Ksavva

EU Passport Information

EU Citizenship by Investment 

The Cypriot Government has established a number of incentives to attract foreign direct investment into the country. One of these is a citizenship-by-investment program that grants full Cypriot citizenship to those that invest more than EUR 2 million in real estate and who meet certain other requirements. 

Cyprus is one of the easiest countries to attain European Citizenship and is now considered to be one of the most beneficial destinations for someone to relocate to. Cyprus provides its residents with a stable economic environment, EU Member State Status, extremely low taxation, low cost of living with an enriched lifestyle and many other benefits. 

One of the key benefits of the EU Citizenship by Investment Program is that it involves a secure investment, rather than a donation as is the case for many other countries.

 

EU Citizenship by Investment - Scheme Changes

On 13th September 2016, the Cyprus Government has announced changes to the legislation that enables foreign non-EU investors to become a Cypriot (EU) citizen and obtain a Cypriot passport through naturalisation, making it more accessible and affordable than ever.

The revised scheme requires a lower investment amount of EUR 2,000,000 investment plus EUR 500,000 permanent residence (Previously 2.5 Million investment)


EU Citizenship by Investment – Investment Options

Option 1:  EUR 2,000,000 investment in residential real estate situated in Cyprus. 

After 3 years the investment can be reduced to a minimum of EUR 500,000. The investment can be a single property or combined property portfolio.

Examples of possible investments under this option are as follows:

  1. Purchase one villa for EUR 1,500,000 and one apartment for EUR 500,000.  Sell the villa in 3 years’ time.

  2. Purchase one villa for 2 million and sell in 3 years’ time but at the same time purchase a residential property for a minimum amount of EUR 500,000.

 

Option 2 – EUR 2,500,000 (combination of real estate and other investments)

1.  Investment in real estate, developments and infrastructure projects

The applicant should make an investment of at least EUR 2 million for the purchase or construction of real estate.

2.  Purchase, establishment, or participation in Cypriot businesses and companies

The applicant must make an investment of at least EUR 2 million in the purchase, creation or participation in businesses or companies that are based and operating in the Republic. These businesses or companies should have a demonstrable and tangible presence in Cyprus and employ at least five Cypriot citizens.

3.  Investment in Alternative Investment Funds or financial assets of Cypriot enterprises or Cypriot organizations licensed by the Securities and Exchange Commission  (CySec)

The applicant should purchase units amounting to at least EUR 2 million from Alternative Investment Funds (AIF).

This criterion also covers the purchase of financial assets of Cypriot businesses or organizations for at least EUR 2 million, in the form of bonds, securities and debt securities.

4.  Cyprus Government Bonds – capped at EUR 500,000 investment.

5.  Combination of the above investments

The applicant may invest in a combination of the above, provided that the total investment amounts to at least EUR 2 million.

AND

6.  EUR 500,000 in residential property, which must be retained indefinitely.

For the full revised scheme, click here

 

Conditions

  1. To maintain the citizenship, the investor/applicant must always retain his possession of real estate residence property of minimum value EUR 500,000 which will be declared as his permanent residence, whereas the remaining investments may be sold after 3 years.

  2. Any property purchased by the investor/applicant during the past three years will count towards the above mentioned investment figures.  In such cases the purchaser must acquire additional real estate or make other investments to reach the total required investment.  The three year period counts at the time of submitting the application for citizenship.

  3. Applicants must hold a clear criminal record from their country of origin and Cyprus.

 

Key Points

  1. Exceptional Fast Track Scheme - Passports will be issued within a period of three months

  2. Passports will be issued to the investor, their married spouse and dependent children up to the age of 28, provided they are in full-time education.

  3. The Investor’s parents are entitled to apply for Cyprus Citizenship by exception, provided they have purchased a permanent residence of at least €500,000 plus VAT.  This amount can be pooled into the main investment, if preferred.

 

Benefits of Cyprus Citizenship

  1. There is no requirement for physical residency.

  2. All Nationalities are eligible

  3. Valid for Life - Citizenship is passed on by descent, therefore offering a legacy to future generations

  4. Cyprus allows dual citizenship

  5. Unrestricted right to live, work, travel and study anywhere in the European Union

  6. Visa-free travel to 158 Countries

  7. Free trade within EU

  8. Exit Strategy after just 3 years.