Citizenship & Permanent Residency via Investment in Cyprus
In bid to attract investment, the Cyprus Government has recently introduced a fast track Permanent Residency scheme and a Citizenship via investment scheme. Both of these provide considerable benefits and, as might be expected, have generated a lot of interest.
- No physical residence requirement
- Dependent persons can apply simultaneously (subject to conditions)
- No language requirement
- Non-domiciled tax resident status provides for zero taxation of worldwide dividends and interest income for a period of 17 years.
Advantages of Cyprus citizenship:
- The ability to freely reside, study and work within the EU
- Visa-free travel to more than 150 countries
- Free movement of capital and goods
- High standard of living
- Access to high quality state and private schools and medical facilities
- One of the lowest crime rates in the EU
- Dual citizenship is allowed.
- Advise on the criteria, conditions and application procedure
- Help clients find properties that satisfy the above criteria through our network of reputable licensed real estate agents
- Provide practical assistance with all the required documentation as well as the application process itself
- Provide regular progress updates
- Assist clients in obtaining a Cyprus Passport, ID card and Residency Cards
- Communicate with the authorities on your behalf
- Offer employment, corporate and commercial advice
- Provide bank account opening services.
1. Investment in real estate, land development and infrastructure projects: a €2M minimum (VAT excluded) investment for the purchase or construction of a real estate project or other real estate-related infrastructure project.
2. Purchase or Establishment of or Participation in Cypriot Companies or Businesses:
- A €2M minimum (VAT excluded) investment, that is, purchase, creation of or participation in Cyprus businesses/ companies operating and based in the Republic of Cyprus.
- The companies/ businesses in question must be (physically) based in Cyprus, and employ at least five Cyprus or EU citizens who have been residents of Cyprus for an uninterrupted period of five years prior to the application.
3. Investment in Alternative Investment Funds (AIF) or financial assets of Cypriot companies or Cypriot organisations that are licensed by the Cyprus Securities and Exchange Commission (CySec):
- A €2M minimum (VAT excluded) investment for the purchase of units of AIFs that are licensed and supervised by CySec and that invest in areas approved by the Ministry of Finance.
- Investments in bonds, securities and bills issued with the approval of CySec are covered.
- The purchase by an AIF of units of other AIFs is not considered eligible.
4. A combination of the aforementioned investments: the total amount must be no less than €2M (VAT excluded).
- Clean criminal record.
- Purchase of a permanent privately-owned residence in the Republic of Cyprus worth no less than €500,000 plus VAT.
If the applicant has invested in a Real Estate project (see Criterion 1 above), such as [mainly] the purchase of housing unit(s), an additional purchase of a private residence will not be required, provided that one of the units in question is worth at least €500,000. plus VAT. Moreover, the possession of the unit must be for life.
- Cyprus Residence permit; the applicant must hold a Cyprus residence permit prior to naturalisation. The application for a residence permit can be made simultaneously with the application for Cyprus Citizenship.
- Confirmation letter from a bank stating that a minimum amount of €30,000 has been deposited into an account from abroad, which will be pledged for a period of three years.
- Proof of a secure annual income of at least €30,000 from abroad. To this annual income an amount of €5.000 must be added for every dependent person in the case of a spouse or children, while an amount of €8.000 must be added for every dependent parent or parent-in-law.
- Purchase of a house with a total market value of at least €300.000 plus V.A.T., with official payment receipts of at least €200.000 (excluding V.A.T.), irrespective of the delivery date of the property, to be submitted along with the application. These amounts must be proven to have been transferred to Cyprus from abroad.