Cyprus Investment Programme
Applying for Cyprus Citizenship
Summary of Cyprus Citizenship Programme
- A mandatory contribution of €150,000.
- Due diligence test to be conducted by a specialised firm.
- Investor must hold a Schengen Visa prior to submitting an application.
- Applicants refused a visa by an EU Member State will be ineligible to apply.
- Applicants refused under another citizenship programme in the EU will be ineligible to apply.
- Investment must be kept for a minimum of 5 years.
- If a residential property had already been purchased under the CIP, the required investment is increased from €2m to €2.5m.
- Investments made to the Cyprus shipping industry is an eligible investment.
The European Island of Cyprus is attracting the World’s most Successful Investors, Family Businesses & Entrepreneurs
The Cyprus Citizenship experience
The Cyprus Investment Programme, or Scheme for Naturalisation of Investors in Cyprus by Exception, has proved a valid alternative to the Maltese Citizenship programme.
Cypriot Citizenship with a €2m Investment in Cyprus for all the family, within 6 months.
True, Cyprus is not part of the Schengen Area but it is a full member of the European Union. The Cypriot passport offers 173 visa-free destinations (compared to Malta that enjoys 182), with the notable absence of the US from the list. Cyprus’ economy has been experiencing a nice come-back, and new-found oil and gas reserves, age-old tourism sector and various incentives to foreign direct investment are raising Cyprus’ sovereign rankings year after year.
Investment-based Citizenship with a small Donation requirement
The Cypriot programme requires only a small non-refundable contribution of €150,000 to the state, compared to Malta’s donation-only model at €650,000. In addition to the donation, applicants for Cypriot Citizenship are required to investment of €2m to €2.5m in either one or a combination of real estate developments in Cyprus or capital in Cypriot businesses (including banks) having a physical presence and employing at least 5 Cypriots.
An emerging property market within a fast-growing economy.
Efficient Processing time
In August 2016, Cyprus introduced a requirement to hold a Permanent Residency permit for at least 6 months before receiving their passport under the Cypriot Citizenship by Investment. This has ensured Cyprus is now in conformity with the European Commission’s stated minimum residency preference. This is half the 12-month ‘genuine link’ requirement applied by the Malta Citizenship programme that requires at least 14 days of physical presence. But in the first place, under European law, matters of nationality ultimately fall exclusively within the competence of the member-state and the EU has no real competence in such matters.
The Cyprus Investment Programme
About the Author
Cyprus Citizenship specialist Dr Jean-Philippe Chetcuti is one of the founding partners of international law firm Chetcuti Cauchi Advocates. Headed by Dr Chetcuti and Dr Antoine Saliba Haig, the firm’s Global Citizenship & Residency practice is one of the five main pillars of the firm, all focusing on international investors, business families and multi-national companies. The firm adopts a holistic approach at residency and citizenship planning, covering all aspects of tax planning, wealth structuring, asset protection, family business governance and succession planning.
Dr Chetcuti is a key advisor on the Malta Citizenship by Investment, the Cyprus Citizenship by Investment, the Malta Global Residence Programme and buying property in Malta and Cyprus. Holding licence IIP 001, he was the first to be licensed by the Identity Malta Agency and to directly file citizenship by investment applications under the Malta Individual Investor Programme. Dr Priscilla Mifsud Parker, a Tax Partner within the firm, is also licensed Citizenship & Residency Agent.
A Multi-Programme Citizenship Provider specialising in the major Residency & Citizenship Programmes
As an international law firm, we are a multi-programme provider with Governmental licences authorising us to represent applicants for citizenship and residency programmes with the governments of various countries including Malta, Cyprus, Portugal, Greece, Saint Kitts, Antigua & Barbuda, Dominica and Moldova. Accordingly, we guide families, investors and entrepreneurs in understanding the various residence and citizenship options and our advice is always objective and solely based on our clients’ best interests. Our experience and specialisation enables us to also take on mandates to advise investors or their advisors on eligibility for the various programmes and to receive very confidential information within the context of our strict professional secrecy and lawyer-client privilege.
About Chetcuti Cauchi Advocates
The Largest International Citizenship & Residency Law Firm in Europe
- Over 250 lawyers, tax & immigration advisors
- Immigration partners: 5
- Small firm personal attention + big firm expertise.
- First Citizenship Law Firm promoted Approved Agent
- Golden Visa Lawyers for Malta, Cyprus, Portugal, Spain, Greece, UK.
- Leading citizenship law firm in Malta & Cyprus.
- High success rate through experience & honesty.
- Chetcuti Cauchi on Citizenship by Investment
- Cyprus Citizenship by Investment
