The Cyprus Investment Programme

Cyprus, a full member of the EU, offers an interesting Investment Programme
for people who wish to relocate

Cyprus Investment Programme

Cyprus Investment Programme

Cyprus, a full member of the European Union (EU) since May 2004, provides the “Cyprus Investment Programme” that offers advantages for people who wish to relocate to Cyprus.

The Cyprus Investment Programme opens the way to the exclusive nature of the Cypriot passport, currently ranked 10th by the passport index. Qualifying investors can be granted Cypriot Citizenship approval in six months. This is substantially faster than in other EU countries offering similar investment programmes.

Main criteria of the Cyprus Investment Programme (updated as per the Cabinet approval dated 14 February 2019):

  • The minimum investment is €2 million, plus a minimum of €500.000 in the residential property of the investor.

The following investment rules apply for the investment of €2.000.000:

  • Investment of at least €400.000  need to be invested in-line with the criterion “Buy or set up or participate in Cyprus businesses and companies”;
    companies to be invested in must be active in the primary or secondary sectors of the economy, or in one of the fields of research and technology, education, health, renewable energy;
  • Investment in shipping companies is eligible for the application for citizenship;
  • Investments in listed Alternative Investment Products are eligible investment, with a cap of EUR 200.000;
  • Investment of at least €2.000.000 in financial assets of Cypriot companies or businesses, and/or
  • Investment of up to €200.000 listed Alternative Investment Products are now an eligible investment as well, with a cap of EUR 200.000, and/or
  • Investment in real estate property;
  • Any combination of the above investments is allowed, as long as the specifically required minimum investment requirements are met;
  • The investments must be maintained for at least five years (formerly three years);
  • A mandatory donation of EUR 75.000 to the Foundation for Research and Innovation is now mandatory. The funds of the Foundation are used to promote the creation and enhancement of the innovation ecosystem of Cyprus.
  • A further mandatory donation of EUR 75.000 has to be provided to the Cyprus Land and Development Corporation, aiming for implementing affordable housing policies.
  • The applicant must possess a permanent privately owned residential property of at least €500,000 in Cyprus, which must be kept for lifetime.

Other rules and details:

  • The investor, his or her depending children and his or her parents are eligible to apply for Cyprus Citizenship under certain conditions, provided that they are themselves owners of a private residence of at least €500,000. Or, the investor and his/her parents may collectively acquire a private residence, provided that the total value of the residence property is at least €1.000.000. 
  • An important criterion is the requirement to obtain a permanent residence permit for every applicant. The procedure for acquisition of the Cypriot Citizenship will be completed only when the applicant holds a residence permit for a period of at least 6 months. If the applicant does not hold a residence permit prior tot he application for Cyprus citizenship, then s/he can apply for a Permanent Residence Permit simultaneously with the application for the Citizenship, while the procedure for the acquisition of the Cypriot Citizenship will be completed when the 6-month period is completed. 
  • Cyprus will publish an annual Implementation Report, which will include the numbers of Cyprus citizenships granted, the original nationality of the new citizens, and the sector of investment.

The Cyprus Citizenship by Investment Programme offers the following advantages, as previously:

  • Qualified investors may apply for Cypriot Citizenship, approval takes generally six months.
  • Cyprus citizens enjoy the right to freely reside, work, study and have a business in any of the EU-member states, including Switzerland, Liechtenstein, Norway and Iceland.
  • Dual Citizenship is permitted in Cyprus.
  • No stay requirement to reside in Cyprus after obtaining the Cypriot citizenship.
  • Visa-free travel to over 150 countries worldwide.
  • Eligibility for application includes the investor’s spouse, parents, children (dependents up to the age of 28) and their descendants.
  • No language proficiency requirements, as in some other countries, like in Portugal, for instance.

Please note that a great advantage of actually residing in Cyprus is the Cyprus Non-Dom Tax Status, which would entitle you for exemption of taxation on dividends received and interest earned for a period of 17 years!

Shanda Consult will be pleased to consult you with your questions regarding the Cyprus Investment Programme and to assist you with becoming a citizen of our beautiful and safe island, full of business advantages. Just contact us!

IMPORTANT UPDATE:

Please note that as of 31st of July 2018 applications for the Cyprus Investment Programme can be submitted on behalf of the applicants only by individuals or companies registered with the Registry of Service Providers. Applications filed on behalf of investors by unregistered companies or individuals will not be accepted.

Shanda Consult is an approved service provider, registered with the Registry of Service Providers for the Cyprus Investment Programme with CIP Registration number 231. You may see the full registry here.

 

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