Cyprus European Citizenship with New Revised Scheme

On the basis of a Council of Ministers’ revised Decision (dated 13 September 2016), non Cypriot Investors, can acquire the Cyprus Citizenship by Naturalization (by exception on the basis of the Civil Registry Law 2002-2015).

Key Benefits
• Free Movement of People
Freely travel, reside and work within the EU
• All Family Can Obtain Cyprus citizenship
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
• Free Movement of Capital
Transfer any amount of money from any EU Member State to another, purchase of property in any EU Member State of choice and invest in any activity
• Free Movement of Services
Establishment and free movement of services – individual citizens and companies can offer services without hindrance in all EU Member states
• Free Movement of Goods
All goods produced in EU Member States can be transferred freely from any Member State to another
• No Requirement to Physically Reside in Cyprus
Neither before the application nor after obtaining the Citizenship
• Visa Free Travel
VISA free travel to 157 countries worldwide, including the EU countries, Canada and Australia, amongst others
• Investment for 3 Years Only
The investor must retain the investment made for 3 years after which he/she is free to realize it. There is no gift or donation
• Express Procedure
A fast process - 3 months to be approved
• No History or Language
No history and language proficiency tests are required

One of the following financial criteria must be met:
• Direct Investments in Cyprus amounting to a minimum of €2 mn, held for at least 3 years, in any of the following:

- investment in real estate, land development and infrastructure projects

- purchase, creation or participation in Cyprus businesses and companies based and operating in Cyprus. Such companies are required to have a physical presence in Cyprus and to employ at least 5 Cypriot citizens

- investment in Alternative Investment Funds (“AIFs”) established in Cyprus and licensed by CySEC which invest exclusively in Cyprus. This criterion includes financial assets of Cypriot companies or organizations issued after approval by CySEC

- combination of the aforementioned criteria amounting to €2mn. In the context of this criterion, the applicant may also purchase Cyprus government bonds of a maximum amount of €500.000

Financial Criteria and Other Conditions

• In addition to the above criteria the applicant must fulfil the following conditions:
- hold a Clear Criminal Record from the country of origin or/and the Cyprus Police
- confirm that the applicant’s name is not included in the list of persons whose property is ordered to be frozen within the EU
- privately owned residence in Cyprus, the costs of which must exceed the amount of €500.000 excluding VAT. If the direct investment is made in residential property, this requirement is not applicable
- in case the investor’s parents are included in the application either purchase an additional property of at least €500.000 or the investor and parents acquire one residential property of a total value, minimum, €1mn
- the applicant must be resident before being granted citizenship, thus a simultaneous application for both residency and citizenship must be made
- have at least one visit to Cyprus

Key Information to Keep in Mind

• Applicant does not become a tax resident in Cyprus, unless he/she spends more than 183 days in any one calendar year
• The approval of Citizenship under the relevant Decision is granted by the Cyprus Council of Ministers
• The application package is submitted to the Ministry of Interior. The Ministry of Finance assesses the financial criteria
• The application of the spouse is submitted concurrently with the application of the main applicant. Upon the approval of these applications, children applications follow
• After examination by the two Ministries, the application is presented to the Council of Ministers
• The application processing usually takes 3 months
• Keeping investments for a minimum of 3 years
• Low government fees for the filing of the application
• Dual citizenship is permitted and the acquisition of citizenship in Cyprus is not reported to other countries

CONTACT US

sales@qualitydevelopments.com
TEL: +357 24 821855
FAX: +357 24 662922
FREE PHONE IN CYPRUS: 80007766
Constantinou Paleologou 41,
6036  Larnaca, Cyprus

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