The Cypriot Investment Program (CIP) was established as part of the local government’s efforts to attract foreign investment to Cyprus. It encompasses a set of legislation and financial criteria that allows non-Cypriot high net worth individuals and investors, as well as their families, to obtain Cypriot citizenship through naturalization within nine to twelve months unless the applicant is already a holder of a permanent residence card in which case the time needed is considerably reduced. Once an individual holds Cypriot citizenship, they gain the automatic right to live, work, travel and study in all 28 EU Member States.
CYPRUS INVESTMENT PROGRAM
The Cyprus Investment Program has undergone a number of revisions to ensure that it remains targeted, trustworthy, and favorable to potential investors.
The key REQUIREMENTS FOR PARTICIPATION IN THE PROGRAM are as follows:
Option 1: Investment in real estate, land development and infrastructure projects
The purchase or construction of buildings or other land development projects (residential or commercial) worth at least €2 million. If the applicant decides to purchase commercial property, he or she must also additionally purchase or be the existing owner of a permanent residence in Cyprus of a purchase price of at least €500.000 + VAT. It is important to note that if the applicant has invested in, or is planning to invest in housing units that have already been used for the purposes of acquiring Citizenship via the CIP, the total investment amount, including the privately-owned residence, will need to be at least €2.5 million.
Option 2: Investment in Alternative Investment Funds or Registered Alternative Investment Funds
The purchase of at least €2 million from Alternative Investment Funds or Registered Alternative Investment Funds licensed registered and supervised by the CySec and whose investments are made exclusively in the Republic of Cyprus and approved by the Ministry of Finance. In addition to this, the applicant must purchase or be the owner of a privately owned residence in the Republic of Cyprus with a purchase price of at least €500.000 + VAT.
Option 3: Purchase or establishment or Participation in Cypriot Companies or Businesses
The participation or purchase of at least €2 million in companies or organizations established and operating in the Republic of Cyprus which also includes the shipping sector. These companies or organizations must have a tangible and valid presence in Cyprus and must employ a minimum of five Cypriot citizens. In addition to this, the applicant must purchase or be the owner of a privately owned residence in the Republic of Cyprus with a purchase price of at least €500.000 + VAT. It should be noted that any investment in the shipping sector will be assessed by the Ministry of Finance and the Shipping Deputy Ministry jointly.
Option 4: Combination of the aforementioned investments
Provided that the total investment will amount up to at least €2 million.
- A donation of €75,000 to the Cyprus Land Development Corporation aimed at contributing to the integrated housing policy.
- A donation of €75,000 to the Research and Innovation Foundation to promote the creation of an entrepreneurial innovation ecosystem.
TERMS AND CONDITIONS
- A clean criminal record.
- A valid Schengen visa upon application.
- Residence Permit in Cyprus:
The applicant, prior to his/her naturalization as a Cypriot citizen must hold a residence permit in Cyprus for a period of at least 6 (six) months.
If the applicant does not already hold a residence permit, he/she may apply for an immigration permit, simultaneously with the application for naturalization. The applicant, prior to his/her naturalization as a Cypriot citizen must hold a residence permit in Cyprus for a period of at least 6 (six) months.
This also applies for the adult members of the family of the investor, who will apply for naturalization.
In case the application for naturalization is rejected for any reason, the residence permit, obtained in accordance with the provisions of this decision, will be canceled immediately.
- In cases where an applicant had previously submitted a Citizenship application in any other EU Member State and was rejected, he/she will not be permitted to apply for Cyprus Citizenship via the CIP.
- There will be a limit of 700 applications per year.
- Cypriot citizenship can be granted to the spouse /partner of the investor and the investor’s parents, financially dependent adult children, and minor children (under the age of 18), via an application for Naturalization by Exception.
- In order for the parents of the investor to receive the passport, they must be in possession of a permanent residence in Cyprus, purchased for at least €500,000. The investor and his/her parents can jointly purchase one residence, provided that the purchase price is at least €1,000,000. Alternatively, the investor must increase his/her investment to the amount of at least €500,000 in order to allow for his/her parents to apply for a Cyprus Citizenship.
For a full breakdown of all the relevant documents required for the application process, please CONTACT US.
Acquiring Cypriot citizenship means becoming a citizen of a safe, politically stable, economically sound EU nation which enjoys year-round sunshine and a high quality of life. Here are some of the other benefits of investing in Cyprus and acquiring naturalization:
- The right to reside, live, work, and travel within the 28 EU Member States.
- Diplomatic and consular protection from any EU country.
- The right to vote and stand for European Parliament.
- Free movement of goods, capital, and services.
- Visa-free travel to more than 159 countries, including the whole of the EU, and Canada.
- Citizenship can be passed down through the descending family line.
- Dual citizenship means that you do not have to renounce your previous nationality.
- High quality of living in an English-speaking country with high infrastructure standards, good education systems, and excellent healthcare.
- A strategic home base on an island located between Europe, the Middle East, and Africa, which makes Cyprus an ideal hub for intercontinental business and easy travel.
If you are seeking a better future for you and your family, or are simply looking to expand your horizons, then participating in the Cyprus Investment Program is an excellent starting point to a world of opportunities.
At Askanis Group, our team of experts can offer guidance and assistance in meeting your investment obligations regarding real estate. Contact us today to help you find the right investment to suit your needs.
CYPRUS PERMANENT RESIDENCE PERMIT
High-net worth individuals who have at their disposal a secured annual income that is high enough to allow for a high quality of life in Cyprus for themselves and/or their dependents without having to engage in business, trade or a profession on the island are eligible for a Cyprus Permanent Residence permit.
REQUIREMENTS FOR THIS FAST-TRACK OPTION:
- Evidence of a steady income from abroad of at least €30,000 from sources other than employment in Cyprus. This includes certificates of dividends, certificates of fixed deposits, pension statements, rents or salary advice.
- The Immigration Permit issued to an applicant covers his/her spouse and children under the age of 18. If the applicant seeks Permanent Residency for a dependent child (age 18-25) or adult dependent (spouse or parents), the necessary minimum income increases by €5,000 for each child and €8,000 for each adult dependent.
- Confirmation letter from a Cypriot bank showing deposits in a local account of a minimum capital of €30,000. This amount should be pledged for a period of at least 3 years.
- Purchase of a residential property, the minimum market value of which should be €300,000 plus VAT.
- A title deed or sale purchase agreement for the aforementioned property, in the name of the applicant, or in the name of a company registered in Cyprus or the EU, of which the applicant is a shareholder, plus proof of payment of at least €200,000 of the purchase price prior to the application.
- The property purchased may comprise up to two residences (apartments or houses) or a residence and an office with an area of up to 100 or 250 square meters, as long as the total purchase price falls under the aforementioned requirements. Residences must be new and not resales.
DOCUMENTS REQUIRED FOR THE PERMANENT RESIDENCY APPLICATION PROCESS:
Applicants are expected to visit Cyprus at least once every two years. The Permanent Residence permit takes approximately three months to be issued, from the date of submission of the required documentation.
To find out more about the Cyprus Investment Program or the Cyprus Permanent Residence Permit, and the investment solutions that we offer, please contact us on [email protected] or call us on +357 25 336 171.