Citizenship & Passport By Investment – Cyprus
As an incentive to attract foreign investment to the country, the Cypriot government introduced the “citizenship by investment” program that allows successful applicants the right to live, work and study in all member countries of the European Union (EU).
Substantial changes were passed in September 2016. These have changed the level of investment, the means of investing and the criteria for inheritance of Cypriot citizenship, among other factors.
The new minimum capital required for an individual is €2 million, and can be invested in:
- The purchase or construction of buildings, infrastructure or other land development projects
- Alternative Investment Funds, or other assets of companies & organisations licensed by CySec
- The purchase or creation of a Cypriot business
- Participation in an existing Cypriot business
- Purchasing government bonds*
- A combination of the above
* maximum €500,000 as a proportion of total investment
The investments must be retained for at least three years to guarantee citizenship. The benefits of citizenship can be passed down to children, parents and other benefactors, provided that the investor also purchases a house in Cyprus of at least €500,000 value plus VAT.
At Immigration into Europe we provide a fully inclusive package of services tailor made for your own unique requirements. This includes visa applications, business plan, company formation services, bookkeeping and virtual offices. Whatever your needs, we will work with you every step of the way.
Advantages of having a Cypriot passport
- The procedure is simple and fast. It only takes three months for the Council of Minister in Cyprus to make a decision after they’ve received the application.
- You can travel to over 157 countries without obtaining a visa.
- There are very few requirements for investors to physically visit or reside in Cyprus. You only need to visit once every seven years!
- Investors can bring their children of up to 28 years old as long as they’re in full time education.
- You don’t need to pay local tax if you stay less than 183 days in Cyprus each year.
- After you’ve become a Cypriot citizen, you can purchase properties in any EU country.
- Capital, products and goods can be transferred freely within EU member states.
- There are no language requirements.
Real Estate
Property prices throughout Cyprus have reduced significantly over recent years, up to 40% in popular areas such as Paphos. Interest in Cypriot real estate has increased during 2015 with buyers eager to grab themselves a bargain.
The recent discovery of oil and gas fields in Cypriot waters has promoted speculation that oil companies will set up their offices in Cyprus, each requiring homes for thousands of workers who are expected to arrive in two to three years.
Now is an ideal time for investors to take advantage of these opportunities and qualify for a Cypriot passport, simply by investing in one or more residential or commercial properties, including apartments, houses, villas and even infrastructure projects.
- Investors are allowed to sell properties after three years and only need to keep one residence worth $500,000 to keep their Cypriot passport and citizenship.
- Investing in real estates is relatively easy to maintain and manage.
- You may choose to purchase one for more properties, as long as the total value exceeds the minimum investment requirement.
Bank Deposits
The applicant or company, of which the investor is the main beneficiary, was previously required to maintain a fixed deposit of $5 million in a Cypriot bank for three years. As of September 2016, this requirement has been abolished.
Purchase or creation of a Cypriot business
The individual applicant may opt to invest in the purchase or creation of a Cypriot business. This must be located within the Republic and should employ at least 5 Cypriot citizens.
Government Bonds
The applicant may choose to purchase state bonds from the Republic of Cyprus. This could previously constitute the entire investment of €2 million.
As of September 2016 however, a maximum of €500,000 can be invested in bonds, contributing to the total investment of at least €2 million.