The Cyprus government announced on 13 September 2016 a revised set of criteria for granting the Cypriot citizenship. In fact, the investment threshold has been reduced significantly thus enabling more foreign investors to take advantage.
The investment amount is now reduced to €2mn and needs be kept only for 3 years. Express procedure of 3 months is retained and there is no requirement to reside in Cyprus. In addition, the citizenship can be granted to adult children (up to the age of 28) and to the investor’s parents.
The main benefits of granting the Cyprus citizenship include:
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An express procedure, it takes only 3 months to be approved
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The investment is as low as €2 million
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The investor must retain the investment for 3 years after which s/he is free to release it
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Citizenship granted to spouse of the investor and minor children as well as to the financially dependent adult children up to the age of 28 who are full time students.
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An investor’s parents are now entitled to apply for Cyprus citizenship provided that they own a permanent residence worth at least €500.000. Alternatively, the investor and parents acquire one residential property with a total value of minimum €1mn.
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Visa-free travel to over 157 countries worldwide
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No language proficiency tests
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Dual-citizenship is allowed and the acquisition of citizenship in Cyprus is not reported to other countries
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Low government fees for the filing of the application
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Wide choice of investment options
Financial Criteria and Other Conditions
The applicant should have direct investments in Cyprus amounting to a minimum of €2 million, held for at least three (3) years, in any of the following:
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investment in real estate, land development and infrastructure projects
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purchase, creation or participation in Cyprus businesses and companies based and operating in Cyprus. Such companies are required to have a physical presence in Cyprus and to employ at least 5 Cypriot citizens.
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investment in Alternative Investment Funds (“AIFs”) established in Cyprus and licensed by CySEC which invest exclusively in Cyprus. This criterion includes financial assets of Cypriot companies or organizations issued after approval by CySEC
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combination of the aforementioned criteria amounting to €2mn. In the context of this criterion, the applicant may also purchase Cyprus government bonds of a maximum amount of €500.000
In addition to the above criteria, the applicant must fulfil the following conditions:
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hold a Clear Criminal Record from the country of origin or/and the Cyprus Police
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confirm that the applicant’s name is not included in the list of persons whose property is ordered to be frozen within the EU
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privately owned residence in Cyprus, the costs of which must exceed the amount of €500.000 excluding VAT
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in case the investor’s parents are included in the application either purchase an additional property of at least €500.000 or the investor and parents acquire one residential property of a total value, minimum, €1mn
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the applicant must be resident before being granted simultaneous citizenship thus the application for both residency and citizenship
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have at least one visit to Cyprus
Cyprus economy overview
According to the Cyprus Country Report 2016 published by the EC, Cyprus real GDP annual growth reached 1,6% by the end of 2015. Forecasted annual growth is expected to reach 1,5% in 2016 and climb up to 2,0% by 2017. Based on the same report, growth is driven by both domestic and external demand with additional support from the low inflation and depreciation of the euro. Growth has also been supported by the reduced public spending while investment momentum has remained steady.
This is also ascertained from the data and reports of global economic institutions (IMF, World Bank, ECB etc) and major international banks which praise the Cyprus economy, credibility and reputation of the island. It is worth noting that substantial hydrocarbon deposits have recently been discovered offshore which, when developed, will boost substantially the island’s finances and satisfy all Cyprus’ energy needs and export to the EU. This will potentially boost real estate prices in the long term.
Our Services
Our citizenship and residence advisory for private clients involves fiduciary solutions for individuals and families who move internationally, possibly own property in different countries and who often have international situations and requirements. Our integrated services cover not only tax, immigration and citizenship aspects but also international private law, real estate structuring and more.
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Advise on the required financial criteria, conditions, property selection, required steps and application requirements
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Due diligence, review of contract of sale and issue of title deeds of property acquired
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Conduct an in-depth examination of the specific circumstances of the applicant in order to establish the most effective way to meet the required financial criteria
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Assist with the preparation of the required documents
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On-going monitoring of the status of the application and property management
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Continuous briefing of the applicant on the progress of the applications
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Tax compliance and VAT refund
If you wish to know more concerning the Cyprus Citizenship by Investment program, please contact our director, Alexandros Philippides at
aphilippides@oneworldweb.net for a complimentary consultation.