As a part of its policies aiming to further encourage Foreign Direct Investment and to attract high net worth individuals to settle and do business in Cyprus the Council of Ministers, on the 13th of September 2016, revised the "Cyprus Investment Programme" and, thus, established the new criteria and terms based on which non–Cypriot entrepreneurs/ investors and members of their families may submit applications in accordance with the provisions of the “Programme”.

Moreover, the Council of Ministers, as a part of its efforts for the further improvement of the “Cyprus Investment Programme” on the 9.1.2018 and 21.5.2018 decided the establishment of the Committee for Supervision and Control as well as of the “Registry of Ser- vice Providers for the Cyprus Investment Programme.” According to these resolutions from the 1.8.2018 and onwards applications will only be able to be submitted by Service Providers that are included in the «Registry» on the basis of an improved procedure.

ELIGIBILITY CRITERIA UNDER THE CIP ARE AS FOLLOWS:

  • Main applicant and spouse i.e. husband and wife.
  • Children up to and including the age of 17.
  • Children up to (and including) the age of 17.
  • "Adult children” between the ages of 18 to 28
    i. Provided their application is reviewed by Council of Ministers prior to their 29th birthday; and
    ii. Provided they are students studying towards either a first university degree, or a first master’s degree. Parents of the main applicant, provided an additional investment of minimum €500,000 (plus VAT if applicable), be made in residential property

ADVANTAGES OF THE PROGRAMME

  • There is no requirement to make a donation to the local government in contract to many other citizenship programmes.
  • Residence Permit in Cyprus: The applicant, prior to his/her naturalization as a Cypriot citizen must hold a residence permit in Cyprus.
  • Application process takes approximately 6 – 8 months
  • Simple and straightforward application process with no requirements to disclose source of wealth or funds, no medical testing, and no language requirements

MAIN ADVANTAGES OF THE CYPRUS
INVESTMENT PROGRAMME

  • Free Movement of People

    Free Movement of People

    Freely travel, reside, study and work within the 28 countries of the EU, as well as Switzerland, Norway, Iceland and Liechtenstein.

    An entire family can obtain Cyprus Citizenship i.e. spouse of applicant, children under 18 years, and adult dependents (ages 18 to 27). Children of EU nationals have the right to lower tuition fees within the EU.

  • Free Movement of Services

    Free Movement of Services

    Establishment and free movement of services - individual citizens and their companies can offer services within the EU Member States without any obstacles.

  • Free Movement of Capital

    Free Movement of Capital

    Transfer of funds between EU Member States, purchase of property in any preferred EU Member State, and invest in any type of activities.

  • Free Movement of Goods

    Free Movement of Goods

    All goods produced in EU Member States can be freely transferred between Member States.

  • No requirement to physically reside in Cyprus

    No requirement to physically reside in Cyprus

    Either before the filing of an application or after obtaining Cypriot Citizenship.

  • Attractive Tax System

    Attractive Tax System

    • Cyprus is an attractive financial centre due to its highly favourable tax system and strategic location at the crossroads of three continents – Europe, Africa and Asia. The Cypriot taxation system is consistently voted by EU tax professionals as being the most attractive in Europe.
    • Newly introduced “non-domicile” regime results in zero taxation of worldwide dividends and interest income, for period of 17 years.
  • High standard of living

    High standard of living

    Cyprus offers political stability and a high standard of living with access to reputable state and private schools, medical facilities and among the lowest crime rates within the EU.

  • Visa Free Travel

    Visa Free Travel

    • No visa required for travel within the EU.
    • No visa required for travel to over 159 non EU countries.
  • Dual Citizenship

    Dual Citizenship

    Cyprus allows its citizens to hold dual citizenship.

    • A.INVESTMENT IN REAL ESTATE, LAND DEVELOPMENT AND INFRASTRUCTURE PROJECTS :

      The applicant must have made an investment of at least €2,0 million for the purchase or construction of buildings or for the con- struction of other land development projects (residential or commercial developments, developments in the tourism sector) or other infrastructure projects. It is noted that investment in land under development is included in this criterion, provided that an investment plan for the development of the purchased land will be included in the application. It is understood that investment in land that is situated in a building zone of zero development, is excluded.

      B. TERMS AND CONDITIONS :

      1. Clean Criminal Record: the applicant must have a clean criminal record. Furthermore, his name must not be included in the list of persons whose assets, within the boundaries of the European Union, have been frozen as the result of sanctions.
      2.Residence in the Republic of Cyprus: The applicant must possess a permanent privately-owned residence in the Republic of Cyprus, the purchase price of which must be at least €500.000, plus V.A.T.

      It is noted that members of the same family, who apply separately as investors, can collectively acquire a residence, provided that the total value of this home-property covers the amount of €500.000 per each applicant.

      In case that the purchase value of the permanent privately owned residence in Cyprus exceeds the amount of €500,000, part of this additional amount can be used for purposes of supplementing the total amount of the investment made on the basis of the criteria of Part A above.

      Additionally, it is noted that if the applicant has invested in housing unit/units on the basis of the aforementioned criteria, the purchase of another permanent residence in Cyprus will not be required, if at least one of these housing units is worth at least €500,000, plus VAT, provided that the applicant retains the possession of the residence for life.

      C.SUBMISSION OF DOCUMENTS:

      For the evaluation of the applications the form (M127) as well as the following documents must be submitted:
      1.CLEAN CRIMINAL RECORD: Certificate of Clean Criminal Record from the country of origin and the country of residence (if different).

      2. RESIDENCE IN THE REPUBLIC OF CYPRUS:
      (a) Contract of Sale.
      (b)Title Deeds or Proof of Registration of the contract with the Lands and Surveys Department.
      (c) Proof of payment of the agreed purchase price.
      (d) Copy of the wire transfer to a Cypriot commercial banking institution in the name of the seller or the seller’s company.
      (e) An evaluation certificate from an independent registered land surveyor, if required by the Ministry of Interior or the Ministry of Finance.

      3. CRITERIA REGARDING THE INVESTMENT (WHEN APPLICABLE):
      (a) Certificate of Registration of the company/ companies by the Registrar of Companies.
      (b) Certificate of shareholders by the Registrar of Companies or certificates evidencing that the applicant is the beneficiary owner of the company/ companies.
      (c) Audited accounts of the company (or companies) for the last three years preceding the year of the application.
      (d) If the applicant is a high-ranking senior manager, the submission of the employment contract and the receipt from the Department of Inland Revenue are additionally required.
      (e) If the investment is made by the spouse of the applicant or jointly, a marriage certificate is required

    • 1. CLEAN CRIMINAL RECORD: the applicant must have a clean criminal record. Furthermore, his name must not be included in the list of persons whose assets, within the boundaries of the European Union, have been frozen as the result of sanctions.

      2. RESIDENCE IN THE REPUBLIC OF CYPRUS: In all cases listed in Part A, the applicant must possess a permanent privately-owned residence in the Republic of Cyprus, the purchase price of which must be at least €500.000, plus V.A.T.

      It is noted that members of the same family, who apply separately as investors, can collectively acquire a residence, provided that the total value of this home-property covers the amount of €500.000 per each applicant.

      In case that the purchase value of the permanent privately owned residence in Cyprus exceeds the amount of €500,000, part of this additional amount can be used for purposes of supplementing the total amount of the investment made on the basis of the criteria of Part A above.

      Additionally, it is noted that if the applicant has invested in housing unit/units on the basis of the aforementioned criterion A.1, the purchase of another permanent residence in Cyprus will not be required, if at least one of these housing units is worth at least €500,000, plus VAT, provided that the applicant retains the possession of the residence for life.

      3. RESIDENCE PERMIT IN CYPRUS: The applicant, prior to his/her naturalization as a Cypriot citizen must hold a 6 month resi- dence permit in Cyprus.

      If the applicant does not already hold a residence permit, he/she may apply for an immigration permit on the basis of Regulation 6 (2) of the Aliens and Immigration Law, simultaneously with the application for naturalization. If the application for acquiring an immigration permit is made solely for purposes of acquiring the Cypriot citizenship, in accordance with the provisions of this programme, there are no other conditions than those stated in both Part A and Part B of this programme.

      It is noted that all of the above also apply for the adult members of the family of the investor, who will apply for naturalization.

      In case the application for naturalization is rejected for any reason, the immigration permit, obtained in accordance with the provisions of this Decision, will be canceled immediately.

      4. The required investments must be held for 3 years from the date of obtaining the Cyprus Nationality*. *In case one invests in immovable property under construction the 3 year period that the applicant is required to hold the investment, will start to count from the date of issuance of the planning permit.

      For more information on the investment criteria and conditions of the Cyprus Investment Programme please refer to the PDF document.

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