IMPORTANT UPDATE - RECENT AMENDMENT OF THE CRITERIA FOR THE ACQUISITION OF THE CYPRUS CITIZENSHIP BY INVESTMENT
On 13.9.2016 the Council of Ministers revised and approved new criteria for acquiring the Cyprus Citizenship by investment, marking the scheme as one of the most enticing naturalization schemes within the European Union.
The Council of Ministers has decided and imposed a reduction of the amount of investment to the sum of 2.000.000 euro setting the scheme currently as one of the most attractive and favorable in the European Union.
Other previous requirements have remained in force such as the purchase of a residence of a minimum market value of 500.000 euro and the preservation of the investment for a period of at least 3 (three) years.
Based on the said scheme, a non-Cypriot resident, who fulfills any of the following Economic Criteria, either personally or through a Company or Companies in which he/she participates as a shareholder in proportion to his/her share, either through investment(s) made by the spouse or jointly with the spouse, or by a high ranking senior manager of a Company or Companies is entitled to apply for the acquisition of the Cyprus Citizenship by Investment.
A high ranking senior manager of a Company is eligible to apply given that his/her annual salary from the Company generates tax revenues in the Republic of Cyprus of at least 100.000 euro for a period of at least 3 years prior to the application and given that the tax has been prepaid or already paid.
The applicant should proceed to the investment any time during a period of 3 years preceding the application and should retain the investment at least three years after the granting of the Citizenship.
NEW ECONOMIC CRITERIA:
INVESTMENTS IN REAL ESTATE, DEVELOPMENT AND INFRASTRUCTURE:
The applicant should invest at least 2.000.000 euro for the purchase of immovable property or building development or residential or commercial infrastructure, tourist development or other infrastructures.
INCORPORATION OR PARTICIPATION IN CYPRIOT BUSINESS OR COMPANIES:
The applicant should invest at least 2.000.000 euro in the purchase, incorporation or participation in business or companies based and trade in the Republic of Cyprus. The invested capital should be solely used for funding of the investing purposes of the said business or Company exclusively in Cyprus.
An additional requirement is that the business or Company should employ at least 5 (five) Cypriot or European Union Citizens whom were permanently residing in Cyprus at least 5 (five) years prior to the submission of the application.
INVESTMENTS IN ALTERNATIVE INVESTMENT FUNDS (AIF) OR FINANCIAL ASSETS OF CYPRIOT BUSINESSES OR CYPRIOT ORGANISATIONS LICENCED BY THE CYPRUS SECURITIES AND EXCHANGE COMMISSION:
The applicant should invest at least 2.000.0000 euro in the purchase of units from Organizations of Alternative Investments established in the Republic of Cyprus and licensed by the Cyprus Securities and Exchange Commission (CySec) such as bonds and securities. The investment either as mentioned above or in a different case as approved by the Minister of Finance should be performed exclusively in the Republic of Cyprus.
COMBINATION OF THE AFOREMENTIONED CRITERIA:
An applicant may combine any investments in any of the aforementioned categories given that the investment will be for the sum of at least 2.000.000 euro.
In the framework of combining categories, the applicant may acquire special treasury bills of the Republic of Cyprus for the sum of 500.000 euro, purchased directly by the Ministry of Finance, given that he/she will preserve the said bills for a period of at least 3 years.
1. Residence in Cyprus: In addition to the aforementioned criteria the applicant should acquire a permanent residence in Cyprus of a minimum market value of 500.000 euro plus V.A.T.
In the case that the market value of a residence exceeds the sum of 500.000 euro, the excess amount may be used for completing the amount of the investment as aforementioned.
Important Note: In the case that the applicant invests in residential unit(s) based on the first economical criterion aforementioned, the investor is not required to acquire another permanent residence in the Republic of Cyprus, if any of the residential units is of a value of at least 500.000 euro plus V.A.T, provided that he will preserve the possession of the residence for the duration of his lifetime.
2. Clear Criminal Record.
3. Residence Permit: Any applicant prior to the filing of the application should be a holder of a residence permit of the Republic of Cyprus. In the case that the applicant is not a holder of a residence permit prior to the application, he/she should file an application for a residence permit simultaneously with the filing of the application for the acquisition of the Cyprus Citizenship.
This present requirement also applies for all the adult family members of the applicant who will be included in his application.
FAMILY MEMBERS OF THE APPLICANT:
The spouse and children as well as the parents of the applicant may also be included in the application for the acquisition of the Cyprus citizenship.
Children are eligible to be included in the application if they are under the age of 18 years old or from the age of 18 to 27 but are still financially dependent on the applicant.
Parents of the applicant may be included on the application given that an additional investment of 500.000 euro in real estate property will be made.
BENEFITS FOR ACQUIRING THE CYPRUS CITIZENSHIP:
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