Citizenship-by-Investment in Cyprus
The Cypriot Government has established a number of incentives to attract foreign direct investment into the country. One of these is a citizenship-by-investment program that grants full Cypriot citizenship to those that invest more than EUR 2 million in real estate and who meet certain other requirements. Successful applicants gain the right to live, work and study in all 28 EU member countries.
In September 2016 , the Government of Cyprus introduced changes to its citizenship-by-investment program. The changes include the reduction of the minimum investment amount to EUR 2 million (from EUR 2,5 million) and the possibility to include the parents of the main applicant provided that an additional EUR 500,000 + VAT will be invested in the purchase of a private residence in Cyprus.
Any non-Cypriot citizen may apply for Cypriot citizenship through Naturalization by Exception if they meet one of the investment criteria presented below. The qualification may either be done personally or through a company/companies in which the applicant acts as a shareholder or even as a high-ranking senior manager.
|1.||Investment in real estate, developments and infrastructure projects|
The applicant should make an investment of at least EUR 2 million for the purchase or construction of real estate.
|2.||Purchase, establishment, or participation in Cypriot businesses and companies |
The applicant must make an investment of at least EUR 2 million in the purchase, creation or participation in businesses or companies that are based and operating in the Republic. These businesses or companies should have a demonstrable and tangible presence in Cyprus and employ at least five Cypriot citizens.
|3.||Investment in Alternative Investment Funds or financial assets of Cypriot enterprises or Cypriot organizations licensed by the Securities and Exchange Commission |
The applicant should purchase units amounting to at least EUR 2 million from Alternative Investment Funds (AIF).
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.
|4.||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.
Another important requirement that applies, regardless of the investment option chosen, is the purchase and life-time 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.
The process of obtaining Cypriot citizenship consists of a series of important steps that need to be implemented professionally and carefully. Henley & Partners manages each step and ensures that they are executed correctly and at the right time, since each part of the process, if not properly handled, can affect the final citizenship approval.
Henley & Partners also helps its clients to identify the most suitable investment opportunities, evaluates all possible investments in relation to potential exit strategies, prepares and submits the application for citizenship to the government, follows up with the authorities while the case is being processed, and receives approval and passports for the clients. We also help clients to manage their properties and provide a further, enhanced menu of concierge services.
Following the submission of an application, Henley & Partners typically receives 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. Henley & Partners has a wealth of international and local expertise and a high success rate of delivering the grant of citizenship within the three-month time frame.
Henley & Partners only works with investors who have passed our internal due diligence checks, which are similar to those used by the Government of Cyprus. Police clearance records from the current country of residence must also be provided at this preliminary stage.
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 159 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
Henley & Partners assist international clients in obtaining residence and citizenship under the respective programs. Please contact us for more information or to arrange for an initial personal consultation.