If you’re thinking about a second or a third passport, do consider Cyprus. You make the decision, we do everything else.
About Citizenship By Investment In Cyprus
Strategically located at the crossroads of Europe, Asia and Africa, Cyprus offers much promise and opportunity to its investors. Cyprus is perfectly positioned for traveling within and beyond the European Union. The country’s best prospects lie in the energy, shipping, services, and high technology sectors. The investment landscape in Cyprus is beneficial due to the island’s low tax business environment, skilled and English-speaking professionals, and excellent infrastructure. Cyprus competitive, free-market, service-based economy offers international investors and businesses confidence to invest, grow and prosper.
Cyprus Citizenship by Investment program was established in 2002. In 2018, the name of the program was changed to Cyprus Investment Programme. Before 2013, the minimum investment requirements was 10,000,000 Euros. In 2013, the threshold was lowered to 3,000,000 Euros and in September 2016 to 2,000,000 Euros respectively. The Government of Cyprus has established a cap of 700 passports issued annually.
In March 2020, it was announced that the Cyprus government has called for expedited processing of all citizenship by investment applications under the Cyprus Investment Programme (CIP). The decision comes as part of EU-wide measures taken to boost the Cyprus and EU economies in light of the COVID-19 global pandemic.
Specifically, the government decision calls for all applications for naturalization on the basis of the CIP to be treated as priority, receiving expedited processing, which we understand is intended for under 6 months, and pending further clarifications by the appropriate government officials.
While it is correct that all new CIP applications will now be subject to final Parliament approval, as opposed to Council of Ministers which has been the case up to now, the current announcement is definitive in that such Parliamentary approval will be granted under the expedited orders of the government.
Why Choose Citizenship By Investment In Cyprus?
- Citizenship applications are approved within six months;
- Visa-free or visa on arrival access to 173 countries and territories;
- Dual citizenship allowed;
- Right to live, work and study in Europe;
- Cyprus is a meeting point for many of the world’s civilizations, situated at the crossroads of Europe, Asia, Africa and the Middle East;
- First-rate education system and excellent health care;
- Residence and citizenship applications can be submitted simultaneously;
- No language proficiency tests;
- People in a civil union may also submit applications;
- Low taxes and free trade with the EU;
- Right for property ownership in the EU;
- One of the safest countries in the world;
- A great holiday destination;
- Parents of the main applicant qualify for citizenship if they own a house priced at 500,000 euros + VAT or own a share worth at least 500,000 euros in the main applicant’s property
Cyprus Citizenship by Investment is available to investors pursuant to the “Scheme for Naturalization of Investors in Cyprus by Exception” on the basis of Section 111A (2) of the Civil Registry Laws of 2002-2013, based on a Council of Minister’s decision dated 19th March 2014.
How To Qualify For Citizenship By Investment In Cyprus
For citizenship in Cyprus, applicants need to fulfill the requirements outlined in the “Investment Requirements” section, in addition to the following criteria:
- Have a valid passport and no criminal record;
- Investor’s name must not be included on the list of persons whose property is ordered to be
frozen by the EU;
- Ownership of a permanent private residence in Cyprus with a purchase price of at least 500,000 euros (plus VAT);
- Before citizenship, applicants must first get residence; applicants must possess a residency permit for six months before obtaining citizenship;
- If an investor decides to only invest in residential property, the total investment must amount to 2,000,000 Euros (one of the residential properties must cost at least 500,000 euros).
Options For Citizenship By Investment In Cyprus
1. Invest in Real Estate, Land Development or an Infrastructural Project
Under this category, you are required to invest at least 2,000,000 Euros in purchase or construction of buildings, residential or commercial land development projects or an infrastructural project.
2. Purchase, Create a Business (company) in Cyprus or Participate in one
You are required to invest at least 2,000,000 Euros in order to purchase, create or participate in a business or company that is based in Cyprus and runs its business out of Cyprus. Such a company must have a physical presence in Cyprus and employ at least five citizens of Cyprus or of the European Union.
3. Invest in Financial Assets of Cypriot Companies
If you don’t feel like creating a company or participating in company’s operations, you may invest at least 2,000,000 Euros in the financial assets of Cypriot companies or organizations. Financial assets include bonds, securities and debentures issued and registered in the Republic of Cyprus. You must hold on to the purchased assets for a period of three years.
4. Combine your Investments
You may choose to combine the above options for citizenship by investment in Cyprus. The combination of these investments must amount to at least 2,000,000 Euros.