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Cyprus Passport

 

Cyprus Passport (Cyprus Citizenship by investment)

Cyprus Passport (Cyprus Citizenship by investment) is currently considered as one of the most attractive passport in Europe. Investment required now can be as low as 2 Million Euros

Cyprus Passport (Cyprus Citizenship by investment) criteria

The applicant should:

  1. Invest in Cyprus 2 Million Euros plus VAT where applicable over the last 3 years. The investment should be held for at least 3 years. Investment can be in either or a combination of:

+   Real estate, land development and infrastructure projects, construction of buildings or for the construction of other land development projects (residential or commercial developments, developments in the tourism sector or other infrastructure projects). Investment need not be one project. It can be broken down to various investment projects thus giving the chance to the investor to achieve maximum return on investment. In case of land development eligible for construction, a business plan needs to be presented to the relevant Authorities for approval. Non developing land does not qualify. Where applicable, VAT is not included

Additional notes

i.      Under this option the additional purchase of a residence of 500.000 Euros is not required therefore investment required is only 1.5 Million Euros

ii.      After 3 years the applicant can dispose the property and leave part for his own residence which should equal to a cost value of 500.000 Euros plus VAT where applicable or,

iii.      After 3 years the applicant can dispose the entire property and replace with own residence which should equal to a cost value of 500.000 Euros plus VAT where applicable

+   Creation or participation in Cyprus companies or Cyprus businesses based and operating in Cyprus having substantial operations with significant turnover and employ a minimum of 5 Cypriot or EU nationals who have been legally residing in Cyprus for a continuous period of at least 5 years. The minimum number of employees increases where more than one applicant invests in the same investment

+   Financial assets of Cypriot companies or Cypriot organizations (bonds/ securities/ debentures registered and issued in the Republic of Cyprus). It is noted that these financial assets can be purchased either at issuance, or subsequently by the market

+   Invest in an Alternative Investment Fund (AIF) established in Cyprus, licensed and supervised by the Cyprus Securities and Exchange Commission. Alternative Investment Funds should exclusively make their investments in Cyprus. The administrator and the auditor of the Fund are obliged to report to the relevant Ministries on an annual basis, that the initial investment amount is maintained

+   A combination of the above together with an investment in Cypriot government bonds up to 500,000 Euros

  1. Own residential property in Cyprus with a cost value of at least 500,000, Euros plus VAT where applicable. Residential property should be held for life

 

Other important notes

  1. The applicant has to obtain permanent residency in order to be approved for Cyprus Citizenship
  2. The applicant’s parents are also entitled to apply for Cyprus Passport (Cyprus citizenship by exception provided that they own a lifetime residence of at least 500.000 Euros + VAT where applicable
  3. Where the purchase price of the residential property exceeds the amount of 500.000 Euros (excluding VAT), the excess amount can be calculated and included in the entire investment.
  4. The applicant satisfies his/her personal good standing criteria.
  5. The Investor must be aged 18 or over.

 

Cypriot Passport (Cypriot Citizenship) government Fees

Applicant

Application Fees for submitting

Fees for Issuance of Certificate

Investor

€2,000

€5,000

Spouse

€2,000

€5,000

Adult Child

€2,000

€5,000

Minor Child

€80

 

Cyprus Passport (Cyprus Citizenship by Investment) application process

The application for Cyprus passport (Cyprus Citizenship by investment) is submitted to the Ministry of Interior with original documents supporting the application together with 2,000 Euros for government fees. The Ministry of Finance evaluates the economic criteria of the applicant. All original documents together with a copy should be submitted to the Ministry of Interior. Foreign documents issued by a foreign authority must be translated into Greek or English and duly certified. Once criteria are met, the Ministry of Interior forwards the application to the Cyprus Council of Ministers for approval

Spouse application can be submitted simultaneously with applicant’s application. Application for children can follow later on

Once the Cyprus Passport (Cyprus Citizenship by Investment) application is approved, the Cyprus Civil Registry and Cyprus Migration Department issues the Naturalization Certificate, after the payment of 5,000 Euros, which is the certificate issuing fee

It should be noted that the application submission date is the date on which the submission fees were paid

The Cyprus Council of Ministers has full discretion regarding the approval of Application for Cyprus Passport (Cyprus Citizenship by Investment)

The investor must hold a residence permit in Cyprus to qualify for receipt of Cyprus Passport (Cyprus Citizenship by investment). For this purpose the applicant should apply for a residence permit, which will be made simultaneously with the application submission of the Cyprus Passport (Cyprus Citizenship by investment. Obtaining a residence permit is required by EU regulations. There is still no requirement for the investor to live in Cyprus

 

Why a Cyprus passport

There important reasons for applying for Cyprus passport:

  1. The scheme is flexible, straightforward and quick. Cyprus citizenship by investment process takes approximately 3 months
  2. There is no requirement for applicants to be physically present in Cyprus
  3. Investor need not be fluent in Greek language (local language) as opposed to other countries
  4. There are no investors donations to the Government as opposed to other countries
  5. Spouse and dependent children can also qualify with the applicant if they are up to 28 years old
  6. Parents can also qualify subject to conditions stated above
  7. Cyprus Citizenship can pass to future generations without the need of additional investments
  8. Dual citizenship is allowed
  9. Cyprus citizenship is not reported to other countries
  10. There is a wide choice of investment options
  11. Cyprus passport holders may enter, reside, study and work in the European Economic Area, (the European Union, Iceland, Liechtenstein, Norway) and Switzerland
  12. Cyprus passport holders may travel visa free to more than 150 countries including Canada
  13. No visits are required during or after application

Cyprus passport if applicant is also a tax resident of Cyprus can also be combined excellently with Cyprus “Domicile” regime which exempts High-net worth non-domiciled individuals moving to Cyprus from personal taxes on rents (3% on 75% on rent income), interest (30%) and dividends (17%) which are applicable to Cyprus domiciled individuals

How we can help

–   We can help you to apply and get your Cyprus Passport and permanent residency

– We can also help you to get your non domicile status in Cyprus and be exempt from personal taxes on your world wide income

Contact us

Please contact for a free personal consultation at

Email: [email protected]

 

The authors expressly disclaim all and any liability and responsibility to any person, entity or corporation who acts or fails to act as a consequence of any reliance upon the whole or any part of the contents of this publication.

Accordingly no person, entity or corporation should act or rely upon any matter or information as contained or implied within this publication without first obtaining advice from an appropriately qualified professional person or firm of advisors, and ensuring that such advice specifically relates to their particular circumstances.

PKF Cyprus firms are member firms of the PKF International Limited network of legally independent firms and do not accept any responsibility or liability for the actions or inactions on the part of any other individual member firm or firms.

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