An important hub in the heart of the Mediterranean, Cyprus is diverse, culturally rich and perfectly placed for working and travelling within and beyond the European Union. The economy is rapidly recovering from recent recession through significant activities in the shipping, tourism, the legal and financial services sectors, and has also seen a surge in foreign investment and developments, property and investment values.
WHY CHOOSE CYPRUS?
Cyprus boasts a rich and diverse culture, mild Mediterranean climate, a safe and stable setting which is ideal for raising families, and perfect location for business and travelling. Investors also look at Cyprus for business and investment opportunities. Cyprus is a very safe country with a low crime rate.
Benefits of the program
- Fast-track procedure allowing for direct path to citizenship within three months;
- No physical residence requirements during or after the application procedure (the only requirement is for one visit every 7 years);
- No language requirements for residence or citizenship;
- No obligation to relinquish current nationality;
- Low tax rates and free trade with the EU;
- Legal system based on English common law;
- Unrestricted right to live, work and study in Europe;
- Right to own land in an EU member state;
- Strategic geographical location, forming a bridge between the EU, the Middle East, and North Africa with direct access to the Mediterranean Sea;
- Low crime rate, excellent education system with a number of high standard schools and universities and rise rate healthcare;
- An outstanding holiday destination.
In addition to making a financial investment, applicants must also meet the following requirements:
- Must have a valid passport;
- Provide documents supporting the source and origin of the declared funds for investment;
- Provide proof that the applicant has no criminal record;
- The applicant’s name must not be included in the list of persons whose property is ordered to be frozen within the boundaries of the EU;
- Pay the application fees.
In 2011 Cyprus, first introduced a Citizenship-by-Investment program to provide a method of obtaining citizenship for foreign nationals in as little as 90 days.
To qualify for citizenship, the primary applicant must be over 18 years of age and select one of the following options:
1. Financial Assets
An investment of at least EUR 500,000 in financial assets of Cypriot entities (e.g. bonds, securities or debentures registered and issued in the Republic of Cyprus).
2. Real Estate
This option requires an applicant to invest at least EUR 500,000 in real estate or other developments (residential, commercial or infrastructure projects).
3. Local Business Activities
This requires an investment of at least EUR 500,000 to acquire, incorporate or participate in companies residing and operating within Cyprus. Such companies must have a physical presence in Cyprus and employ at least five Cypriot nationals. It is noted that these criteria also provides for the compulsory conversion of deposits into shares.
Alternatively, if the headquarters of the company are located in Cyprus and no less than five Cypriot citizens find employment there, the annual government fee is reduced to €350,000. If the business employs 10 Cypriot citizens or more, the amount decreases to €250,000. In all of the above cases, a three-year period preceding the application must be met.
4. Bank Deposits
This option would require the candidate or a company or trust of which he is the main beneficiary to have had deposits of at least EUR 500,000 in a local bank for the last three years.
5. Combination (mixed option)
The applicant can also choose to fulfill the required minimum EUR 500,000 investment through a combination of Financial Assets, Real Estate, Local Business Activities, or Bank Deposits.
6. Impaired deposits
If a candidate had deposits in one or both of the aforementioned Banks amounting total of at least EUR 300,000 can apply for Cypriot citizenship. In case that the impairment incurred in less than EUR 3 million, one can cover the difference by making an additional investment in the above-mentioned options.
7. Group Application
The lowest cost option is a group application under any of the first five options. Each applicant is required to invest at least EUR 2, 5 million. The total amount must exceed EUR 12, 5 million.
Please contact us for a free consultation or to receive additional information about the program.