Cyprus
GCI - Global Citizenship InvestmentCITIZENSHIP PROGRAM CYPRUS
As a part of its policies aiming to further encourage Foreign Direct Investment and to attract high net worth individuals to settle and do business in Cyprus the Council of Ministers, on the 13th of September 2016, revised the "Scheme for Naturalization of non-Cypriot investors by exception" and, thus, established the new criteria and terms based on which non–Cypriot entrepreneurs/ investors may acquire the Cypriot citizenship. Cyprus is a member country of the EU since May 1, 2004 with its geographic size of 9,251 km², and population number 847,008, as per 2015. Cypriots comprise 0.2% of the total EU population. Its capital is Nicosia and the official language in Cyprus is Greek. The Gross Domestic Product (GDP) is €17,421 billion, as per 2015. Cyprus’ currency is Euro (€) since it became a member of the Eurozone on January 1, 2008. The political system is a presidential republic. Cyprus holds 6 seats in the European Parliament and has held the revolving presidency of the Council of the EU once in 2012.
To apply for the Citizenship Program Cyprus the applicant has to make a significant economic contribution to the country. The first option is to make an investment to the into an Alternative Investment Funds or financial assets of Cypriot enterprises or Cypriot organizations. Second option is a designated Investment in real estate, developments and infrastructure projects. Third Option is to purchase, establishment, or participation in Cypriot businesses and companies. We will guide you through the whole submitting process for the Citizenship Program Cyprus.
Minimum Investment
EUR 2,500,000 (REAL ESTATE)
Real Estate Investment
YES
Process Time
3 MONTHS
HOW TO APPLY FOR CITIZENSHIP IN CYPRUS?
On 13th of September 2016, the Cyprus Council of Ministers has decide that the investor and his/her adult family members, prior to their naturalization as Cypriot citizens, must hold a residence permit in Cyprus. If the applicant (either investor or family member) does not already hold a residence permit, he/she may apply for an Immigration Permit on the basis of Regulation 6 (2) of the Aliens and Immigration Law, simultaneously with the application for naturalization. The Cypriot citizenship can be granted to the spouse or partner of the investor and to his/her parents, financially dependent adult children and minor children (under the age of eighteen).
To apply for Citizenship Program Cyprus applicants must be at least 18 years of age, be of a good character with no criminal record, and have good health. The application of the spouse or partner of the investor can be submitted along with the application of the investor, so that both spouses/partners will be able to acquire the Cypriot citizenship simultaneously. The process of applying for citizenship in Cyprus is rigorous and requires diligent preparation in order to gather all the information needed. Application timelines can vary and be difficult to predict, although they usually depend on how easily an applicant can access the required documentation, as well as the complexity of the application as a whole.
The process may be simplified into the following steps:
- Application preparation and pre-approval by GCI - Global Citizenship Investment
- Submission of the application to the Government of Cyprus
- Government processing of the application and due diligence checks, taking between 3 and 4 months for completion.
- Approval in principle.
- Investment in one of the three options listed above.
- Citizenship certificate issued.
- Passport application and issuance.
- Furthermore our consultants will guide you through the whole submitting process for the Citizenship Program Cyprus.
Cyprus Citizenship
WHY BECOME A CITIZEN OF CYPRUS?
Cyprus is one of most stunning natural environment of the world; Cyprus is an island country in the Eastern Mediterranean Sea, off the coasts of Syria and Turkey. Cyprus is the third largest and third most populous island in the Mediterranean and it is also the world's 80th largest by area and world's 51st largest by population. It is located south of Turkey, west of Syria and Lebanon, northwest of Israel and Palestine, north of Egypt and southeast of Greece. The island’s ideal strategic location has shaped its history and civilization throughout the centuries. It measures 240 kilometres (149 mi) long from end to end and 100 kilometres (62 mi) wide at its widest point, with Turkey 75 kilometres (47 mi) to the north.
Cyprus has a subtropical climate one of the warmest climates in the Mediterranean part of the European Union with very mild winters (on the coast) and warm to hot summers. Snow is possible only in the Troodos Mountains in the central part of island. Rain occurs mainly in winter, with summer being generally dry. The area of the Republic of Cyprus under government control has a market economy dominated by a services sector that accounts for more than four-fifths of GDP. Tourism, finance, shipping, and real estate have traditionally been the most important services. Cyprus has been a member of the EU since May 2004 and adopted the euro as its national currency in January 2008. During the first five years of EU membership, the Cyprus economy grew at an average rate of about 4%, with unemployment between 2004 and 2008 averaging about 4%. We suggest the Citizenship Program Cyprus will offer our customers a lot of benefits.
- Visa-free travel to 173 countries, including all European Schengen states (EU), UK and others.
- The option to establish oneself in any one of the 28 European Union member states, as well as Switzerland.
- Free and easy money transfer within all European countries.
- Great opportunity for investment.
- Waiting time frame of 90 days.
- A low tax regime, safeguarding citizens from, for example, worldwide income, inheritance, and gift tax.
- No residence mandatory requirements.
- The opportunity to maintain dual citizenship if so desired.
- Low cost of living, coupled with a high standard of living.
- Excellent education and healthcare systems, and advanced infrastructure.
Cyprus Second Passport
CYPRUS PASSPORT
Cypriot passport are issued to citizens of Cyprus for the purpose of international travel. Every Cypriot citizen is also a citizen of the European Union. The passport, along with the national identity card allows for free rights of movement and residence in any of the states of the European Union and European Economic Area. According to the 2016 Visa Restrictions Index, Cypriot citizens can visit 173 countries without a visa or with a visa granted on arrival, thus ranking the Cypriot passport 15th in the world. Cypriot citizens can live and work in any country within the EU as a result of the right of free movement and residence granted in Article 21 of the EU Treaty.
Cyprus Procedures
CITIZENSHIP PROGRAM CYPRUS PROCEDURE
PROCEDURE PROCESS
The steps are mainly simple, particularly after signing service agreement, we will proceed as follows:
Step A
- We identify and evaluate the most suitable investment opportunities for each client and assign a Customer Manager to be in charge with all his application process.
Step B
- We prepare and submit the application for citizenship to the Government together with proper assistance for property acquiring and any other adjacent services.
Step C
- We follow-up with the authorities and receive approval on our client behalf.
Step D
- Once your application is approved, you will have to submit the payment for all fees and amounts.
After all the above steps, we will collect the Citizenship Certificate and passport and deliver it to you in the most secure way.
CYPRUS INVESTMENT PROGRAM - AMENDMENTS TO THE SCHEME
WHAT COSTS ARE EXPECTED?
Based on the decision number 81.292, 84.068 and 84.957 dated 13/09/2016, 09/01/2018 and 21/05/2018, the Council of Ministers approved the following amendments to the Scheme, effective as of 13/02/2019:
The investor must make a donation amounting to €75,000 to the “Research Promotion Foundation”. *
The investor must make a donation amounting to €75,000 to the “Cyprus Land Development Corporation”. *
The investor is required to maintain their investment for the period of at least 5 years from the date of naturalisation, previously the investor had to maintain their investment for at least 3 years.
The investor can replace the investment, within the period of 5 years upon prior approval from the Ministry of Finance.
Investment made in the Cyprus shipping industry will be considered as eligible criterion for the Cyprus Investment Program (CIP).
The investor can now also make an investment in Registered Alternative Investments Organizations (UCITS), the UCITS will have the right/option to invest up to € 200,000 in the secondary markets of the Cyprus Stock Exchange.
In case where residential property is acquired, and had already been used for the purposes of the Cyprus Investment Program (CIP), the investment amount increases from €2m to €2.5m. *
The investment in Government bonds has been abolished.
In case the investor invests in real estate development & infrastructure projects, the following documents must be provided to the authorities: *
i) Planning permit;
ii) Certificate of Completion, duly executed by the architect of the project;
iii) In case where the property is under construction, at least 5% of the total value of the property must be blocked via a bank guarantee, the relevant amount will only be released to the Vendor upon completion of the property;
iv) In case where there is a mortgage on the property to be acquired, a bank waiver letter must be in place.
The applicant must be a holder of a valid Schengen visa.
In the event that the applicant has submitted an application to another Member State for citizenship and the application has been rejected, the investor will not be able to apply for the Cyprus Investment Program.
You can apply over GCI UNIT and his lawyers in Cyprus.
Our Advisor Fee is marktconform and to pay in upfront for the application.
1. Donation into an Alternative Investment Funds or financial assets of Cypriot enterprises or Cypriot organizations:
By choosing this option, you must deposit €2 million for the purchase of Units form Alternative Investment Funds (AIF) or bonds of financial assets of Cypriot businesses or organizations. 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.
2. Investment in real estate, developments and infrastructure projects:
By choosing this option, you should make an investment of at least EUR 2 million for the purchase or construction of buildings or for the construction of other land development projects (residential or commercial developments, developments in the tourism sector) or other infrastructure projects. It is noted that investment in land under development is included in this criterion, provided that an investment plan for the development of the purchased land will be included in the application. It is understood that investment in land that is situated in a building zone of zero development, is excluded.
3. Purchase, establishment, or participation in Cypriot businesses and companies:
You 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. The minimum number of employees shall increase, if more than one applicant invest simultaneously or almost simultaneously in the same business or company. In addition, the employees of the companies need to have legally and continuously resided in Cyprus during the five years preceding the application submission date.
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