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CYPRUS

Obtain Citizenship in Cyprus by Citizenship-by-Investment Program

Why Immigrate to Cyprus?
Cyprus is a very popular destination for foreign investors to seek citizenship in due to its stable economic environment and European Union member status. Incorporating a prominent political and legal infrastructure, and adopting a highly bespoke taxation system, Cyprus is strategically situated to facilitate strong business and trading relations between EU member states. The cost of living in Cyprus is relatively lower than in many other EU member states, such as the United Kingdom, while the country offers high standards of living, a good education system for all residents, an excellent value for money on real estate, and low taxation.

Main Benefits of Obtaining Citizenship in Cyprus through the Citizenship-by-Investment Program:

• Automatic EU citizenship with the right to live, work, and study anywhere in the EU
• Visa-free travel to 159 countries and territories, including Canada, Hong Kong, and Switzerland
• The citizenship is granted to the whole family – husband, wife, all financially dependent children up to the age of 28. Parents can be included in the application, provided that they are the owners of residential property in Cyprus value of € 500,000
• Lifetime citizenship; can be passed onto future generations by descent
• Fast and simple procedure (3 months)
• Dual citizenship is allowed
• Acquisition of citizenship in Cyprus is not reported to other countries
• High standard of living
• Cyprus passport ranked 17th in the world according to the Visa Restrictions Index

The Investment Citizenship Program is based on a fast-track procedure with reduced time and bureaucracy. In September 2016, the Cyprus Council of Ministers has approved amendments to the Scheme for Naturalization that designed to attract foreign direct investment and encourage the use of Cyprus by high-net-worth Individuals.

Main Requirements
In order to be qualified for Cypriot citizenship, the applicant must meet the following requirements:

1. Hold no criminal record
2. Choose one of the prescribed investment options with a minimum value of €2 million
3. A Permanent Residence Permit will be issued prior to Naturalization.
4. Keep investments in the country for a minimum of 3 years
5. Hold a privately owned permanent residence in Cyprus of a minimum value of €500,000 + applicable VAT. If investment is made in residential property, this requirement is not applicable.

Note: Knowledge of the Greek language is not required to obtain citizenship in Cyprus.

Investment Options:

1. Real Estate, Land Development, and Infrastructure Projects- An investment of a minimum value of €2 million in the purchase or construction of real estate, land development projects (residential or commercial), infrastructure projects or Investments in building plots or land which can be developed.
2. Purchase, Creation, or Participation in Cypriot Businesses or Companies- An investment of a minimum value of €2 million in the purchase, creation, or participation in businesses or companies that are based and operating in Cyprus. These businesses or companies should evidently have a tangible presence in Cyprus and employ at least five (5) Cypriot citizens. The mandatory conversion of deposits into shares is included in this criterion.
3. Investments in Alternative Investment Funds (AIFs) or financial assets of Cypriot businesses or organizations licensed by CYSEC- An investment of at least €2 million into units in AIFs, bonds, debentures, other securities, registered and issued in the Republic of Cyprus, in companies or organizations with substantial economic activity in Cyprus which are regulated by the Cyprus Securities and Exchange Commission.
4. Combination of investments- The applicant may combine eligible investments provided that the total investment is at least €2 million. The combination of investments may include up to €500,000 of Cyprus Government bonds from the primary market.

Key Advantages of Cypriot Citizenship:

• You and your family can freely travel, reside and work within the EU
• Your spouse, children and parents can easily obtain Cypriot citizenship
• You can purchase property in any EU country and invest in any activity of choice

Obtaining a Cypriot Passport:

• Citizenship by investing
• Naturalization
• Marriage to a Cypriot citizen

Citizenship by Investing – Fast Track Option to a Second Passport:
The government of Cyprus has implemented a new immigrant investment program for entrepreneurs and investors who would like to invest in Cyprus and in return obtain Cypriot citizenship. The Investment Citizenship Program is based on a fast-track procedure with reduced time and bureaucracy.
In September 2016, the Cyprus Council of Ministers has approved amendments to the Scheme for Naturalization, that designed to attract foreign Direct Investment and encourage the use of Cyprus by High Net Worth Individuals.

Criteria for exceptional naturalization to foreigners:

1. Real Estate, Land Development, and Infrastructure Projects- An investment of a minimum value of €2 million in the purchase or construction of real estate, land development projects (residential or commercial), infrastructure projects or Investments in building plots or land which can be developed.
2. Purchase, Creation, or Participation in Cypriot Businesses or Companies- An investment of a minimum value of €2 million in the purchase, creation, or participation in businesses or companies that are based and operating in Cyprus. These businesses or companies should evidently have a tangible presence in Cyprus and employ at least five (5) Cypriot citizens. The mandatory conversion of deposits into shares is included in this criterion.
3. Investments in Alternative Investment Funds (AIFs) or financial assets of Cypriot businesses or organizations licensed by CYSEC- An investment of at least €2,0 million into units in AIFs, bonds, debentures, other securities, registered and issued in the Republic of Cyprus, in companies or organizations with substantial economic activity in Cyprus which are regulated by the Cyprus Securities and Exchange Commission.
4. Combination of investments- The applicant may combine eligible investments provided that the total investment is at least €2,0 million. The combination of investments may include up to €500,000 of Cyprus Government bonds from the primary market.

Citizenship by Naturalization
You may qualify for naturalization if:

• You have been a permanent resident in Cyprus for 7 consecutive years.
• You have been a permanent resident in Cyprus for 5 consecutive years and you are child/parent of Cypriot citizen.

Citizenship by Marriage:
The foreign spouse of Cypriot citizen, who has resided legally in Cyprus, can claim Cypriot citizenship after completing 3 years of marriage.

Preparing your Cyprus Citizenship Application:
It is vital that you correctly fill in the necessary application forms and submit all relevant documentation to the appropriate immigration authority in order to be considered for investment immigration. The application forms and other due diligence can be complex to complete and difficult to obtain without professional guidance. We can assist you with the entire application procedure including obtaining and administering application forms and providing reliable information with sample documents of other required due diligence the applicant may need.

How We Can Help
We will guide you through every step of the way to obtaining your second citizenship and passport:

• Consultation on the application requirements
• In-depth examination of the circumstances of the case
• Execution of all preliminary checks with the responsible authorities
• Assistance with document preparation and drafting
• Review of application prior to its submission to the relevant authorities
• Submission of the application to the relevant authorities
• Monitoring and follow-up on the status of the application

For more information on any of our services, please feel free to contact us.