The government of Cyprus is offering Cypriot citizenship (European citizenship) and passports to international investors who contribute to the country’s economic development.
Applicants consider an alternative citizenship and passport a powerful tool for international tax planning and as a safety net should the living conditions in their country of origin become undesirable.
The applicant and his family receive full citizenship and passports.
The Decision of the Council of Ministers dated 13th September 2016 provides for the grant of the Cyprus citizenship to the spouse or partner of the investor, to the parents of the investor, to the minor children under the age of eighteen and to the financially dependent adult children up to the age of 28 as well.
According to the provisions of the abovementioned decision:
- The adult family members of the investor prior to their naturalization must hold a residence permit. The application for residency for the investor and his/her spouse or partner is submitted simultaneously with the application for naturalization.
- The application for the grant of Cypriot citizenship to the children of the investor that are under the age of 18 (eighteen) is submitted after the investor has acquired Cypriot citizenship and provided that the parent consents to the grant of citizenship. The application is filed at the Civil Registry and Migration Department.
- The right to apply for Cyprus Citizenship is also granted to the financially dependent adult children of the investor, such as students up to the age of 28 (twenty- eight) or to children with severe physical or mental disability that renders them unable to work. The application, filed at the Ministry of Labour, must be submitted after the investor had acquired the Cypriot citizenship.
Benefits and Advantages of Cyprus Citizenship
- No Donations – Unlike other citizenship by investment programs, the Cyprus option does not require any donations, i.e. non-refundable contributions to the government. Instead, the program is purely investment-based, which means you retain full ownership of the investment.
Free Movement – Freely travel, reside, study and work within all the EU countries, as well as Switzerland, Norway, Iceland and Liechtenstein.
The whole family can obtain Cyprus Citizenship i.e. the main applicant, his/her spouse, children under 18 years, and adult children (ages 18 to 28) who are students. All can travel, reside, study and work freely within the EU.
Parents may be included in the citizenship application provided they own a separate residence with a minimum purchase cost of €500,000.
- Free Movement of Goods and Services – Individual citizens and their companies can provide goods and services within all EU countries without any obstacles.
- Free Movement of Capital – Cyprus passport holders can transfer funds between EU countries, purchase property in any EU member state, and invest in any type of business ventures.
- Attractive Tax System – Cyprus is an attractive financial centre due to its highly favourable tax system and strategic location at the crossroads of three continents – Europe, Africa and Asia.
- High Standard of Living
Cyprus presents a high standard of living due to its access to reputable private schools, trustworthy private medical facilities and having among the lowest crime rates within Europe.
- Visa Free Travel – Cypriot passport holders do not require a visa to travel within EU and also to travel to over 160 non-EU countries.
- Dual- citizenship is permitted. Acquisition of Cyprus citizenship is not reported to other countries.
- An express procedure – 3 months to be approved.
- No history and language proficiency tests and no medical testing.
- No requirements to disclose the applicant’s source of wealth
- Your citizenship does not expire, and can be passed on to future generations by decent.
Criteria for a successful application
The Cyprus (EU) Citizenship appeals to qualified candidates including international business executives, investors, VIPs, and important persons – many of which are active worldwide- who meet the minimum application requirements.
The Citizenship by Investment program of Cyprus provides a method of obtaining citizenship for foreign nationals, with approvals issued in as little as 2 to 3 months.
To qualify for citizenship, the primary applicant may select one of the two investment options:
Option #1: Residential Real Estate Investment
This option requires a minimum total investment amount of EUR 2 million in residential real estate.
The total investment amount must include a permanent personal residence valued at no less than EUR 500,000. The remaining investment amount of EUR 1.5 million must be made in residential real estate, to be held for a minimum of three years. If the personal residence is valued at EUR 2 million or more, then no additional investment is required.
Option #2: Other Investments
This option requires a minimum total investment of EUR 2.5 million.
Part of the investment must be a personal residence purchased for at least EUR 500,000.
The remaining investment amount of EUR 2 million can be made using any mix of the following, held for at least three years:
- Eligible Real State, such as residential, commercial, infrastructure or developed land, or
- Interest – bearing Cyprus Government Bonds (up to a maximum value of EUR 500,000), or
- Alternative Investment Fund (AIF) or financial assets (shares) of a Cyprus entity licenced by the Cyprus Securities and Exchange Commission, or
- Company formation or acquisition or participation where the applicant is a majority holder, with activities in Cyprus, and employing 5 Cypriots or EU nationals who have been residing in Cyprus for over years, or
- A combination of any of the above.
Global Consultants can advise you on every step of the way to ensure a successful application. Our services include:
- Legal assistance on drafting and reviewing property purchase agreements
- Assist you in locating and evaluating properties that match the applicant’s investment objectives
- Advising you on your possibility of success before filing your application
- Providing you with pre-immigration legal and tax advice
- Guiding you with the preparation of supporting documentation
- Preparing all applications and supporting documentation for submission
- Corresponding and liaising with government authorities on your behalf during the application process until the application is approved.
- Advisory services in the areas of Cyprus company formation and Tax Law.
- Obtain pre-approval to ensure full compliance and documentation before filing the formal application and before making any investment.
- Finalising the investment and submitting completed application forms, including the fully executed contracts of sale, escrow agreements and supporting documents.
- After application approval, the applicant travels to Cyprus, takes an oath and provides his signature to finalise the process. The Cypriot Citizenship Certificate will be provided to the Applicant, and the EU passport will be issued within 3 hours.