Obtain European Citizenship with a €2.0 Investment in Cyprus.
As from 13th of September 2016, the Cyprus Council of Ministers has approved the amendments to the Scheme for Naturalisation of Investors in Cyprus by Exception. The said scheme is based on subsection (2) in section 111A of the Civil Registry Laws of 2002-2015.
The said amendments are in line with the strategy of the Cyprus Government to further attract Foreign Direct Investment and encourage the use of Cyprus by High Net Worth Individuals.
We provide below information on the changes introduced, the revised criteria and on our value proposition in supporting clients and their families to obtain the Cyprus (EU) Citizenship.
- Level of investment reduced to a total of €2M – €2.5M, as opposed to €2.5M – €3M under the previous Criteria.
- Applications will be submitted on a stand alone base; criterion of Collective Inevstments abolished.
- Introduction combination of all economic criteria.
- Parents of the investor can now obtain the Citizenship with an additional permanent residence of €500.000
- Abolishment of the criterion of bank deposit
- Cap set on the investment in Cyprus Government bonds. (Max. €500.000)
- A Permanent Residence Permit will be issued prior to Naturalisation (unless the applicant(s) is a Temporary Permit holder already)
We summarise below key information on the revised criteria, terms and conditions of the Scheme:
- The level of investment is now set at a minimum of €2 million, plus purchasing a permanent residence of a minimum purchase price €500.000 (excl. VAT). Hence, the total maximum investment is set at €2.5M.
- Revised economic criteria now include amongst others investments in:
- Land for development
- Alternative Investment Funds (AIFs) regulated by the Cyprus Securities and Exchange Commission (”CySec”)
- Financial assets (i.e. bonds, debentures) of Cyprus companies, issued under the auspices of the CySec. The said Cyprus companies must have tangible presence and substantial economic activity in Cyprus
- Total investment can be a minimum of €2 million, if one opts for investments in residential real estate properties under the relevant Criterion. At least one residential property must be, of at least €500.000 (excl. VAT); the said property will be kept for life.
- Parents of the investors who are Naturalised as Cypriots, can apply for obtaining the Cyprus Citizenship as well, provided they purchased a permanent residence of €500.000 (excl. VAT). Adult Dependent Children and the Investors’ parents can apply for the Cyprus Citizenship right after the investor has obtained the Cyprus Citizenship.
- Upon submission of the citizenship application, the investor and the spouse will apply for a Permanent Residence Permit. The citizenship is now granted within 6 months as from the application date (previously it was within 3 months).
The new scheme is effective immediately. However, for the period of today and until the 31 October, 2016 applicants can apply under this new scheme OR under the previous one. This is to allow time for existing applications or sales to be finalized under the previous scheme. As from the 1st November, 2016 only this new scheme will be valid.