Cyprus Citizenship by Investment

IMPORTANT UPDATE – RECENT AMENDMENT OF THE CRITERIA FOR THE ACQUISITION OF THE CYPRUS CITIZENSHIP BY INVESTMENT

On 13.9.2016 the Council of Ministers revised and approved new criteria for acquiring the Cyprus Citizenship by investment, marking the scheme as one of the most enticing naturalization schemes within the European Union.
The Council of Ministers has decided and imposed a reduction of the amount of investment to the sum of €2.000.000 setting the scheme currently as one of the most attractive and favorable in the European Union.

Other previous requirements have remained in force such as the purchase of a residence of a minimum market value of €500.000 and the preservation of the investment for a period of at least 3 (three) years.

Based on the said scheme, a non-Cypriot resident, who fulfills any of the following Economic Criteria, either personally or through a Company or Companies in which he/she participates as a shareholder in proportion to his/her share, either through investment(s) made by the spouse or jointly with the spouse, or by a high ranking senior manager of a Company or Companies is entitled to apply for the acquisition of the Cyprus Citizenship by Investment.
A high ranking senior manager of a Company is eligible to apply given that his/her annual salary from the Company generates tax revenues in the Republic of Cyprus of at least €100.000 for a period of at least 3 years prior to the application and given that the tax has been prepaid or already paid.

The applicant should proceed to the investment any time during a period of 3 years preceding the application and should retain the investment at least three years after the granting of the Citizenship.

NEW ECONOMIC CRITERIA:

  • INVESTMENTS IN REAL ESTATE, DEVELOPMENT AND INFRASTRUCTURE:

The applicant should invest at least €2.000.000 for the purchase of immovable property or building development or residential or commercial infrastructure, tourist development or other infrastructures.

  • INCORPORATION OR PARTICIPATION IN CYPRIOT BUSINESS OR COMPANIES:

The applicant should invest at least €2.000.000 in the purchase, incorporation or participation in business or companies based and trade in the Republic of Cyprus. The invested capital should be solely used for funding of the investing purposes of the said business or Company exclusively in Cyprus.
An additional requirement is that the business or Company should employ at least 5 (five) Cypriot or European Union Citizens whom were permanently residing in Cyprus at least 5 (five) years prior to the submission of the application.

  • INVESTMENTS IN ALTERNATIVE INVESTMENT FUNDS (AIF) OR FINANCIAL ASSETS OF CYPRIOT BUSINESSES OR CYPRIOT ORGANISATIONS LICENCED BY THE CYPRUS SECURITIES AND EXCHANGE COMMISSION:

The applicant should invest at least €2.000.0000 in the purchase of units from Organizations of Alternative Investments established in the Republic of Cyprus and licensed by the Cyprus Securities and Exchange Commission (CySec) such as bonds and securities. The investment either as mentioned above or in a different case as approved by the Minister of Finance should be performed exclusively in the Republic of Cyprus.

  • COMBINATION OF THE AFOREMENTIONED CRITERIA:

An applicant may combine any investments in any of the aforementioned categories given that the investment will be for the sum of at least €2.000.000.
In the framework of combining categories, the applicant may acquire special treasury bills of the Republic of Cyprus for the sum of €500.000, purchased directly by the Ministry of Finance, given that he/she will preserve the said bills for a period of at least 3 years.

OTHER REQUIREMENTS:

  • 1. Residence in Cyprus: In addition to the aforementioned criteria the applicant should acquire a permanent residence in Cyprus of a minimum market value of €500.000 plus V.A.T.
    In the case that the market value of a residence exceeds the sum of €500.000, the excess amount may be used for completing the amount of the investment as aforementioned.
    Important Note: In the case that the applicant invests in residential unit(s) based on the first economical criterion aforementioned, the investor is not required to acquire another permanent residence in the Republic of Cyprus, if any of the residential units is of a value of at least €500.000 plus V.A.T, provided that he will preserve the possession of the residence for the duration of his lifetime.
  • 2. Clear Criminal Record.
  • 3. Residence Permit: Any applicant prior to the filing of the application should be a holder of a residence permit of the Republic of Cyprus. In the case that the applicant is not a holder of a residence permit prior to the application, he/she should file an application for a residence permit simultaneously with the filing of the application for the acquisition of the Cyprus Citizenship.
    This present requirement also applies for all the adult family members of the applicant who will be included in his application.

FAMILY MEMBERS OF THE APPLICANT:
The spouse and children as well as the parents of the applicant may also be included in the application for the acquisition of the Cyprus citizenship.
Children are eligible to be included in the application if they are under the age of 18 years old or from the age of 18 to 27 but are still financially dependent on the applicant.
Parents of the applicant may be included on the application given that an additional investment of €500.000 in real estate property will be made.

BENEFITS FOR ACQUIRING THE CYPRUS CITIZENSHIP:

  • Live and work freely within the European Union.
  • Free movement of goods, services and capital.
  • Travel visa-free in more than 157 countries of the world.
  • Fast procedure to obtain the Residency and the Citizenship.
  • No requirement to physically reside in Cyprus.
  • Dual Citizenship is allowed.
  • Citizenship is inherited by the descendants of any person who acquired the Citizenship.

We are collaborating with Real Estate Agencies, Accountants and Surveyors which may assist you in acquiring property in Cyprus or evaluating your investment.

Please contact us for further information and advice.

Permanent Residency – Fast Track Procedure

FINANCIAL CRITERIA

  • Confirmation letter from a financial institution in Cyprus that the applicant has deposited a minimum capital of €30.000 into a Bank account, which will be pledged for a period of at least three years. It must be proved that the said amount has been transferred to Cyprus from abroad.
  • The applicant, together with his/her spouse, should prove that they have at their disposal a secure annual income of at least €30.000. This annual income should increase by €5.000 for every dependent child and €8000 for every dependent parent or parent in law. The said income should derive from abroad, and may include salaries from employment, pensions, dividends from shares, fixed deposits, rents a.s.o.
  • Purchase of Immovable property(*) in Cyprus, in the applicant’s name and/or his spouse, of a total market value of at least €300.000 (V.A.T not included-if any).

The purchase of a dwelling may be accepted even when made in the name of a Company and not in the name of the applicant, provided that the Company is registered in the name of the applicant and/or in the name of the applicant and his spouse and he/they are the sole shareholders.

(*) Immovable property: The applicant may purchase up to two housing units (apartments or houses), which can be independent, but be purchased from the same development company, or one housing unit and a shop of a surface of up to 100 sq.m., or a housing unit and an office of a surface of up to 250 sq.m., provided that the total market value is of at least €300.000 sold for the first time (not a resale).

OTHER CRITERIA

  • Clear Criminal Record Certificate from your Country.
  • Valid passport
  • Statement by the applicant and dependent persons confirming that they have no intention to work in Cyprus.
  • Insurance Policy in Cyprus.
  • Marriage certificate and birth certificates for dependent children (if applicable).

We are collaborating with Real Estate Agencies, Accountants and Surveyors which may assist you in acquiring property in Cyprus or evaluating your investment.

The examination of the said application does not exceed the two (2) months.
The applicant is required to visit Cyprus at least once every 2 (two) years.

Permanent Residency (Category F)

Any person may apply for the acquisition of the Permanent Residency as long they fulfil the following criteria.
The examination of the application takes approximately nine (9) to fourteen (14) months

CRITERIA

  • The applicant should have at his/her disposal fully and freely a secured annual income, high enough to give them a decent living in Cyprus, without having to engage in any business, trade or profession.  The annual income required should be at least €10.000- for a single applicant and moreover at least €5.000- for every dependent person, but additional amounts may be requested as necessary.
  • The said annual income should come from abroad.
  • Purchase of Immovable property of any market value is considered an advantage for approval of the application.

We are collaborating with Real Estate Agencies, Accountants and Surveyors which may assist you in acquiring and valuating a property in Cyprus.
Please contact us for further information and advice.

Citizenship by Marriage

People married to Cypriot citizens and have completed three (3) years of marriage and two (2) years of residence in the Republic of Cyprus prior to the date of application may apply for the granting of the Cyprus Citizenship.

Necessary documents to accompany the application:

  • Clean criminal record Certificate.
  • Marriage certificate.
  • Birth certificate of the couple’s children (if applicable).
  • Copy of valid passport.
  • Copy of the Cypriot spouse’s passport.

Please contact us for further information and advice.

Student Visas

People who wish to study at any University or College or Institution of Tertiary Education in Cyprus should apply for a student visa within ten (10) day from the date of entry in Cyprus.

Required documents for the examination of the said application are:

  • Duly certified copy of passport or other travel document with a validity of at least two (2) years or at least the expected duration of studies.
  • Parental approval, duly translated, in the case of minors.
  • Clean Criminal Record Certificate, duly translated.
  • Medical examinations and X-Rays for specific illnesses.
  • Acceptance Letter from the Institution of Tertiary Education
  • Duly certified confirmation letter from any Bank Institution from the Country of origin, confirming the applicant’s ability to cover all costs for the studies, tuition fees, living expenses or a confirmation letter of a scholarship.

Please contact us for further information and advice.

Temporary Residency

OBTAINING THE TEMPORARY RESIDENCY PERMIT AS A VISITOR

General Information

Third country nationals who enter the Republic of Cyprus and wish to stay in the Country for more than three (3) months, without employment rights need to apply for a Temporary Residency Permit.

The following categories of foreigners can receive a Visitors Temporary Permit:

  • Third country nationals that have conducted a marriage with Cypriot citizens and their minor children (younger than 18 years old) from a previous marriage and/or parents-in-law from third countries (provisions of family reunification for family members of a Cypriot are met).
  • Third country nationals who apply for extension of their temporary residence permit, provided that they have sufficient financial resources for their maintenance originating from abroad.
  • Third country national who apply for extension of their temporary residence permit in order to conduct a marriage with a Cypriot or an EU citizen.

Please contact us for further information and advice.