Granting of European citizenship to investors in Cyprus
The Cyprus (EU) Citizenship by investment programme is brought to you by Cyprus Developers.
Participating in the programme investor with his family obtain Cyprus passports. This is not a residence permit or a visa but rather full citizenship of the EU-member state.
The programme requires the amount of €2mln to be invested in Cyprus for 3 years. The citizenship is granted within just 3 months!
The programme has already attracted over 3 billion euros of direct investments into the economy of the Republic of Cyprus.
Advantages of the programme
The programme is unique in Europe and very appealing:
- Cyprus passport is a full EU passport. Investor and his family can freely reside, work, study, have business in any of the EU-member states as well as in Switzerland, Liechtenstein, Norway and Iceland.
- Holder of Cyprus passport can travel visa-free in 157 countries in total.
- Dual-citizenship is permitted. Acquisition of Cyprus citizenship is not reported to other countries.
- The passport is issued also for the investor’s spouse*** and all financially dependent children (up to 28 years old). All next generations of investor retain EU citizenship.
- The investor’s parents are entitled to apply for citizenship provided that they are owners of a Cyprus permanent residence of at least €500.000.
- An express procedure – 3 months to be approved, plus another 3 months to actual passport.
- No requirement to reside in Cyprus.
- Minimum investment required is €2mln (here and below amounts are excluding VAT where VAT is applicable).
- The investment must be kept just for 3 years. After that, the assets can be sold. To be more precise, the Law states that a property of minimum value of €500.000 must be kept as a private residence (we expect that this condition will be removed; anyway this private residence can be rented out and generate rental income for investor).
- No donation to the Cyprus government.
- No history and language proficiency tests.
An investor is free to choose where to invest from a wide choice of options:
- Residential properties
- Commercial properties
- Development projects
- Purchase or creation or participation in Cypriot businesses or companies
- Investment funds, financial assets of Cypriot businesses or organizations
- Government bonds (maximum €500.000; the balance €1,5 million should be invested in other options like property)
- Combination of the above options
Requirements for investors
An investor must meet the following requirements:
- The minimum investment amount is €2 millions.
- Keeping investments for a period of minimum 3 years.
- Clear criminal record for applicant, spouse, adult children and parents.
- The investor must own a private residence or residencies in Cyprus, purchased for at least €500.000. If investments are made into residential property or properties, this requirement is not applicable.
- The investor must be the holder of a residence permit in Cyprus to qualify for receiving the Cyprus Citizenship. For this purpose, he/she should submit an application for a residence permit, which will be issued simultaneously with the filing of the Citizenship application. The obtaining of residence permit is a formality due to EU regulation. There is still no requirement for the investor to live in Cyprus.
If you opt for Citizenship-by-Investment Myrianthous Law Firm will assist you throughout, which is essentially undertaken in five steps:
- Selecting the investment: Our expert team will undertake the task of carrying out research in the real estate market to give you the best possible advice on the available options for your investment.
- Preparing the application: The client will receive an application package explaining in detail what is required for either application. The most time-consuming documents will be requested ahead of time to give the client time to prepare in advance.
- Obtain pre-approval.
- Submit the application: When an application is submitted to the Ministry of Interior, it is forwarded to the Ministry of Finance where the financial criteria are examined. Once the Ministry of Finance approves it, the applicant must proceed to make the investment. The application will then return to the Ministry of Interior and then to the Council of Ministers.
Issuing the Citizenship Certificate: A certificate will be issued after the Council ratifies the citizenship. The client will need to take an oath and then the Citizenship Certificate will be stamped. Subsequently, we will apply for a bio-metric passport, which we can obtain in a matter of hours, at which point you are an EU citizen.
Foreign nationals are eligible to apply for Cypriot citizenship if they have legally resided on the island for five years (if they are either parents or children of Cypriot citizens), or seven years (if they not either parents or children of Cypriot citizens).
At the time of applying, the applicant must have also legally and continuously lived on the island for the past 12 months.