Cyprus has successively boosted its competitiveness by offering appealing incentives to investors from abroad, and by setting new, more realistic financial criteria.
The Financial Criteria
A Foreign investor may file for Cypriot Citizenship if he/she:
- Invest in property developments and infrastructure no less than €2 million. The investment may involve the buying or construction of real estate, either residential or commercial. The investment must be made in a building land based on a specific development plan. Note that properties in zero growth zones are excluded.
- Purchase, incorporate or participate in a Cyprus established and operating business or firms. The total sum must be no less than €2 million, fed to finance the investment goals of this business or firm, based on a specific business plan. Furthermore, the firms in question must have a physical presence in Cyprus, featuring significant activity and turnover, and employing no less than five (5) Cypriot or European citizens.
- Invest in Cyprus alternative investment funds (AIF’s) or financial assets or Cypriot organizations licensed by the Cypriot Securities and Exchange Commission (CySec). Again, the overall invested amount in units should be no less than €2 million of AIF’s established, licensed and supervised in Cyprus by CySec. Such investments must be made exclusively in Cyprus and meet the scheme’s criteria and be approved by the Minister of Finance.
- Acquire financial assets in Cypriot businesses or organizations of at least €2 million. These assets may include bonds, bills and securities issued by firms with physical presence and substantial economic activity in Cyprus, and must be kept for three (3) years.
- Combine the above-mentioned investments, as long as the overall invested amount is no less than €2 million. In this case, the investor can also invest in Cypriot government bonds of up to €500.000, issued for this purpose by the Public Debt Management Office of the Ministry of Finance, for no less than three (3) years.
Terms & Conditions
The investor must also have:
- a clean criminal record;
- a residential property within Cyprus - that is a permanent privately-owned residence bought for no less than €500.000 plus VAT. Note that family members applying individually as investors are eligible to purchase a residence jointly, on condition that each applicant pays at least €500.000;
- a residency permit in Cyprus. In case the applicant is not already a holder of a residency permit, he/she has the right to apply for an immigration permit and naturalization at the same time.
Cyprus’ investment incentives feature truly unique benefits for investors from abroad. Among the most important are:
- a direct path to EU citizenship;
- the investor is not obliged to make a donation to the State or Government;
- he/she is not required to know or learn the language, have a medical test or pass an interview;
- the investor enjoys all EU citizen privileges, including the right to reside, work, do business, study and travel with any limitation whatsoever inside the European Union, equal treatment and access with nationals to employment, working terms and conditions, as well as other social and tax benefits;
- full protection by EU legislation and regulations;
- the right to travel without Visa to more than 150 countries (apart from EU member-states), among them Canada and Australia;
- there is provision for dual citizenship;
- opportunity to invest directly in immovable property or other assets or to combine allowable investments;
- numerous tax incentives;
- Cyprus nationality and passport does mean the investor is automatically a tax resident, lest he/ she spends more than 183 days of a year in Cyprus;
- The Cypriot personal income tax regime is ranked among the most advantageous onshore personal income tax regime around the globe;
- Cyprus boasts an impressive number of double tax treaties;
- The island lies directly on the crossroads between Europe, the Middle East, and North Africa and is invariably included among the best countries to live in the world (everyday life, education, communications, transportations, climate, cost of living, low crime rates, etc.);
- Cyprus offers excellent professional and multilingual services.
Wish to ponder over this unique investment opportunity? Contact us and let us help you plan your next move carefully and successfully.