Relocating to a Mediterranean metropolis is a dream for many, as very few make it a reality. Cyprus is known as “The Land of the Gods” and its rolling mountains, sandy beaches, and bustling and cosmopolitan cities make it the obvious choice for those looking to relocate to the European Union.
The Cypriot government has established many incentives to attract direct foreign investment into the country and one of these is its popular citizenship by investment programme. The programme grants successful applicants and their families, full Cypriot citizenship in return for satisfying several investment requirements. Once an individual holds a Cypriot passport, they gain the automatic right to live, work, travel and study in all 28 EU Member States.
As well as undergoing a thorough due diligence procedure, the main applicant must satisfy the following criteria and requirements:
- An investment of €2 million (excluding VAT) in a qualifying investment category, or a combination of qualifying investment categories;
- An investment in government bonds of the Republic of Cyprus of €500,000;
- The applicant must be in possession of a Cypriot residency permit - this can be applied for prior to application for citizenship, or it can be issued simultaneously with the citizenship application;
- The parents of the applicant are entitled to apply for citizenship by exception, if they are owners of a permanent residence in Cyprus with a value of at least €500,000 (excl VAT). Alternatively, the applicant and the parents can purchase one residential property with a value of at least €1 million, provided they contribute €500,000 each.
Means of investment:
- The applicant should make an investment of at least €2 million in the purchase or construction of residential property . If the applicant decides to purchase commercial property then the applicant must additionally purchase or be the owner of a permanent residence in Cyprus of the least €500.000 (excluding VAT). Or;
- The applicant should make an investment of at least €2 million in the purchase, creation, or participation in a business or company structure that is both based and operating in Cyprus. These enterprises must have a tangible and valid presence in Cyprus and must employ a minimum of five Cypriot citizens. Or;
- The applicant should invest at least €2 million in Alternative Investment Funds. This also applies to the purchase of financial assets from Cypriot businesses or companies, of at least €2 million in the form of securities, bonds, or other financial vehicles. Or;
- The applicant may invest in a combination of the above three means of investment, provided that the total value of the investment amounts of at least €2 million. It may also include the purchase of government bonds of the Republic of Cyprus, of up to €500,000.
Note: For points 2,3 and 4 above, the applicant must additionally purchase or be the owner of a permanent residence in Cyprus of at least €500.000 (excluding VAT).
Once all relevant criteria have been satisfied and an application has been filed, successful applicants will have their approval within three months which makes the Cypriot citizenship by investment programme, one of the fastest in the world.
Apart from becoming a citizen of a safe, politically stable, economically sound EU country that enjoys over 3500 hours of sunshine a year, these are some of the other benefits of acquiring naturalisation in Cyprus:
- Right to reside, live, work, and travel within the 28 EU Member States;
- Diplomatic and consular protection from any EU country;
- Right to vote and stand for European Parliament;
- Free movement of goods, capital, and services;
- Visa-free travel to over 159 countries including the whole of the EU, and Canada;
- Citizenship can be passed down through the descending family line;
- Dual citizenship means that you do not have to renounce your previous nationality;
- Can be obtained in 6 months;
- English speaking, with high infrastructure standards, good education systems, and a high standard of healthcare;
- Strategically located between Europe, the Middle East, and Africa making it a hub for intercontinental business and easy travel.
If you are looking for a better future for you and your family, or are just looking to expand your horizons, then the acquisition of a Cypriot passport is an excellent way to open a world of opportunities. At Askanis Group, we can assist you in meeting your investment obligations regarding real estate.
To find out more about the process and the investment solutions that we offer, please contact us on email@example.com or call us on +357 25 336 171.