Cyprus

Cypriot Citizenship Acquisition process

Our specialist immigration advisors will evaluate your personal circumstances and assist you in selecting investment options most suitable to you, matching the requirements with the application criteria, to ensure successful application.

In order to apply you must:

— be at least 18 years of age
— have no previous criminal convictions
— and no frozen assets within the EU as a result of sanctions.

Citizenship can be granted to the entire family, including spouses, children, adult dependants up to the age of 28 (providing they are students working towards a First or Masters University degree), and parents of the main applicant.

Investing in Cyprus has never been so attractive, not only bringing you a high quality property investment, but also a much coveted European passport.

With a plethora of investment options on offer, from the smaller residential properties to luxury villas and also prime commercial property, Cyprus is genuinely one of the best locations to invest in.

Option 1, Residential real estate – €2,000,000

— Minimum investment of €1.5 million (exclusive of VAT, if applicable) in residential real estate
— Investment to be held for only 3 years

Option 2, Combination of Investments – €2,500,000

This option allows you to invest €2,000,000 in any one or a combination of the below:
— Real estate including residential, commercial, infrastructure and land (providing the land has a development plan in place)
— Creation, participation or acquisition in a Cyprus company, (certain criteria applies)
— Cyprus government bonds (to a maximum of €500,000)
— Alternative Investment Funds (AIFs) or Cypriot entity of financial assets which are CySEC regulated, with activities in Cyprus

Based on your requirements we will carefully select the most suitable properties for you and arrange direct viewings in Cyprus.

We are here to guide you through the purchasing process of the property or other investment options, providing impartial advice for the benefit of our clients. We engage with qualified independent lawyers who can assist you in your purchase and ensure that your property acquisition will be handled correctly.

We recommend planning for a 2 to 5 day visit

While you are in Cyprus, and after selecting the property, you’ll be required to sign a contract of sale and provide biometrics at the Civil Registry and Migration Department (CRMD).

Our immigration specialists and lawyers will evaluate all documents with due diligence and care and submit your citizenship application to the Ministry of Interior, for preliminary approval.

Documents Required:

— Recent utility bill
— Two passport sized photographs
— True Copies of the applicant’s valid passport
— Investor’s CV with brief description of investment substance
— Investor’s application in the standard format and translated to English
— Birth certificates
— Marriage/civil partnership certificate
— Certificates of criminal record (valid only from the previous 3 months)

All the above must be translated into English and be duly authenticated and apostille stamped from origin and resident country.

During your stay in Cyprus you will be required to swear under oath at the District Courts of Cyprus (in any city) that the information indicated in the Citizenship by Investment application is true and correct.

Once you receive an application approval from the Ministry of Interior, the procedure for the acquisition of the Cypriot citizenship will be concluded, following the completion of a 6 month period holding the residence permit.

In just approximately 180 days, you can become a Cypriot citizen and enjoy all the freedoms that EU citizenship offers, including visa free travel to 173 countries worldwide.

After citizenship has been granted to the main applicant and spouse, TAYLOR & SMITH will collate and submit all documentation required (including proof of investment made by parents), for minor, adult children and parents.

Citizenship by investment Cyprus

The most attractive options for immigration today is to obtain Cyprus citizenship in exchange for investment in the country’s economy. The Cyprus investment citizenship program is most appealing option and opportunity in the European Union and this is called: «Scheme for Naturalization of Investors in Cyprus by exception».

According to this program, you could obtain a Cyprus passport just in 6 months. A residence permit is issued at the same time while applying process for citizenship. A residence permit in is issued in 7 days and at the moment, this is the easiest and fastest method.

Let us have a close look at all the conditions for obtaining Cyprus citizenship.

A mandatory condition for applicants is the investor age at the time of applying for citizenship (the applicant must be over 18 years old), has no criminal record, transparent origin of funds, and the applicant must not be on the list of persons whose property is frozen by the EU.

According to this program, citizenship is granted to the entire family: the spouse, children and adult dependents under the age of 28, upon condition that they are students of a higher educational institution or the parents of the main applicant.

Cyprus citizenship, according to current legislation is granted to the applicant under this program by the following types of investments:

Direct investment

This option refers to an investment in the amount of at least 2, 5 million Euros in one or more types of investment:

— investment in the purchase of residential or non-residential real estate, hotels, salon-facilities providing various services, restaurants etc. Moreover, we inform you that if the entire investment is for the purchase of real estate (residential, non-residential), the amount of investment for obtaining Cyprus citizenship is reduced to 2 million Euros;

— investment in a company or opening your own company; purchasing or participation in a Cyprus business, participation in a joint enterprise or company that work and do projects in the Republic of Cyprus;

— investments in the financial assets and securities;

— investment in registered  Cyprus companies public shares.

Business-activity

The applicant is a major shareholder in a company that has significant business operations in Cyprus. Meanwhile, this company must show that over the past three years they have paid to the state in various payments and in the form of taxes annually 500 thousand Euros. This amount can be cut down up to 350 thousand Euros if the office and legal address of this company is located in Cyprus and if the company employs at least 5 local Cyprus citizens. If the company employs at least 10 local Cyprus citizens, the amount of payments would be reduced to 250 thousand Euros. The length and existence of this company (business) service before applying for citizenship with the above conditions must be more than three years in Cyprus.

Mixed activity

The applicant has the right to choose a mix of investment types specified in the first and second cases.

In addition to the investments listed above, the applicant must have their own property in Cyprus at the amount of 500 thousand Euros.

The guaranteed rental program offered to attract customers by some Cyprus developers does not work right. If the real estate is the first home, then a preferential VAT rate of 5% is applied.(the investor will not have the right to use the housing for commercial purposes for 10 years). If the housing is operated for commercial purposes, the VAT will be 19 %. Based on the above, it is almost impossible to make a profit from renting housing in relation to the VAT interest rates difference and it is pointless.

Public investment

The timeframe of this investment is five years. With this type of investment the applicant must invest 2 million Euros in a public Investment Company. In addition, you need to donate 500 thousand Euros for Research and Development Foundation. But this fund has not yet been created.

We would like to mention that any foreigner who held deposits with Bank of Cyprus or Laiki Bank as of March 15, 2013 and who lost their funds in the amount of more than 3 million Euros as a result of actions taken to output from the crisis can apply for citizenship.

Please note that all listed above documents must be translated into English and certified with an apostille.

— copies of the applicant’s valid foreign passport;

— birth certificate;

— marriage certificate;

— proof of residence address;

— investor’s CV containing basic applicant information;

— investor’s application, completed in the standard form and translated into English;

Please note that all listed above documents must be translated into English and certified with an apostille.

Based on the above, we note the following advantages of obtaining Cyprus citizenship:

  1. Citizenship of the Republic of Cyprus is granted to all members of the investor’s family
  2. A simple and fast procedure that does not require knowledge of the language, passing a language proficiency exam or passing a medical examination. Also note that in order to obtain Cyprus citizenship in the usual order, you must lived in Cyprus for seven years. And the last year before applying for citizenship you must live continuously.
  3. Submitting biometric data within one day, obtaining a residence permit within seven days, and obtaining citizenship after six or eight months
  4. The investment program of the Republic of Cyprus does not require donations, as for example require such other similar EU countries citizenship programs
  5. Investments are held for three years, then they can be returned apart from 500 thousand Euros which were spent on the purchasing of the main investor house
  6. Citizenship of the Republic of Cyprus allows you to live, work and visit 159 countries without a visa permission as well as 28 EU member States
  1. Due to this program the investor has the opportunity to live in the UK. Moreover, after 6 years you can get a UK passport
  2. Attractive tax system (low income tax, tax exemption for certain individuals due to dividends and other financial facilities and double taxation agreements with more than 40 countries)
  3. Strategic location (Europe, Asia, Africa)
  4. Daily flights to all countries of the world
  5. Law system based on British law
  6. Developed infrastructure
  7. Low crime rate
  8. Beautiful nature and the sea
  9. We would like to point out that Cyprus is a historical place. This is the a relatively small island that is only 9251 square km where you can admire the ruins of Paleolithic and pre-ceramic Neolithic settlements, beautiful Greek temples, Roman theaters, gorgeous Byzantine monasteries, Venetian fortresses and Gothic cathedrals, as well as Muslim mosques of the Ottoman Empire and the result of British colonial influence.

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