First, for the time being, Cyprus has the most attractive offer on the European “citizenship by investment” market. Second, the island is know for its attractive climate: winters there are very mild and snowless, and summers are hot and dry. Finally, Cyprus has one of the lowest income tax rates in Europe. Figures below compare Cypriot rates with those of some other European countries:
About the program
Cyprus has started a series of initiatives to attract foreign capital in the country. One of these is the citizenship by investment program. This program grants Cypriot citizenship to those investors that buy real estate worth more than 2 million Euros. The program, however, has certain requirements.
After gaining the citizenship investors gain the same rights as every EU citizen has.
In 2016 the government decided to make some changes to the program. The minimum investment which was previously 2.5 million was reduced to 2 million Euros. The change gave the applicant the ability to include the parents in the program provided that an additional 500,000 Euro was to be invested in the purchase of a private residence within the territory of Cyprus.
Any third national who does not have Cypriot citizenship can apply for naturalization to gain citizenship provided that certain criteria are being met. The investment program qualifies for the following projects:
- Purchase of real estate
The minimum investment to be made is 2million and qualifies for ready and in construction real estate projects.
2.Business involvement in Cyprus
The minimum investment is 2 million Euros for commercial activities.
The applicant must make an investment of minimum of 2 million in the purchase, creation or participation in businesses or companies that are based and operating in the Republic of Cyprus. These businesses should be based on Cyprus and employ at least 5 Cypriots residents.
3.Alternative Investment funds or financial assets of Cypriot enterprises or organizations which are licensed by the security and exchange commission.
The applicant should make a minimum investment of 2 million Euros from an alternative Investment Fund (AIF).
4.A combination of the above investments
The applicant may invest in a combination of the above, provided that the total investment amounts to at least EUR 2 million.
The applicant’s investment combination may include the purchase of special government bonds of the Republic of Cyprus of up to EUR 500,000.This rule applied to the purchase of financial assets of Cypriot businesses or organizations for at least 2 million euros in the form of bonds, securities and debt securities.
This criterion also covers the purchase of financial assets of Cypriot businesses or organizations for at least EUR 2 million, in the form of bonds, securities and debt securities.
Another important requirement that applies, regardless of the investment option chosen, is the purchase and lifetime possession of a property in Cyprus that will be declared as the applicant’s residence in Cyprus. The purchase price of the particular property should be at least EUR 500,000 plus VAT. In the case that the applicant proceeds with the real estate option, this property can be included in the EUR 2 million investment.
What is the procedure?
The process of obtaining Cypriot citizenship consists of a series of important steps that need to be implemented professionally and carefully.
One of the important limitations is the time frame.
Following the submission of an application, the investors typically receive approval within three months. This quick process makes Cyprus one of the fastest destinations in which to obtain a second citizenship.
Even though the procedure for obtaining Cypriot citizenship is relatively straightforward, it is a very delicate process that requires a meticulous level of focus on the detail and structuring of the investment. It is a must that police clearance records from the current country of residence must also be provided at this preliminary stage.
What are some of the benefits of the Cypriot Citizenship-By-Investment Program:
-Citizenship of an EU member state
-The right to live, work and study in all 28 EU countries
-The right to security within the European social and legal system
-Full citizenship and passports are granted to the applicant and included family members
-Visa-free travel to 171 countries around the world
-Flexible options with no residence requirement; approval usually within 90 days
-Qualify by acquiring assets in Cyprus, with no requirement to donate your wealth
You can find more information about investment projects in Cyprus on a dedicated website.
You shall not get disappointed if the sum of 2 000 000 is something that you cannot afford. With only 300 000 EUR investment in Cypriot economy you are eligible to receive a Permanent Residency in Cyprus. This means that you will benefit from the majority of citizens’ tax privileges, and will be able to travel freely within the EU; the same rights can be granted to your family members.
Interested in becoming a Cyprus citizen? Check our properties which can help you with that?
Originally published at www.liveonriviera.com.