Cyprus Citizenship for Investors

 

On the basis of the relevant Council of Ministers’ Decision (dated 13/09/2016) non-Cypriot Investors can acquire the Cyprus Citizenship by Naturalization (by exception on the basis of the Civil Registry Laws 2002-2015).

 

Major Benefits:

 

  • Freedom of Movement
  • Investor and all family members can obtain the Cyprus Citizenship (spouse, children under the age of 18 and adult dependant children aged 18-27 years old). Parents of the main applicant can obtain the Cyprus Citizenship with an additional residential property of a minimum of €500,000
  • Free movement of capital , goods and services
Other Services

Economic Criteria

Investment Type:

 

  • Investment in real estate, land development and infrastructure projects.
    • Residential properties (€2,000,000 + VAT).
    • Commercial properties / land development/developments in the tourism sector/ combination (€2,000,000 (investment) +€ 500,000 (residence) + VAT).
  • Investment in financial assets of Cypriot companies / organizations (€2,000,000 (investment) + €500,000 (residence) + VAT).
  • Investments in Alternative Investment Funds regulated by CySEC (€2,000,000 (investment) + €500,000 (residence) + VAT).
  • Combination of the above + investments in special Government Bonds of the Republic of Cyprus up to €500,000 (€2,000,000 (investment) + €500,000 (residence) + VAT).

 

Other criteria:

 

  • Clean Criminal Record for adult applicants (main applicant, spouse, adult children and parents) who are also not included in the list of persons whose property is ordered to be frozen within the EU.
  • All investments need to be kept for at least three years from the date of naturalization (estimated 3.5-4 years including application approval time).
  • All investments need to be made with fresh funds from abroad.
  • A high ranking senior manager may apply, if he/she received such a remuneration that generates for the Republic tax revenue of at least €100,000 for a three year period, and he/she buys a permanent residence of at least €500,000. An investment as per the economic criteria must be completed in the employing company in Cyprus.

 

 

 

How SPAFS can help:

 

  • We offer a fully personalized support for the applicant and family covering all legal and financial aspects of the citizenship by investment program.
  • Advise on the required economic criteria and conditions.
  • Advise on the required steps and application requirements to ensure efficient turnaround time.
  • Assist with identifying investment options and opportunities.
  • Undertake the legal overview of the sale and purchase agreements and all relevant documents.
  • Perform thorough Real Estate due diligence.
  • Assist with examining tax implications potentially arising.
  • Assist with setting up SIV (Special Investment Vehicles) to hold the investments (including the setup and management of an Alternative Investment Fund).
  • Assist with the efficient and secure execution of all investments.
  • Assist with the preparation of required documents and the relevant application packs.
  • Continuous monitoring of the application process.
  • Personal support to the investor and his/her family in obtaining the Cyprus Passport and Identity Card.

Key Information:

 

  • Prior to acquiring the Cyprus Citizenship, all adult applicants must be residence permit holders.
  • Main applicant and his/her spouse apply jointly. Upon approval, children’s and parents’ applications follow.
  • 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 while the Ministry of Finance assesses the economic criteria.
  • The Council of Ministers has complete discretionary power regarding these decisions.
  • The applicant does not become a tax resident in Cyprus unless he/she spends more than 183 days in any one calendar year in Cyprus.

 

 Our Differentiators:

 

  • Focused on trust and long term relationships
  • Objective and independent advice
  • Bringing together a team of financial, tax and legal specialists to provide customized service
  • Solid working relationships with Competent Authorities
  • In-depth knowledge of the process and investment criteria