Cyprus Investment Programme
The Government of Cyprus recently redesigned the Cyprus Investment Programme, with new rules coming into force in March 2019. The Programme offers flexibility, as applicants can choose among a number of approved investments. There are, however, mandatory donations that must be made to the Research and Innovation Foundation and the Cyprus Land Development Corporation.
The applicant must make the investments during the three years preceding the date of application and must hold them for five years after the date of naturalisation. Investments may only be replaced with prior approval from the Ministry of Finance.
The investor must also purchase a permanent, privately-owned residence in Cyprus, valued at min. €500,000 plus VAT. The residence must be held by the investor for life.
Finally, the investor must hold a Cypriot resident permit for at least six months prior to becoming naturalised. The application for the resident permit can be made at the same time as the application for citizenship is submitted, and the resident permit is cancelled upon receipt of citizenship.
Visit the official website: www.investcyprus.org.cy
Benefits of Programme Participation and Cypriot Citizenship
A main applicant under the Cyprus Investment Programme must fulfill the following personal requirements:
- Be over the age of 18
- Be of good character, evidenced by a clean criminal record
- Not be on the list of persons whose assets, within the EU, have been frozen as a result of sanctions
- Not be rejected for citizenship in any other EU member state
- Hold a valid Schengen visa. This requirement does not apply to applicants who are EU citizens or whose current citizenship affords them visa-free travel to the Schengen Area
In connection to Cyprus, a main applicant must also:
- Hold a Cypriot resident permit for at least six months prior to becoming naturalised
- Hold a private residence purchased at a minimum of €500,000 plus VAT for life
- Make the investment(s) during the three years preceding the date of application for citizenship, and hold the investment(s) for five years
Donations and Investment(s)
A main applicant must make:
- A €75,000 donation to the Research and Innovation Foundation (with some exceptions);
- A €75,000 donation to the Cyprus Land Development Corporation; and
- A €2 million investment in one or a combination of the following:
- Real estate, land development, and infrastructure projects
- Cypriot companies or businesses
- Alternative Investment Funds (AIF), Registered Alternative Investment Funds (RAIF), or the financial assets of Cypriot companies or organisations that are licensed by the Cyprus Securities and Exchange Commission (CySec)
Investment in Housing
Although main applicants under the Cyrpus Investment Programme must generally commit €150,000 in donations, €2 million in investments, and €500,000 + VAT for a private residence (a total of €2,650,000 + VAT), there is an exception for main applicants who choose to make their investment in housing units. In this case, the money spent for the purchase of the main applicant’s private residence can count towards the €2 million investment (resulting in a total of €2,150,000 + VAT).
Note, however, that this exception only applies to housing units that were not previously used to acquire citizenship by investment. Housing units previously associated to the Cyrpus Investment Programme cannot count towards the €2 million investment.
Visit the official Cyrpus Investment Programme website on http://www.moi.gov.cy
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