The Cyprus Investment Programme has been redesigned by the Cyprus Government in order to continue to attract high net worth individuals to settle and do business in Cyprus. The Key Changes will be applicable from the 15th of May 2019 and include the following:
Key Changes Introduced
- Compulsory donation of €75,000 to the Cyprus Land Development Corporation;
- Compulsory donation of €75,000 to the Foundation for Research and Innovation;
- If the investment is made exclusively in housing units then the minimum amount remains at €2,000,000 plus VAT unless the investment includes a property which was previously used for the Cyprus Investment Programme. In that scenario, the investment amount remains at €2,500,000.
- The investments must be maintained for at least five years from the date of naturalization. During this period the applicant will be able to change his/her investment only with the prior consent of the Ministry of Finance.
- The applicants must hold a Schengen visa. Third country nationals that do not require an entry visa for travelling in the European Union member-states are excluded from this obligation.
- An applicant whose application for citizenship in any other member-state of the European Union had been rejected, is not eligible to apply for the acquisition of the Cypriot citizenship through the Cyprus Investment Programme.
The Economic Criteria
The Applicant must meet the following Economic Criteria in order to successfully acquire the Cypriot Citizenship:
- A minimum of €2 million investment for:
- the purchase or construction of buildings
- or the construction of other land development projects (residential or commercial developments or developments in the tourism sector)
- or the construction of other infrastructure projects.
- A purchase, participation or establishment of companies or businesses, located and operating in the Republic of Cyprus, with investments amounting to at least €2 million.
- A purchase of units of at least €2 million from Alternative Investment Funds (AIF)
established in the Republic of Cyprus, licensed and supervised by the CySec and whose investments are made exclusively in the Republic of Cyprus.
4. A combination of the above investments, provided that the total investment will
amount to at least €2 million.
In addition to the Economic Criteria, the Applicant must fulfill the following:
- Clean Criminal Record. Individuals whose property is frozen within the EU, cannot be considered as having a clean Criminal Record.
- A privately owned residence in Cyprus with a purchase price of at least €500.000 excluding VAT.
Other terms and conditions:
- The Applicant must hold a residence permit in the Republic of Cyprus in order to obtain the Cypriot Citizenship for 6 months.
- If the Applicant does not already hold a residence permit, he may apply for the permanent residency on the basis of Regulation 6(2) of the Aliens and Immigration Law, simultaneously with the application for naturalization.
- In the event that the application for permanent residency is submitted solely for naturalization purposes, then the terms and conditions of the Cyprus Investment Programme apply and no additional requirements are imposed.
- The investments mentioned above must be maintained for at least five years from the date of naturalization.
- The investments, for the purposes of the Citizenship Application, need to be concluded with fresh funds by the investor from abroad.
- A high-ranking senior manager may apply, provided that he/she receives such a remuneration that generates for Cyprus a tax revenue of at least €100.000 for a three year period and provided that this tax has already been paid or prepaid.
What the applicant should have in mind:
- The approval of Citizenship under the relevant Decision is granted by the Cyprus Council of Ministers
- The application package is submitted to the Ministry of Interior. The economic criteria are assessed by the Ministry of Finance.
- The Applicant and his/her spouse may apply jointly. Upon approval, the application process for the children may begin.
- After the assessment of the two Ministries, the application is presented to the Council of Ministers
- The completion of the process usually take at least 6 months.
- The Council of Ministers has complete discretionary powers regarding the approval of any application
Once the Citizenship is granted, we can assist with the acquisition of a Cypriot Passport and Identity Card for all the family members.
What are the key benefits of acquiring permanent residency in Cyprus?
- The successful Applicant gains the right to permanently reside in Cyprus and provides the right to apply for a tax ID and tax residency certificate.
- The successful Applicant is exempt from immigration entry procedures, for example a Visitor’s Visa
- The permanent residency is extended to the Applicant’s spouse, children under 18 years of age, and financially dependent children up to 25 years old. As from February 2016 the parents of the Applicant can also obtain Permanent Residency as dependents.
Fast Track Procedure under Regulation 6(2) – Summary of the Key Points
- The Permit is granted for an indefinite duration. The Applicants must satisfy the conditions below:
- Purchase one or two new real estate properties with total purchase value of at least €300.000 (excluding VAT). The properties can potentially be 2 residences, or 1 residence & 1 office or 1 residence & 1 shop. Proof of Payment of €200.000 (excluding VAT) should be paid to the Vendor before filing the application.
- The Applicant should be able to prove that he/she has at his/her disposal a secured annual income of at least €30.000. This annual income is increased by €5.000 for every dependent person in the family and by €8.000 for every dependent parent.
- A bank deposit of €30.000 in a Cypriot Bank, pledged for 3 years.
- Proof that all investment funds emanated from abroad.
- Applications are reviewed by the Civil Registry and the Migration Department and the Minister of Interior grants the final approval. The process may take up to 2 months.
What can you expect from our team?
The team of Stelios Americanos & Co LLC is prepared to provide potential Applicants with high-end services that would ultimately lead to a successful application. The team responsible has in depth knowledge of the relevant legislation and procedures to address any issues that may arise. We undertake to guide you and provide complete support throughout the process by retaining constant communication to answer any question.
The responsible team of Stelios Americanos & Co LLC can provide the potential Applicants the following:
- In – depth knowledge of the relevant legislation and procedures to ensure successful applications
- Vast experience in successful preparation and processing citizenship and permanent residency applications
- Close collaboration with the relevant Authorities
- Constant communication addressing all the questions that may arise
Our services include:
- Advice on the required economic criteria and conditions, approval process and application requirements
- Examination of specific circumstances of the Applicant to ensure the most effective way to successfully meet the criteria
- Assisting with alternate options for investments
- Assist with the legal overview of the purchase agreement and the relevant documents
- Assist with the Real Estate due diligence
- Assisting with the examination of tax implications from the investment
- Run a pre-clearance check with the Ministry of Interior and Ministry of Finance
- Assist with the preparation of required documents
- Check the citizenship and permanent residency application packs prepared to ensure that they satisfy the quality standard
- Ongoing monitoring of the status of the applications and continuous follow up with personal interventions
- Continuous briefing of the investor on the progress of the application
- Act as a liaison between the authorities and the Applicant during the examination of the application
- Escort the client and his/her dependents to the Civil Registry and Migration Department
Stelios Americanos, email@example.com;
Olga Petrova, firstname.lastname@example.org
Thanos Fiakas, email@example.com; or
Len Judes, firstname.lastname@example.org;
for further information and/or clarifications.