Cyprus Citizenship by Investment
The Cyprus citizenship program by investment program implemented by the Cyprus government and Cyprus immigration authorities, facilities non-European Union entrepreneurs and investors who, in return for obtaining Cyprus Citizenship and Cyprus passport, are prepared to invest in Cyprus.
New Financial Criteria for Cyprus Citizenship by investment
An Applicant will be eligible to obtain Cyprus passport and Cyprus Citizenship if one of the following economic criteria is met:
A. INVESTMENTS IN REAL ESTATE, LAND DEVELOPMENTS AND INFRASTRUCTURE
The applicant should make an investment of at least €2 million for the purchase or 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
B. PURCHASE OR INCORPORATION OR PARTICIPATION IN CYPRUS BUSINESSES AND CYPRUS COMPANIES
The applicant must have made an investment of at least € 2,0 million in the purchase, creation or participation in Cyprus businesses or Cyprus companies, that are based and operating in the Cyprus Republic. These businesses or companies should evidently have a tangible presence and turnover in Cyprus and employ at least five (5) Cypriot or European Union citizens.
C. INVESTING IN CYPRUS ALTERNATIVE INVESTMENT FUNDS (AIF’S) OR FINANCIAL ASSETS OR CYPRIOT ORGANIZATIONS LICENSED BY THE CYPRUS SECURITIES AND EXCHANGE COMMISSION, “CYSEC”
The applicant should invest least € 2 million in Alternative Investment Funds or financial assets such as bonds, bills and securities of Cyprus Companies or Cyprus organizations that are licensed by Cyprus Securities and Exchange Commission (“CySec”).
D. COMBINATION OF THE AFOREMENTIONED INVESTMENTS
The applicant may make a combination of the above investments, provided that the total investment will amount to at least € 2 million.
Applicants who satisfy the criteria for applying for Cyprus Investment Program must also:
- Have a clean criminal record
- Their names must not be listed in the list of individuals whose assets are ordered to be frozen within the borders of the European Union
- Additionally, applicants must hold a permanent privately-owned residence in Cyprus, the market value of which must be worth of a minimum €500.000 plus V.A.T
FAMILY MEMBERS OF THE INVESTOR MAY ACQUIRE THE CYPRUS CITIZENSHIP
If the investor’s application fulfills the criteria for obtaining the Cyprus citizenship, the investor’s spouse or partner will be also able to acquire the Cypriot citizenship and Cyprus Passport simultaneously.
Provided that the Application for obtaining the Cyprus citizenship of the investor is successful then the children of the investor that are under the age of eighteen are also eligible to acquire the Cyprus citizenship and Cyprus passport.
The right to apply for Citizenship is also granted to the financially dependent adult children of the Investor. A child is regarded as financially dependent belonging to one of the below categories:
(a) students up to the age of 28 that are attending an institution of higher Education aiming to obtain a diploma or an undergraduate or a master’s degree. The Decision excludes individuals who are studying for the acquisition of a professional qualification (e.g. chartered accountants or barrister).
(b) children with severe physical or mental disability that renders them unable to work. The application can be submitted after the investor had acquired the Cypriot citizenship.
The parents of the investor may apply for citizenship after the investor had acquired the Cyprus citizenship. In order for the investor’s parents to be able to apply for citizenship they need to hold a permanent privately-owned residence in the Republic of Cyprus, the purchase price of which must be at least €500.000, plus V.A.T.
It is noted the investor and his/her parents, may collectively acquire a residence, provided that the total value of this home-property is at least €1.000.000, plus V.A.T.
How Christos Paraskevas LLC may assist you
Our law firm can assist you on obtaining the Cyprus Citizenship in the shortest time frame possible. We will consult you on the requirements of the whole application process and assist you on the preparation of all documents necessary for submission.
We submit the complete application together will all necessary supporting documents to the authorities on your behalf, we monitor the status of the application and we act as a liaison with authorities during the examination of the application.