CYPRUS CITIZENSHIP & PERMANENT RESIDENCE

Sep 5, 2019

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

  1. 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:-
    1. real estate, land development and infrastructure projects; or
    2. purchase or participation in Cyprus company; or
    3. 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
    4. combination of the aforementioned investments

    c.permanent residence of €500.00 plus VAT (excepted in case of b(i)

  1. What is the timeframe for an application to be examined?
    1. The timeframe is commonly 6 o 12 months from the filing of the application until the issue of the naturalization certificate
  2. What are the basic general terms and conditions?
    1. Clean criminal reco
    2. Schengen visa
    3. Residence permit in Cyprus
  3. Must the property be new?
    1. 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.
  4. Can the lifetime Residence and/or Investment be sold?
    1. Yes, provided the Investor then purchases a residence or investment of the same or greater value
  5. Can an investment be made through a company/companies or fund?
    1. Yes, provided there is a proven link between the investor and company/companies or fund including where there are nominee arrangements in place
  6. Are a spouse and children eligible under the same investment?
    1. 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.