• Citizenship by Investment Programme in Cyprus

Cypriot Investment Scheme

Cyprus is an island in the eastern Mediterranean Sea that lies at the crossroads between east and west. The country has been an independent nation since 1960 and a member of the EU since 2004. The island offers low tax rates and has a diversified economy in which tourism, financial services and shipping are major industries. The population of 1.17 million (2016 est.) enjoys a low cost, high standard of living. The Cypriot Investment Scheme (CIS) is well-suited to families and, once granted, citizenship is valid for life and can be passed on to future generations. The official language is Greek, but the population is multi-lingual and English tends to be used as the language of business. This multilingualism is reflected in the many private schools on the island that teach in English, French, Russian and Greek. As a Mediterranean island, Cyprus has an attractive climate of warm, dry summers from April to November, with short, cooler winters. The average annual daytime temperature is 24°C (75°F).

Requirements

The Cyprus CIS allows for the granting of citizenship to applicants and their families through the ‘Scheme for Naturalisation of Investors in Cyprus by exception’. The primary applicant and dependants must all have clean criminal records. The programme is a six to nine month process and offers four different options to qualify for citizenship:

1. EUR 2,000,000 investment in real estate
2. EUR 2,000,000 purchase or establishment of a Cypriot company or business

3. EUR 2,000,000 investment in alternative investment funds
4. A combination of the above options from EUR 2,000,000, of which, a maximum of EUR 500,000 can be from government bonds

With all four options the applicant must be the owner of a residential property that they purchased for at least EUR 500,000 which must be held indefinitely. Therefore, options two to four have a minimum total capital outlay of EUR 2,500,000 compared to option one which remains at EUR 2,000,000 should the real estate investment comprise of a residential property.

The primary applicant may include dependent children under 18 years of age, as well as adult dependent children between the ages of 18 and 27 years who are enrolled full-time in a recognized post-secondary institution. In addition, the main applicant may include his or her parents but they must also purchase a residential property with a value of at least EUR 500,000.

CyprusSingle ApplicantFamily of Four
Investment in Real Estate2,000,0002,000,000
Government Fees7,82023,460
Passport(s)3001,200
Sub-TotalEUR 2,008,120EUR 2,024,660

Process

Overview The Cyprus CIS boasts the fastest application process with a processing time of typically 6-9 months.

The vast majority of applicants are selecting the real estate option as their qualifying investment, due to its simplicity in comparison to the other options.

We recommend you We will visit Cyprus to gain a better appreciation of the real estate marke help coordinate your visit to Cyprus and spend a few days with you reviewing qualifying real estate options based on your specific criteria. We will ensure that the real estate purchase is contingent on you being approved for citizenship.

Prior to your visit to Cyprus, we will also send you the full application package that will include an overview of the required supporting documents, such as birth certificates and police criminal record checks from your home country. Many of these documents must be certified as true copies of the originals and thereafter authenticated by an Apostille as set forth in The Hague Convention.

Upon the completion of the citizenship application, we will submit it to the Ministry of Interior and the expected approval in principle is approximately three months. We will then submit your Immigration Permit applications to the Migration Department and you will be required to visit Cyprus to have your biometric data collected. Your immigration card will be issued five to ten working days later.

The Immigration Permit must be held for six months prior to the issuance of the passport. After which you will visit Cyprus for the collection of the passport and to take the oath.

Dual Citizenship

Cyprus does not impose any restrictions on dual citizenship.

Taxation

The Cyprus tax system is based on residence status and not citizenship.

Personal income tax in Cyprus ranges from 20% to 35% and is set based on one’s total income.

The corporate tax rate is very competitive at 12.5% while VAT is set at 19%.

Summary of Key Advantages

  • Citizenship is for life and affords the right to work and live in Cyprus or any other EU country including Switzerland Ability to qualify via real estate investment as opposed to non-recoverable donation
  • Visa free travel to 171 countries including Canada, Hong Kong, Singapore and the UK
  • Fastest EU Citizenship-by-Investment Programme – processing in 6-9 months
  • No residence requirement
cyprus

Application Process

Month 1

Initial due diligence. Sign client agreement, set up bank account and complete government application forms. Select and preform due diligence on investment and sign contracts. Submit Residency and Citizenship applications.

Months 2-4

Ministry of Finance process application, followed by Ministry of Interior.

Month 4

Application approved in principal.

Months 6-9

Visit Cyprus to swear ‘Oath of Faith to the Republic’. Collect passport and ID card.

Months 7-12

All additional dependants to submit applications and receive citizenship.