An island between EUROPE, MIDDLE EAST and AFRICA
Since ancient times the historical importance of Cyprus far exceeded its small size. Its geographic location, together with its agricultural, mineral and forest wealth, made Cyprus, a transit station and centre of trade and culture.
Nowadays, Cyprus strategic location is considered a blessing as it attracts powerful forces with economic and strategic motives from all over the world. It has become a land of opportunities for many foreign investors, especially after its accession to the European Union in 2004 and its adaption of the E.U currency in 2008 where it facilitated easily international commercial transactions and also made the island a member of a huge, fast growing market. Additionally, it has evolved into an international business hub due to the island's friendly, modem legal and tax regime which automatically motivates people to invest not only their wealth but also to expand and advance their business.
Cyprus is also a popular tourist destination that offers a multidimensional experience to everyone that visits the island. Here you will be exposed and discover more than 1000 years of history and cultural heritage, where you will be welcomed by the Cypriot hospitality and enjoy the sunny weather which is more than 300 days of blue skies a year due to the islands mild climate. Cyprus is an island full of contrasts surrounded by sandy beaches and world class resorts with marinas that offer high standards which meet the needs both of leisure and work by offering professional services for conferences.
The recent discovery of oil and gas reservoirs found in the Exclusive Economic Zone (EEZ) are of a major importance not only for Cyprus to solve its own energy dependency but at the same time it would develop the region around Cyprus and make the island a new energy hub for the whole Europe.
Despite the recent global financial and economic crisis, Cyprus has managed to overcome the challenges through its innovative tactics/methods and modern business environment and has managed to adapt to the constantly changing environment in order to guarantee in every way the interests of the island.
The introduction of the highly successful "Citizenship by Investment" Programme and the "Fast Track Residency by Investment Programme” has boosted further the economy and has rendered Cyprus a prime choice for many high net worth individuals who wish to enjoy the benefits of EU Citizenship.
Country ProfileTotal Area : 9,251 sq. km
Population : 1,172,071 (as of January 1, 2016)
Capital : Nicosia
Official languages : Turkish, Greek
Government : Presidential Democratic State
Climate : Mediterranean Climate
Currency : EUR
Exchange Rate : 1 USD = 0.85 EUR (2014)
Time Zone : UTC+02:00
Location : Lies at the crossroads of Europe, Africa and Asia at the crux of the busy shipping and air routes linking the three continents.
Key Benefits of receiving the Cyprus Citizenship:
- Fast Track Citizenship Programme- 3 months to Approval- 6 months to issue of Cyprus Passport.
- The total financial investment can be as low as €2 million.
- This is an investment NOT a donation.
- The investor should only retain the investment for just 3 years after which he is only obliged to maintain in his ownership a residential property of a purchase price of €500,000.00 (plus VAT if any).
- The investor is able to rent out his/her privately-owned residence.
- The eligible investment is not limited to properties purchased for the first time.
- Wide choice of investment options.
- There is no physical residency requirement. Only two visits necessary to Cyprus, firstly to issue the residency and thereafter once Citizenship is approved, to swear the oath of Allegiance and collect his Cypriot Passport on the same day. If impossible to visit Cyprus, the second part can be arranged in certain Cyprus Embassies abroad.
- The whole family can obtain the Citizenship including the spouse of the investor and minor children as well financially dependent adult children up to the age of 28, who are attending an institution of higher education aiming to obtain a diploma or an undergraduate or a master's degree.
- The parents to the Investor may also obtain Citizenship provided they hold a private residence of a purchase price of at least €500,000.
- Citizenship transferable to all descendants.
- Access to all the rights of an EU citizen protected by EU legislation and regulations: freedom to work, study, reside in any EU-member state, as well as Switzerland, Norway, Iceland, Liechtenstein.
- It offers an additional insurance against political instability.
- No language proficiency tests.
- Citizenship transferable to all descendants.
- Multiple citizenship permitted and the acquisition of citizenship not reported to other countries.
- Low government fees for the filing of the application.
- VISA-free travel to over 157 countries worldwide.
- Free movement of capital, services and goods within the EU.
Main Advantages of Cyprus:
- Cyprus is a democratic country with political stability and emphasis on full protection of human rights.
- The English language is spoken by the vast majority of the population, which makes it easier for non Cypriots to live and prosper in the country. Russian is also spoken by a large percentage of people.
- It enjoys a high standard of living and quality of life with a modem and highly developed infrastructure and excellent telecommunications, ranked as the fifth best place to relocate by Knight Frank Global Lifestyle Review.
- A secure and safe environment for the whole family to enjoy a stress free lifestyle.
- Cyprus has a very high standard of Education across all sectors. There are excellent private schools for both junior and secondary level foreign pupils. These schools are directly linked to the UK education system allowing graduates to easily obtain entry into the top UK Universities Cyprus also has a wide selection of English speaking Universities which are directly related to the UK and USA Universities.
- Cyprus has the lowest corporate EU tax rate which is 12.5% and its enviable geographical position between Asia, Europe and Africa makes Cyprus the ideal place to invest as it is a gateway for many emerging nations such as China, Iran and India to expand further their business throughout Cyprus.
- No inheritance tax applicable and no estate duty.
- No taxation on foreign source income received in Cyprus.
- Cyprus provides excellent health care at low cost. Each major town has its own Government Hospital, in addition to many private hospitals and clinics throughout the country.
Eligibility of an Investor to Cyprus Citizenship:
The main Applicant must be of at least 18 years of age. The spouse of the investor, minor children as well financially dependent adult children up to the age of 28, who are attending an institution of higher education aiming to obtain a diploma or an undergraduate or a master’s degree. An Investor's child with severe physical or mental disability that makes him or her unable to work is also considered as financially dependent.
The parents to the Investor may also obtain Citizenship provided they hold a private residence of a purchase price of at least €500,000.
Clean Criminal Record.
His name must not be included on the list of persons whose property is ordered to be frozen within the boundaries of the European Union. He must purchase a residential property in Cyprus of a minimum value of €500,000.00 (plus VAT if any). Such property must not be disposed at any point in time although they may be substituted with another property of an equal or higher purchase price.
Before, acquiring the Cypriot Citizenship, the applicant must hold a Cyprus Residence Permit for a period of at least six months In addition, the Applicant may choose one of the following investment options and schemes which can be disposed after three years following the acquisition of Citizenship
Investment Criteria:Private Residence PLUS Investment Amount €2 million
Apart from owning a private residence of a purchase price of €500.000 plus VAT, the Applicant must invest €2 million in:
- 1. Real estate, land development and infrastructure projects;0R
- 2. Financial assets of Cypriot companies or Cypriot organizations;0R
- 3. Alternative Investment Funds or financial assets of Cypriot companies or Cypriot organizations that are licensed by CySec;0R
- 4. Combination of the aforementioned investments: The applicant may proceed with a combination of the above investments, provided that the total investment will amount up to at least €2,0 million. Within this the applicant may purchase special government bonds of the Republic of Cyprus up to €500.000
- Investment Amount €2 million TOTAL
- If the applicant has invested in housing unit/units on the basis of criteriaon 1, the purchase of another permanent residence in Cyprus will not be required, if at least one of these housing units is worth at least €500,000, plus VAT, provided that the applicant retains the possession of the residence for life
Government FeesIn summary the fees are as follows:
- The application of the spouse is submitted concurrently with the application of the main applicant. Upon the approval of these applications, children applications follow.
- The Citizenship application is submitted to the Ministry of Interior. Whilst the Ministry of Finance assesses the financial criteria at the same time, the Ministry of Interior investigates whether the applicant meets the other conditions of eligibility.
- If the Applicant does not already hold a Cyprus Residence Permit, he should apply for such immediately after the submission of the Citizenship Application and submit his biometric data. The Residence Permit is issued within five working days.
- Once the Citizenship Application examination by the two Ministries is completed, the application is presented to the Council of Ministers.
- The Citizenship Application processing takes approximately 3 months.
- The approval of Citizenship under the relevant Decision is granted by the Cyprus Council of Ministers.
- Provided the Applicant holds a Residence Permit for at least 6 months and following the application approval, the Civil Registry and Migration Department issues the Certificate of Naturalisation and the Applicant may visit Cyprus to swear the oath of Allegiance and collect his Passport.