The New Cyprus Citizenship by Investment Programme - Your Passport to the EU
With the amendment dated 13.09.2016, the Cyprus Citizenship by Investment Programme became even more attractive.
The new Cyprus Citizenship by Investment Programme reduces the minimum amount of investment, and it shortened the time for assessment of applications.
The new programme retains the exclusive nature of the Cypriot passport, currently ranked 12th by the passport index. The speed of processing remains one of its outstanding features, currently unmatched by other EU Countries competing to attract foreign direct investments such as Malta, Portugal, Hungary or Bulgaria. Qualified investors can be granted Cypriot Citizenship approval within only three months, which makes it the fastest Citizenship by Investment Programme in Europe. The speed of proceedings, simplicity of rules and the inclusion of dependent parents are the driving advantages of Cyprus.
Main criteria of the new Cyprus Citizenship by Investment Programme:
- The minimum investment to obtain Cyprus Citizenship has been reduced from €5 million to €2 million plus a privately-owned residence of at least EUR 500.000.
- In case of an investment made solely in residential property, a minimum investment of only €2 million is acceptable to obtain Cyprus Citizenship, provided that one of the properties included in the investment is worth at least €500,000 and is used as the investor’s private residence.
- The applicant’s parents are also eligible to apply for Cyprus Citizenship after the investor has acquired his/her citizenship, provided that they are owners of a private residence of at least €500,000 (+VAT). 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 + VAT.
- The amount that can be invested in Government Bonds is now limited at €500,000.
- The previous Collective Investment Scheme for Cyprus Citizenship is no longer available.
- The previous bank deposit option is no longer available for the Cyprus Citizenship by Investment Programme.
- A combination of different economic criteria is available for the Cyprus Citizenship by Investment Programme, as it was before.
- An important new criterion was added, requiring the obtaining of a permanent residence permit by every applicant, prior to application for the Cyprus Citizenship by Investment Programme.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, then he/she 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.
The Cyprus Citizenship by Investment Programme offers the following advantages, as previously:
- Fast track procedure: the time frame for the application and approval is just 3 months.
- Full EU citizenship is obtained, with 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 is passed on to the investor’s spouse, children (dependants 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 Citizenship by Investment Programme, and to assist you with becoming a citizen of our beautiful and safe island, full of business advantages. Just contact us!