On 13th of September 2016, important changes were made to the programme to obtain Cypriot Citizenship by Investment. This programme enables successful applicants to gain a Cyprus (EU) passport.
Major Changes to the Programme
- The minimum investment has been reduced from €5 million to €2.5 million*.
*A minimum investment of only €2 million is acceptable provided that the investment is only made in residential property, of which one property must be worth not less than €500,000 and must be the investors’ private residence.
- The applicant’s parents are also eligible to apply for citizenship by investing an additional €500,000 in a permanent residential property.
- The amount that can be invested in Government Bonds is now capped at €500,000.
- The previous collective investment scheme is no longer available.
- The previous bank deposit option is no longer available.
- A combination of different economic criteria is available.
Advantages of the Cyprus Citizenship by Investment Programme
The advantages relating to this unique investment programme have remained the same:
- Fast track procedure: the time frame for the application and approval is six months.
- Full EU citizenship is obtained, with the right to freely reside, work, study, or have a business in any of the EU-member states, as well as in Switzerland, Liechtenstein, Norway and Iceland.
- Dual Citizenship is permitted in Cyprus.
- There are “no stay” requirements to reside in Cyprus after obtaining the Cypriot citizenship.
- Visa-free travel to over 150 countries worldwide.
- Eligibility for application is passed on to the investors’ spouse, children (dependants up to the age of 28) and their descendants.
- No language proficiency requirements.
- Reliable legislative and regulatory framework and a stable tax regime.
- Each of the investments detailed below, in addition, require the ownership of a private residence in Cyprus, with a minimum purchase value of €500,000.
The different investment options are:
- Investment in real estate, land development and infrastructure projects:
Minimum investment of €2 million for the purchase or construction of buildings, or other land development projects.
- Purchase or incorporation of a Cypriot company:
Investment of a minimum €2 million in a Cypriot resident company.
- Investment in alternative investment funds or financial assets relating to Cypriot companies and organisations that are licensed by the Cyprus Securities Exchange Commission (CySEC):
The investment must be a minimum €2 million and must be made exclusively in Cyprus.
- Combination of the above investment options:
This is subject to the condition that the total investment is a minimum €2 million. The investment of a maximum €500,000 in Cypriot Government bonds can be included as one element of this combined investment.
*Please see above the criteria relating to an investment totally in residential property.
Requirements: Cyprus Citizenship by Investment Programme
The requirements of the programme have remained simple:
- Investments must be kept for a minimum period of 3 years. Properties including the applicant’s main private residence, can be rented out.
- A clean criminal record for every applicant is required, from the country of residence and the country of origin (if these are not the same).
- The investor must own a private residence in Cyprus with a minimum purchase price of €500,000.
- The investor must initially hold a Cypriot Residence Permit to be eligible to apply for Cypriot Citizenship. This does not affect the no-stay requirement; it is however a formality, due to EU legislation. The procedure is that a Residence Permit will be issued as the Citizenship application is filed.
Additional Information and Assistance
The Dixcart office in Cyprus can assist with every aspect of an application for the Cyprus Citizenship by Investment Programme. Staff members are experienced in assisting with the relocation process and can provide advice regarding the tax regime in Cyprus and establishing a business there if this is required.
Please contact Robert Homem at: firstname.lastname@example.org if you require any additional information.