How Cypriot Citizenship BENEFITS you:

  1. To move freely, for either travelling or residing, to more than 135 countries including EU and Canada and/or to other countries with which the Republic of Cyprus has established bilateral treaties.
  2. To live, study or work, without visa requirements or other restrictions, within the European Union.
  3. Free movement of goods and services between EU member countries.
  4. Citizenship granted not only to the Applicant but also to his/her spouse, minor children and dependent children (students) up to the age of 28.
  5. 5.     The Applicant and his/her family receive full citizenship for life, which can be passed on to future generations.

 

Our ROLE throughout the procedure:

  • Advise and assist in establishing the most appropriate scheme for your application in order to fulfil all the requirements successfully
  • In depth knowledge and analysis of all legal requirements and of the relevant and applicable legislation
  • Expertise and experience with the application process and legislation
  • Preparation of all required documents
  • Offer a tailor-made investment option that best suits your needs
  • Perform due diligence on Real Estate
  • Drafting and preparing all necessary legal documents (sale agreements, incorporation of companies etc.)
  • Apply to the relevant authorities
  • Assist in structuring the transaction in the most effective way
  • Monitoring the application process with follow up discussions and meetings with the relevant authorities
  • Keeping you informed of the status of the application
  • Ensuring that all required criteria are met
  • Assist with obtaining EU passport and ID card for you and your family members.

 

Recent Amendments:

  • Investment amount has been reduced to €2 million plus €500,000 (not including the VAT) for residential property provided that the applicant chooses the Investment as per points A2-A4.
  • The applicant must first obtain permanent residency in order to be approved for obtaining the Cyprus Citizenship.
  • The applicant’s parents are also entitled to apply for the Cyprus citizenship by exception provided that they own a lifetime residence of at least €500,000 (excl. VAT).
  • If the purchase price of the residential property exceeds the amount of €500,000, the excess amount can be calculated and included in the whole investment.

 

General Key Points:

  1. VAT is not included in neither the amount of the Direct investment nor in the amount of €500,000 of the residential property.
  2. It is imperative that any of the above Investments are not older than 3 years from the application submission date.
  3. Proof of Clear Criminal record.
  4. Tax Residency is only obtained if the applicant and/or spouse and/or family spend more than 183 days in one calendar year in Cyprus.
  5. The application is processed and examined by the Ministry of Interior whereas the Investment Criteria are examined by the Ministry of Finance.

 

NEW REGULATION

 

By a decision approved by the Council of Ministers of Cyprus, on 13th September 2016, the following amendments on the previous investment scheme were introduced (Civil Registry Laws 2002-2015):

 

Investors can apply for Cyprus Citizenship by an individual application and there is no need to be part of a collective group provided that one of the following investments are fulfilled within the period of three years before the date of the submission of the application:

 

A.1 Investment in Real Estate:

The term Real Estate includes immovable property, developments and infrastructure projects.

Under this investment plan, the applicant has to invest at least €2 million for the purchase and/or construction, and/or for creation of developments such as commercial projects and/or development in the tourist sector and/or for any other infrastructure projects. However, if the land is eligible for construction, a business plan needs to be presented to the relevant Authorities for approval.

The total investment can be a minimum of €2 million if one residential property is of at least €500.000 (excluding VAT). The residential property must be kept permanently.

A.2 Purchase or Incorporation of a Cyprus Company or participation in Cyprus businesses or participation in Cyprus businesses or Cyprus Companies.

The Applicant can invest at least €2 million in order to purchase, incorporate or participate in companies, that have physical presence and activities in Cyprus and employ at least five Cypriot or EU citizens who have been legally residing in Cyprus for a continuous period of at least 5 years. The minimum number of employees increases where more than one applicant invests in the same investment.

A.3 Investment in alternative investment funds (AIFs), financial assets of Cypriot businesses or organizations.

Applicant can purchase financial assets of at least €2 million from organizations of alternative investment funds (AIFs), which are registered and their activities are operated in Cyprus and they are licensed and supervised by the Cyprus Securities and Exchange Commission. Furthermore, any other investments which are approved by the Ministry of Finance may qualify for the present investment scheme. The administrator and the auditor of the Fund is obliged to report to the Ministries on annual basis with reference to the initial investment amount.

A.4 Combination of the above

Applicants can have a combination of any of the above criteria amounting to at least €2 million. Within this, the applicant may also purchase Cyprus government bonds of the maximum amount of €500,000.

Areti Charidemou & Associates LLC Law Firm