageous tax policy in the European Union, a free-market service-based economy, strong legal system, reputable financial center, and many business and investment opportunities.

The Cyprus climate is true Mediterranean. The country enjoys the world's highest number of 'Blue Flag' beaches per mile of coastline, and the seawater around those beaches is also considered the world's cleanest.

The luxury accommodations, exclusive golf clubs, high-quality tourist destinations, and rich cultural history make the Republic of Cyprus an amazing place to call home—or second home. The excellent air transport to the rest of the world, access to Europe's best universities, high living standards, and first-class health care also make Cyprus highly recommendable for global citizens.

Cypriot-citizenship-by-investment-program

Cyprus citizenship by investment program options

The Cypriot government has established 4 different options to attract foreign investments and give investors the opportunity to attain Cypriot citizenship by investment. All of them entail a minimum of €2 million investment in the following sectors:

Purchase or construction in real estate, land development, infrastructure projects, and energy developments.
Purchase, establishment or participation in Cypriot business and companies
Investment in alternative investment funds or financial assets of Cypriot enterprises or Cypriot organizations licensed by the Securities and Exchange Commission
Combination of the above investments, which can also include an investment in government bonds of up to €500,000 (must be held for 3 years)

In addition to any of the above options, applicants must also purchase and own a permanent, privately-owned residence in Cyprus that is valued at least €500,000 (+VAT).

Additional criteria as of May 15, 2019

The Council of Ministers revised the Investment Programme and new rules came into force:

A donation of €75,000 to the Governments Research and Development fund in Cyprus
A donation of €75,000 to the land development organization to fund affordable housing schemes in Cyprus

The required government investments can be made by a single applicant, by or with the applicant’s spouse or partner, or in the name of a business enterprise in which the applicant has a qualifying financial stake.

Qualifications & conditions to apply for Cypriot citizenship

An investment of at least €2 million in an applicable sector.
The main applicant must be at least 18 years old.
One visit is required to acquire biometrics and permanent residence permit.
Ownership of a lifetime, private residence (house or apartment) in Cyprus with a purchase price of at least €500,000 (+VAT). In the event that the applicants opt for the real estate investment option, this property can be included as part of the €2 million investment.
Official certificate proving the main applicant has no criminal record and are not under investigation for criminal offense in his home country.
The required investment must be made prior to applying for citizenship and all applicants must retain the investments for at least 3 years from the date of naturalization. Please note that the three-year holding period does not apply for the permanent privately-owned residence—that needs to be kept for life. It is possible to replace investment but only with prior approval from the Ministry of Finance.
Prior to citizenship being granted, main applicants must hold a residence permit in Cyprus for at least 6 months. If you haven’t done so, you can submit an application for a residence permit simultaneously with the application for citizenship. In this latter scenario, our lawyers can initiate the citizenship application procedure after the first 3 months of permanent residency have been completed.

Example 1: A holder of a Resident Permit submits the Citizenship by Investment application on 01/01/2018. The application will be examined and approved by 01/04/2018 (3 months from the initial application submission).

Example 2: An investor without an existing Residence Permit submits the Citizenship by Investment application on 01/01/2018 along with the Resident Permit application. The Citizenship application will be examined and approved by 01/07/2018 (6 months from the initial application submission).

In summary:

It takes 3 months to attain Permanent Residency
It takes 6 months to secure citizenship without previously holding a PR
There is no requirement to reside in Cyprus after acquiring citizenship. However, applicants must visit Cyprus at least once every 7 years.

If you’ve previously invested in Cyprus, you can be eligible to capitalize on this as a means to secure citizenship. You are eligible to do so if the investment satisfies the aforementioned terms and was made within 3 years.

Cyprus Permanent Residency Program serves as a prerequisite for the citizenship application, as well as a separate, less-costly investment option for those that are not necessarily seeking citizenship. The permanent residency program has a different set of qualifications as follows:

Deposit €30,000 into a Cypriot bank account and hold it there for at least 3 years.
Provide evidence of stable annual income of at least €30,000 (plus an additional €5,000 for every dependent spouse and child and €8,000 for every dependent parent or parent-in-law).
Purchase residential real estate of total market value of at least €300,000 (+VAT). Payment receipts submitted with the application should amount to at least €200,000 (+VAT).
Provide official certificate proving the applicants have no criminal record and are not under investigation for criminal offence in their home country.
The Immigration Permit does not allow you to seek any form of employment in Cyprus.
Holders of an Immigration Permit must visit Cyprus once every two years.

This is an abridged list of general documents required for the main application and all dependants. Specific documents vary by investment option chosen and your specific circumstances. Please contact us for an extensive list.

Valid Passport from country of origin
Birth certificate
Marriage certificate
Three passport-sized photographs
Curriculum Vitae (CV)
Certificate of clean criminal record from country of origin
Documents pertaining to private residence in Cyprus
Documents pertaining to investment in Cyprus
All necessary documents must be translated to Greek or English and stamped by the Ministry of Foreign Affairs and relevant Cyprus Embassy.

Government fees:

The application submission fee is €2,000 and the certificate issuance fee is €5,000 per person (including primary applicant, spouse or partner, each approved adult and dependent child)
Each minor child under 18 pays €80 for application and processing fees.
We’ve provided an example of the whole process below. This specific example is for the Cypriot real estate investment scheme - each application process will vary slightly depending on the investment option you choose.

Step-by-step application process – Real estate investment

1: Select real estate investment

Select property (or the property portfolio) either by visiting Cyprus or through correspondence
Sign purchase agreement
Pay in full for real estate investment

2: Supporting documents preparation

Translate all documents to Greek or English and have them properly certified.

3: Pre-clearance check

Appointed legal adviser completes a pre-clearance check

4: Submission of Cyprus citizenship by Investment application and acquisition of Immigration Permit (PR).

File an application of Permanent Residency Permit (Fast-Track) together with your application for Cyprus citizenship by investment and pay the applicable fees. (You must do this in Cyprus.)

5: Receiving the decision of the Ministry of Interior

Upon the completion of the permanent residency period, the Civil Registry and Migration Department issues your Certificate of Naturalization.
Subsequently, you will need to give the Oath of Faith to the Cypriot Republic before a Registrar of a Cypriot court or a consular officer of the Republic of Cyprus.
The main applicant need to visit the Civil Registry, Migration Department or Embassy, to provide biometrics so that the passport can be issued.

Once this procedure is completed, you will be able to acquire a Cypriot passport and Identity Card. It takes 1 day for the Cyprus passport to be issued and 1 week for the Cyprus Identity Card.

Family application

Citizenship by investment in Cyprus is extended to immediate family members including your spouse, children and parents.

Your spouse or partner can acquire the Cypriot Citizenship and their application can be filed simultaneously to yours.
Minor children: Main applicant's dependent children up to the age of 18 can apply after you acquire your Cypriot Citizenship. (The other parent needs to consent the citizenship)
Adult financially-dependent children: Main Applicants' older, financially-dependent children can apply for citizenship provided they are:
Students pursuing a degree up to the age of 28 or children with severe physical/ mental disability that prohibits employment.
Parents: Main applicant's parents may also apply for citizenship after you have attained your citizenship, provided that they purchase a private residence with value of at least €500,000 (+VAT). You and your parents can also collectively acquire one residential property of a total value of at least €1m (+VAT).

Cyprus passport

Cypriot passport is valid for up to 10 years. HNWI can take care of the renewal on your behalf when the time comes.

Minimal program requirements

Fast processing time and simple procedure— foreign investors can obtain citizenship within 6 months of application
No physical residency requirements (must visit Cyprus once every 7 years)
No language requirements
No restricted nations barred from applying
You can maintain a dual citizenship.

Financial

Cyprus offers an attractive and transparent tax regime that is compliant with EU, Organization for Economic Co-operation and Development (OECD) and international laws and regulations. It is considered by many a tax haven for foreign investors. Tax benefits in Cyprus include:

One of the lowest corporate tax rates in the European Union – 12.5%
Newcomer employees, whose salary is at least €300,000, receive a 50 percent tax exemption on earnings.
No capital gains, wealth, inheritance, or gift tax
No estate duty, and no income tax paid on income from dividends or interest
No personal income tax (since there is no requirement to be a Cyprus tax resident)
Cyprus Investment Programme provides passport owners double taxation treaties with over 60 countries
Attractive tax incentive schemes for new capital investment
Dividend participation exemption
Exemption on disposal of securities (e.g. shares, bonds, debentures)
Attractive intellectual property regime
Special rules for individuals who are considered "non-domiciled" residents and investors.
50% tax exemption on income from employment in Cyprus of a person who was not previously resident in Cyprus. (Applies for ten years, provided that the income from employment in Cyprus exceeds €100,000). The tax rate on such income is normally set at 35%. Tax rates on income between €19,500 and €60,000 range from 20% to 35%, so the exemption amount shown above becomes even more attractive.

Lifestyle

As of 8 January 2019, Cypriot citizens had visa-free or visa-on-arrival travel to 172 countries including EU and multipve visits to Canada for 6 months and Australia, Singapore, Hong Kong and Macao for 3 months.
Right to live, work and get an education in any of the EU member states
As an EU citizen, you have right to vote and stand for European Parliament Elections
Consular protection within the EU
Full citizenship and passports are granted to the applicants and included family members
Cypriot citizenship by investment can be passed to future generations by descent
High standard of living
Excellent health care
Friendly local people
Excellent public and private international schools, colleges, and universities. No-cost undergraduate courses in public universities, and the right to seek higher education in any EU member state with EU tuition fees
Advanced infrastructure
5^thsafest country in world with lowest crime rate in Europe
Multilingual, English is widely spoken
Warm climate, abundant sunshine, beautiful beaches, stunning coastline, majestic mountains
Rich cultural offerings including museums, historical harbors, castles, amphitheaters, festivals, concerts, delicious food, vibrant nightlife, outdoor sports, etc.

Business

Array of investment opportunities in key growth sectors of the economy such as shipping, oil & gas, and tourism
Low set-up costs for new companies
Credible and reputable financial center
Strategic location near Europe, Middle East and Asia
Young, educated, skilled, and multilingual workforce
5% reduced vat policy for first property purchase

Properties in Cyprus

Find the perfect expression of your unique lifestyle. Please visit our dedicated Cyprus Property page for more detailed property options.

FAQs

A: Cyprus offers the fastest path to citizenship of any European country. This enables you to become a citizen within approximately 7 months. However, you need to hold a residence permit for six months before applying for citizenship.

A: No, Cyprus government recognizes dual nationality. You should check that your current country of citizenship recognizes dual citizenship; some countries do not.

A: No, you do not. You must, however, show that you obtained your citizenship investment funds legally.

A: The €2 million can be made by a single applicant, by or in conjunction with the applicant’s spouse or partner, or in the name of a business enterprise in which the applicant has a qualifying financial stake.

A: Yes, provided the manager receives a salary that generated a minimum of €100,000 in taxes over the previous 3 years, and as long as the due taxes have all been paid.

A: Put some clear and concise content in here. Keep your reader in mind. What are they trying to do? What are they hoping to learn? Why are they reading this? Help them out and use the tone and voice of your organization.

A: Technically yes, because the investments will be in commercial enterprises, real estate, infrastructure, etc. However, Cyprus’s economy is stable and growing, so if you choose to liquidate after the 5-year minimum, you can pick a time to do so when you will either break even or make a profit on the sale.

A: No, you can only invest in business enterprises that are already be established, operating and employing the required number of staff.

A: No, each applicant who is not an approved family member must invest a minimum of €2 million.

A: Yes, as long as it is valued at a minimum of €500,000, excluding VAT and closing costs.

A: Yes, as long as you each invest the €500,000 minimum.

A: Yes.

A: Yes

A: Yes, as long as you have not owned it for more than 3 years.

A: Yes, we do. We are experts in Cyprus Citizenship by Investment Program. We are here to answer all of your questions, help you decide on the best path to citizenship for your unique circumstances, and manage the entire process from start to finish. We want you to know you are in safe hands and can leave all of the details to us!

A small island with big benefits, Cyprus is a beautiful country with abundant natural beauty and a warm climate, ample business opportunities, and a great environment for residence and raising a family. When it comes to expanding your mobility, protecting your wealth, increasing your freedom and improving your quality of life, securing citizenship in Cyprus is a wonderful opportunity.

If you are interested in learning more about the Cyprus Investment Programme, please contact us today for your free initial consultation.

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