Citizenship By Investment: Cyprus
Cyprus is a fairly large island situated in the Mediterranean Sea which launched its CBI programme back in 2002. With its fascinating history, excellent beaches, diverse culture and beautiful warm sunny climate, it’s extremely attractive to both tourists and investors alike. Boasting outstanding business and living opportunities, Cyprus is the ideal place to settle and raise a family too.
An important hub at the crossroads of Europe, Asia and Africa, Cyprus is also ideally placed for working and traveling across the European Union and beyond. Following a recent recession, the island’s economy has quickly re-established and strengthened, thanks to significant advances in tourism, shipping andfinancial services. It has also enjoyed a surge in development, bringing with it many foreign investments to make it a popular place to gain second citizenship.
Enjoy the benefits
Individuals gaining citizenship of Cyprus through investment can enjoy a number of benefits, including:
- A speedy application process. Approval is usually granted in around 6 months.
- Simultaneous submission of citizenship and residency applications.
- The fact that parents can qualify for citizenship as long as they own a house worth at least €500,000 + VAT or have a share of €500,000 in a residential property belonging to the primary applicant.
- The ability to live, study and work in Europe.
- The fact that civil unions are allowed to apply.
- Free trade across the EU, plus low rates of tax.
- The right to buy property in a country belonging to the EU.
- The perfect geographical location, as Cyprus forms a bridge between the EU, North Africa and the Middle East with direct access to the Mediterranean Sea.
- First-class health care and an enviable education system.
Why choose to invest in Cyprus?
Cyprus offers some unique and highly appealing investment opportunities, including:
- A fantastic choice of 5 different investment options.
- The ability to include family members in the application.
- Access to approximately 170 destinations visa-free.
- No language or interview requirements.
- No requirement to give up current nationality.
- No need to be present in the country long-term, although it’s necessary to travel to Cyprus to give the oath and provide biometrics.
- The chance to be part of a politically and socially stable country that’s also a fantastic holiday destination.
Who can apply?
Main applicants to the Cyprus Investment Programme must meet the following criteria:
- Be aged 18 or over.
- Have no criminal record and be of good character.
- Not have had assets frozen anywhere in the EU due to sanctions.
- Not have been turned down for citizenship in any other EU member country.
- Have a valid Schengen visa (however, this is not required if an applicant is currently an EU citizen, or anyone whose current citizenship provided them travel to the Schengen Area without a visa).
With regard to Cyprus in particular, main applicants must also:
- Possess a Cypriot resident’s permit which they have held for a minimum of 6 months before naturalisation.
- Own a private residence with a purchase price of at least €500,000 plus VAT for life.
- Make the relevant investment (or investments) during the 3 years preceding the application date for citizenship, and retain these investment(s) for 5 years or more.
The Process: Quick Summary
Although the application process for citizenship in Cyprus is rigorous, the team at Citizenship by Investment are on hand to help make everything as simple as possible.
To give an idea of the process involved, here are the necessary steps:
Step 1: Speak to us at CBI to ask any questions and begin the application process. We can check the finished application and pre-approve it to make sure everything’s in order.
Step 2: Submit the application to the authorities in Cyprus.
Step 3: The application is processed and due diligence checks are undertaken. These usually require a maximum of 6 months to complete.
Step 4: Approval in principle is offered.
Step 5:Investment is made as stipulated.
Step 6:New second citizenship is granted, complete with a certificate.
Step 7: An application can be submitted for a passport.
Options for Investment in Cyprus
There are a number of ways in which an investment can be made under the Cyprus Citizenship by Investment Programme:
- By donating to the Cyprus Land Development Corporation and the Research and Innovation Foundation.
- By making an investment in Land Development, Infrastructure Projects and Real Estate.
- By investing in Alternative Investment Funds or Financial Assets of Cyprus-based Companies or Organisations.
- By purchasing, participating in or establishingcompanies or businesses in Cyprus.
- By making a combination investment.
Option 1:Donation to the Cyprus Land Development Corporation and the Research and Innovation Foundation
- Applicants may donate to the Cyprus Land Development Corporation (donations must be a minimum of €75,000). This is to finance housing schemes for lower cost housing, or other housing projects.
- Applicants may donate to the Research and Innovation Foundation (again a minimum of €75,000).
Option 2:Investment in Real Estate, Infrastructure Projects and Land Development
Applicants should invest €2 million or more in the building or purchase of properties, or for the building of other developments. This could be things like commercial or residential developments, or developments in the tourism sector for example.
Option 3:Investing in Financial Assets of Cypriot Businesses or Organisationsor Alternative Investment Funds
Applicants should invest in units of a minimum of €2 million in Alternative Investment Funds or Registered Alternative Investment Funds. Alternatively, the investment could be in assets belonging to Cypriot companies or to Cypriot organisations which are accredited by the Cyprus Securities and Exchange Commission. These RAIFs or AIFs can finance secondary market stock market values of the Cyprus Stock Exchange (the amount must be no more than the €2 million).
Option 4:Purchase, Establish or Participate in Cypriot Businesses or Companies
Applicants can invest a minimum of €2 million to participate in or purchase companies or organisations which are already up and running in Cyprus. Physical presence in Cyprus is essential (and must be proven), and the business must employ at least 5 Cypriot nationals, or nationals from other EU countries.
Option 5: Combination Investment
Applicants are allowed to invest in a combination of the options outlined above, however the total amount invested must still be €2 million or more.
Investment in Housing
Although primary applicants under the Cyprus Investment Programme must pay at least€2 million in investments, €150,000 in donations and €500,000 + VAT for a private residence (making €2,650,000 + VAT in total), there is an exception for anyone choosing to investment in residential properties. If this is thecase, finances used in purchasing the main applicant’s own residence will count towards the €2 million investment (making it €2,150,000 + VAT in total). Note though that this will only apply to residential property that has not previously been used to gain citizenship by investment.
Why the team at Citizenship by Investment is the perfect choice
At Citizenship By Investmentwe understand that big investment decisions for the future are not always easy to make.We are experts in our field and can help you with every stage of your application, from initial enquiry to completion and beyond. Our highly professional, bespoke service means you can rest assured all the paperwork is correct and someone is on hand to answer questions at any time. Whether you’re a new investor or you’ve been well established for years,we’re ready to take your call.
We care about making sure your application for second citizenship proceeds as hassle-free as possible. If you’re ready to get started, simply get in touch with our team today using our contact form and start making your investment dreams a reality.