The island of Cyprus is located in the Mediterranean Sea midway between Europe, Asia, and Africa. Cyprus became an independent republic just over 50 years ago, and joined the European Union in May, 2004.
In an endeavor to draw investment capitals into this young country, the Council of Ministers of the Republic of Cyprus has simplified procedures and reduced requirements for high-net-worth individuals to gain residency or citizenship by investment.
The Cyprus Citizenship by Investment program is open to high-net-worth individuals meeting simple pre-defined conditions, and permanent residence or citizenship can be attained relatively quickly.
In fact, Cyprus’ Naturalization of Investors by Exception Laws make this program one of the quickest and straightforward citizenship programs in the world.
The Cyprus economy has shown a strong recovery in recent years. Foreign direct investment has helped to spur this momentum. The tourist industry, shipping, oil and gas exploration, and the newer ‘Health and Wellness’ industries are all continuing to grow. Government policy is encouraging business growth by introducing a number of business-friendly incentives. The island offers excellent business infrastructure. The business and legal systems are based on United Kingdom models, dating from the days when Cyprus was a British colony.
No residence requirements for citizenship (Investors must visit Cyprus one time in every 7 years)
Visa-free travel more than 158 countries including to the EU and Canada
The citizenship can be passed to future generations by descent
The ability to work, run a business, and live in any of the EU member states
Low tax rates (currently 12.5% corporation tax, and a tiered income tax from 0 to 35%) including no capital gains tax, wealth tax, inheritance tax, or gift tax, no estate duty, and no income tax paid on income from dividends or interest
Attractive tax incentive schemes for new capital investment
No personal income tax as there is no requirement to be a Cyprus tax resident
No restriction on the repatriation of profits and imported capital
‘No double taxation’ agreements with over 50 other countries
Excellent educational facilities, including no-cost undergraduate courses in public universities, and the right to seek higher education qualifications in any of the EU member states with EU tuition fees
Excellent health care facilities
No mandatory military service for Cyprus citizenship by investment holders
Consular protection within the EU
Fast, simple procedure; can obtain citizenship within 6 months of application
According to the Civil Registry Laws 2002-2016, high-net-worth individuals can obtain Cyprus Citizenship by Investment by satisfying specific criteria as well as providing the substantial financial investment.
To be eligible for the program, applicants must: produce a valid passport; show official financial documents outlining the origin / source of their investment funds; provide proof that they have no criminal history in any country; and pay all applicable application fees for the program.
Applicants must also not have property frozen within any of the EU member nations.
On the basis of the new conditions (as of September 13, 2016) a non-Cypriot citizen who meets one of the below financial conditions can apply for the Cyprus citizenship-by-investment. In particular, the applicant should:
The applicant may proceed with a combination of the above, provided that the total investment will amount to a minimum of €2 million.
In all the cases listed above the applicant must hold a permanent private residence in the Republic of Cyprus, with a market value of at least €500.000 plus VAT. If the market value of the residence exceeds €500,000, part of the additional amount can be used to complete the amount of the investment.
NB: In cases where the applicant invests at least €2 million in one or more residential properties then the applicant is not required to further purchase another residence.
The investor should keep the investment for 3 years only; after that she or he is free to exit from the investment or resale the property.