INVEST IN CYPRUSDate created 19.06.2020 10:52:29
INVEST IN CYPRUS
Non – Cypriot citizens who meet certain criteria and fulfill the required conditions can obtain either Permanent Residency or Cypriot Citizenship and enjoy all their perks.
Cyprus Investment Program
Investors who are willing to obtain the Cyprus Citizenship need to meet the following financial criteria:
A minimum investment of €2 million in real estate, land development and infrastructure projects.
A minimum investment of €2 million for the purchase or establishment or participation in companies or businesses established and operating in the Republic of Cyprus.
A minimum investment of €2 million in Alternative Investment Funds (AIFs) or Registered Alternative Investment Funds or financial assets of Cypriot companies or organisations that are licensed by Cyprus Securities and Exchange Commission (CySEC).
A combination of all the investments above, provided that the total investment will amount up to at least €2 million.
Applicants should donate at least €75.000 to the Research & Innovation Foundation of Cyprus and at least €75.000 to the Cyprus Land Development Corporation.
Applicants should possess a permanent privately-owned residence in the Republic of Cyprus, the purchase price of which should be at least €500.000 (plus VAT).
All applicants need to have a clean criminal record.
Applicants need to keep their investment(s) for a minimum duration of 5 years as from the date of naturalization.
Applicants must hold a Residence Permit in Cyprus for a period of at least 6 months prior to their naturalization. If not, applicants may apply for an immigration permit simultaneously with the application for naturalization.
Applicants must hold a valid Schengen Visa before they can apply for the Cyprus Citizenship.
Applicants that will choose to invest in developments under construction, should present a Town Planning Permit along with their application.
Applicants that have already applied and been rejected by another European Union (EU) country, will not be eligible to apply.
Live, work, study and travel freely within the territory of the EU and between the member states of the EU.
No visa requirement for more than 150 countries worldwide.
Spouse, dependent children and parents of the investor can all apply for naturalization. Other conditions may apply.
Cyprus Citizenship is valid for lifetime for the entire family and can be inherited to the next generations.
No need to reside in Cyprus in order to keep the citizenship. However, if the investor wishes to become a Cyprus tax resident, he needs to stay at least 183 or 60 calendar days in Cyprus, with the relevant rules in relation to tax residency apply.
Free movement of funds, services and goods within the EU.
Immigration Permit (Permanent Residence) under Regulation 6 (2) – Fast Track Procedure
Applicants should purchase a new (not resale) property in Cyprus of a minimum value of €300.000 (plus VAT) and official payment receipts of a minimum value of €200.000 (plus VAT). All the funds for the purchase of the property must be proved to have been transferred from abroad. Applicants may purchase up to two housing units (apartments or houses), which can be independent, but be purchased from the same development company. The real estate purchase may be accepted even when made in the name of a legal person, provided that the applicants and/or their spouse are the sole shareholders or the ultimate beneficial owners of it, and that this legal person is legally established in the Republic of Cyprus or other member state of the EU or European Economic Area.
The application should be submitted together with all the necessary documents including a Title Deed or Contract of Sale (under the investors name or his spouse’s name) which has been officially filed at the Department of Lands and Surveys.
Applicants should prove that they have at their disposal a secured annual income of at least €30.000 (Could be salaries from employment, dividends from shares, pensions, fixed deposit, rents etc.). This amount should increase by €5.000 for every dependent person of their family (spouse and children) and by €8.000 for each dependent parent or parent in-law.
Applicants should submit along with the application a confirmation letter from a financial institution in Cyprus indicating that they have deposited a minimum capital of €30.000 into a local account. This capital should be proved that it has been transferred from abroad and will be pledged in the account for at least 3 consecutive years.
Applicants and their families should submit a clean criminal record certificate.
Applicants should submit a letter confirming that they will not be working or engaged in any form of business in Cyprus.
Applicants and their family members should visit Cyprus at least once every 2 years.
Applicants should present a health insurance policy for themselves and their dependents.
Marriage certificate and children’s birth certificates should also be submitted.
Immigration Permit covers the entire family, including the spouse, dependent children and dependent parents of the applicant or his spouse, provided that the applicant had fulfilled the financial criterion in relation to the increase of the necessary secured annual income.
The permit is valid for a lifetime for the applicant and his family.
Once the Immigration Permit under Regulation 6(2) is obtained, the applicant (and his family) can apply for the Cyprus Citizenship by Investment.
No visa is required to enter and stay in Cyprus.
Through the fast track process, the applicant could obtain the Immigration Permit within 3 months from the date of the submission of a complete application.