Citizenship by Investment in Cyprus
The government of Cyprus established a large number of incentives in attempt to intrigue foreign investors into the country. One example of an incentive is a citizenship-by-investment immigration program. This popular program grants Cyprus citizenship to those that invest more than (EUR) 2.5 million in real estate and who meet the other required qualifications. Upon meeting the standard requirements, the applicants gain the right to live, work and study in all 28 EU member countries.
In April 2013, the Government of Cyprus introduced changes to its citizenship-by-investment program. The changes include the introduction of the Major Collective Investment (MCI) route which reduces the minimum investment amount from EUR 5 million to EUR 2.5 million when several applicants jointly apply for citizenship with a total minimum investment of EUR 12.5 million. Note: Not all economic criteria can be used under the MCI route.
Any non-Cypriot citizen may apply for Cypriot citizenship through Naturalization by Exception, if s/he meets one of the following economic criteria presented below. The qualification may either be done personally or through a company/companies in which s/he acts as a shareholder or even as a high-ranking senior manager.
|1.||Investment in Government Bonds
The applicant must purchase state bonds of the Republic of Cyprus at least EUR 5 million (may also be used in an MCI).
This option requires an applicant to invest at least EUR 5 million in real estate or other developments including residential, commercial or infrastructure projects (may also be used in an MCI).
|3.||Investment in Financial Assets of Cypriot Companies or Organizations
The applicant must purchase financial assets such as bonds, securities or debentures registered and issued in the Republic of Cyprus by Cypriot companies or organizations of at least EUR 5 million (may also be used in an MCI).
This option requires the applicant, or a company or trust of which s/he is the main beneficiary, to have held a minimum fixed deposit of EUR 5 million in a local bank account for at least the last three years.
|5.||Purchase, Creation or Participation in Cypriot Businesses or Companies
The applicant must make an investment of at least EUR 5 million in the purchase, creation or participation in Cypriot 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 (may also be used in an MCI).
|6.||Combination of the Aforementioned Criteria
The applicant is required to have a combination of the above options amounting to at least EUR 5 million.
|7.||Impaired Deposits with the Popular Bank Public Company Ltd.
This is available to individuals whose deposits with the Popular Bank Public Company Ltd. were impaired by at least EUR 3 million due to the measures implemented after March 15 2013. If the applicant incurred an impairment of under EUR 3 million, it may be possible to apply with an additional investment to cover the balance of the required amount up to EUR 5 million.
|8.||Major Collective Investments
The Council of Ministers may, on certain occasions, reduce the above criteria to EUR 2.5 million for investors who participate in a Major Collective Investment, provided that the total value of the investment is at least EUR 12.5 million.
Under every criteria the applicant must purchase a private residence in Cyprus for at least EUR 500,000. After being granted citizenship, the applicant must maintain ownership of the property for the whole of his/her life.
The process of obtaining Cypriot citizenship consists of a series of important steps that need to be implemented professionally and carefully. Alghoul and Associates Law Immigration manages each step and ensures that they are executed correctly and at the right time, since each part of the process, if not properly handled, can affect the final citizenship approval.
Alghoul and Associates Law Immigration also helps its clients to choose the most liquid and most suitable investment opportunities; evaluates all possible investments in relation to potential exit strategies; prepares and submits the application for citizenship to the government; follows-up with the authorities while the case is being processed; and receives approval and passports for the clients. We also help clients to manage their properties and provide a further, enhanced menu of concierge services.
Following submission of an application, Alghoul and Associates Law Immigration typically achieves approvals within three months. This quick process makes Cyprus one of the fastest destinations in which to obtain a second citizenship.
Even though the procedure for obtaining Cypriot citizenship is relatively straightforward, it is a very delicate process that requires a detailed level of focus on the detail and structuring of the investment. Alghoul and Associates Law Immigration has a wealth of international and local expertise and a high success rate of delivering the grant of citizenship within the three month timeframe.
Alghoul and Associates Law Immigration only works with investors who have passed our internal due diligence checks, which are similar to those used by the Government of Cyprus. Police clearance records from the current country of residence must also be provided at this preliminary stage.
Benefits of the Cypriot Citizenship-By-Investment Program:
- Investing, not donating your wealth
- Approved within 90 days after application
- No residence requirement
- Investments can be combined
- Basic documentation
- Easy process
- Very high approval rate
How do I proceed?
Contact us today! If you are interested in one of our Citizenship by Investment programs and would like more information, please fill out our questionnaire form here.
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