On 13.2.2019 the Council of Ministers purposing, to ameliorate the “Cyprus Investment Program”, introduced new criteria and terms based on which non–Cypriot entrepreneurs/ investors and members of their families may submit applications in accordance with the provisions of the “Program”.
Cyprus Citizenship by Exception
By investing €2million (or €1.5 million where the investment is exclusively in residential property) and €500,000 + VAT on a lifetime residence, a third country national can be eligible to attain a Cyprus passport with all the attendant privileges and access.
Frequently asked questions
- What are the financial criteria?
a. Donation of €75.000 to the Research and Innovation Foundation or in a certified innovative enterprise or where investment in a Cyprus company equates to 20% of the total investment and donation of €75.000 to Cyprus Land Development Corporation€2million investment in:-
- real estate, land development and infrastructure projects; or
- purchase or participation in Cyprus company; or
- investment in Alternative Investment Funds or Registered Alternative Investment Funds or financial assets of Cypriot companies or Cypriot organisations that are licensed by the Cyprus Securities and Exchange Commission
- combination of the aforementioned investments
c.permanent residence of €500.00 plus VAT (excepted in case of b(i)
- What is the timeframe for an application to be examined?
- The timeframe is commonly 6 o 12 months from the filing of the application until the issue of the naturalization certificate
- What are the basic general terms and conditions?
- Clean criminal reco
- Schengen visa
- Residence permit in Cyprus
- Must the property be new?
- No but it must have been acquired within the last 3 years and must be retained for a minimum of 5 years. If sold or disposed of within this period then it must be replaced with an investment of equal value pursuant to the approval of the Ministry of Finance.
- Can the lifetime Residence and/or Investment be sold?
- Yes, provided the Investor then purchases a residence or investment of the same or greater value
- Can an investment be made through a company/companies or fund?
- Yes, provided there is a proven link between the investor and company/companies or fund including where there are nominee arrangements in place
- Are a spouse and children eligible under the same investment?
- Yes, children; however, between 18-28 must be financially dependent, ie undertaking studies or professional courses.
BENEFITS OF CYPRUS CITIZENSHIP and PERMANENT RESIDENCY
- Citizenship granted to parents of the investor, spouse and dependents up to the age of 28 under the naturalization by exemption process;
- Access to the European Union;
- Professional financial and tax planning services based on British practices;
- No inheritance tax;
- Low Corporate tax(12.5%);
- One of the lowest property taxes in the world
- Dividends of non-domiciled tax resident are tax free (with exception of GESY 1.7%)
- Freedom of movement in EU
The above is intended to provide a brief guide only. It is essential that appropriate professional advice is obtained.