“Scheme for Naturalization of Investors in Cyprus by exception” REDUCED TO € 2 MILLION
Requirements and Conditions
- Fast track procedure: Approval will be issued within approximately 3 months.
- A € 2 million (plus vat if any) – Investment in a single Residence. A single property to be used as a residence at a minimum value of € 2 million. The residence must be retained by the investors for a period of 3 years. After 3 years the Investor has the right to sell his/her property and buy another one at a minimum value of €500,000.
- A €2 million (plus Vat if any) Investment in a selection of Residential Properties, out of which one property is to be used as a privately-owned permanent residence of a minimum value of €500,000. The remaining € 1.5 million can be invested in a range of residential properties only, which may be resold after 3 years.
- It is noted that members of the same family, who apply separately as investors, can collectively acquire a residence, provided that the total value of this home-property covers the amount of €500.000, per each applicant.
- In case that the purchase value of the permanent privately owned residence in Cyprus exceeds the amount of €500.000, part of this additional amount can be used for purposes of supplementing the total amount of the investment made in the basis of the criteria of Part A above.
- The applicant, prior to his/her naturalization as a Cypriot citizen must hold a residence permit in Cyprus. If the applicant does not already hold a residence permit, he/she may apply for an immigration permit on the basis of Regulation 6(2) of the Aliens and Immigration Law, simultaneously with the application for naturalization.
- Any property/ies purchased during the past 3 years, can also be included in the required investment amount.
- The program applies to the immediate family of the applicant i.e the spouse and dependent children up to the age of 28 if full time university students.
- Applicants must hold a clear criminal record from the country of origin and the country of residence (if different).
- No requirement to physically reside in Cyprus, before/ after approval.
- Same rights as any European Citizen.
- Cyprus allows multiple citizenship.
- You can travel, live, work and study anywhere in the European Economic Area (European Union, Iceland, Liechtenstein and Switzerland).
- Travel to 157+ countries without a visa.
- Offers an effective tool for family and tax planning.
- Offers an additional insurance against political instability.
- Cyprus has zero inheritance, wealth, gift and immovable property taxes.
- The investor can rent out his/her privately-owned residence.
- Enables access to some of the highest education and healthcare institutions in the world.
- Free movement of capital, services and goods.
- The eligible investment is not limited to properties purchased for the first time.
- A single application provides CYPRUS EU CITIZENSHIP & PASSPORTS for all the Family
It includes spouse of applicant, children under 18 years, and adult dependent children (over 18 years and up to 28 years). Neither the spouse nor the children are obliged to meet any financial criteria. Parents of the investor have the right to obtain citizenship as well
- No Tax Consequences
Applicant does not become a tax resident in Cyprus, unless he/she spends more than 183 days in any one calendar year.
- Visa-free travel to more than 157+ countries
- Valid for life and passed on to new generations.
- Applies for all nationalities
- NO requirement to physically reside in Cyprus
Neither before the application nor after obtaining the Citizenship
- Cypriot citizens enjoy the freedom to live, work, study and travel throughout Europe
- Freedom to establish a business in any European country
- No Restriction on Movement of Capital
Transfer any amount of money from any EU Member State to another, purchase property in any EU Member State and invest in any activity
- No local Language and History requirements
- No Government Donations
Unlike other Citizenship programs, 100% of your investment goes against your investment!
- Excellent Rental Yields on Real Estate investments
Cypriot Citizenship Processing Fees
|Applicant||Application Submission Fees||Certificate Issuance Fee|
Vat may be reduced to 5% on the first property purchase (first 200m2)
Standard vat rate is 19%.
Additional taxes and duties apply (approximately €4,000)
THE PROCESS – FAST TRACK 3 MONTHS
Step 1 – Review & select real estate investment
Select property (through visit to Cyprus or via correspondence). Sign purchase agreement and transfer funds to a secure account. Receipt issued by QG, which is required for application.
Step 2 – Preparation of citizenship application
The client will receive a detailed application package and document checklist. Applicant must gather all necessary papers required for application (see Application Criteria page). The documents must be officially translated into Greek or English and certified with apostil (if in a country which has signed the Hague Convention of 1961) or stamped by the Ministry of Foreign Affairs and relevant Cyprus Embassy.
Step 3 – Acquire pre-approval
The appointed lawyer completes a pre-clearance check
Step 4 – Citizenship and PR application submitted to Government
Payment of submission fee €2,000 per adult applicant. Application lodged, together with the property purchase agreement and all required documents, at the Ministry of Interior.
Step 5 – Issuance of Cypriot citizenship
Once ratified by the Council of Ministers, a citizenship certificate is issued. This Certificate must be signed by the applicant either in front of a Registrar of a Cypriot Court or a Consular at any Cypriot Consulate abroad within 3 months of receiving approval. In Cyprus the process, including collection of biometric ID cards, takes under 1 day, through an embassy the process takes up to 2 weeks. It should be noted that the application submission date is the date on which the submission fees were paid.
Step 6 – Naturalization of children
Submit the applications of children to be naturalized. Applications of minor children are processed within 3 weeks; they can visit Cyprus anytime to collect their papers. Adult children’s applications are processed within 2 months and are subject to a submission fee of €2,000 and approval fee of €5,000. The children must visit Cyprus within 3 months to collect their passport and identity card.
Note: Further to the changes announced on the 13.09.2016 by the Ministry of Interior, an additional government fee may be applicable for the PR application. This clarification on the procedure concerning the submission of the main applicants’ parents is expected.
Work with the Leading Experts to secure
- In-depth knowledge of the relevant legislation and procedures to ensure successful applications.
- Vast experience in successful preparation and processing of citizenship applications
- Close collaboration with the authorities and trusted Legal/Tax Advisors
- Peace of mind – problem solving professionals will help you address all issues.