CYPRUS CITIZENSHIP BY INVESTMENT PROGRAM
Cyprus, Officially the Republic of Cyprus, is the third largest and most popular Island in the Mediterranean. It is a major tourist destination with a rich history and Culture. The country is full of Interesting and exciting opportunities related to Events, Customs, Places and Activities. Cyprus is not only famous for its culture and customs but also for creating opportunities for high net worth Investors by providing excellent business opportunities in different sectors and in Real estate.
Cyprus has been running one of the most desirable Citizenship-by -Investment schemes in the world since 2002 which makes Cyprus CBI program as one of the oldest Citizenship program. It allows foreign nationals to invest €2.15 Million in the country’s economy.
Note- The Cyprus program was revised by Council of Ministers on 15th Feb 2019 with the following criteria. It includes addition of two government contributions of €75,000 with an approval time of 6 to 8 months. This can be achieved in either of the two ways –
- The applicant must do the investment either personal or
- Through a company in which he acts as shareholder/senior management position holder
CYPRUS – QUICK FACTS
- Location: Europe
- Capital: Nicosia
- Passport Rank: 15
- Population:17 Million
- Language: Greek ,Turkish and English
- Visa Free Travel: 173 Countries
OPTION 1: INVESTMENT IN REAL ESTATE, LAND DEVELOPMENT AND INFRASTRUCTURE PROJECTS
The applicant must make an investment of at least €2.0 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.
OPTION 2: PURCHASE OR ESTABLISHMENT OR PARTICIPATION IN CYPRIOT COMPANIES OR BUSINESSES
The applicant should make a purchase or should participate in companies or organizations established and operating in the Republic of Cyprus with investment costs of at least €2.0 million. The invested funds shall be channeled towards the financing of the investment objectives of these companies exclusively in Cyprus, based on a specific investment plan. The applications will be evaluated to verify that the companies or organizations have proven physical presence in Cyprus, with significant activity and turnover and employ at least five (5) Cypriot or citizens of EU member-states. 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.
OPTION 3: INVESTMENT IN ALTERNATIVE INVESTMENT FUNDS OR FINANCIAL ASSETS OF CYPRIOT COMPANIES OR CYPRIOT ORGANIZATIONS THAT ARE LICENSED BY CYSEC
The applicant should buy units of at least €2.0 million from alternative investment funds (AIF) established in the Republic of Cyprus, licensed and supervised by the CySec and whose investments are made exclusively in the Republic of Cyprus.
The purchase of financial assets of Cypriot companies or organizations of at least €2,0 million, such as bonds, bills and securities, issued with the approval of the CySec, by companies that have proven physical presence and substantial economic activity in the Republic of Cyprus, and have as a purpose the financing of the investment plans of these companies or organizations exclusively in Cyprus, based on an investment plan, fall under this criterion.
OPTION 4: COMBINATION OF THE AFOREMENTIONED INVESTMENTS
The applicant can submit the application with combination of the above investments, provided that the total investment will amount up to at least €2.0 million. Within this criterion (combination of investments) the applicant may purchase special government bonds of the Republic of Cyprus, up to €500.000, which will be issued by the Public Debt Management Office of the Ministry of Finance, on condition that the investor will retain these bonds for a three year period. Investments in government bonds through the secondary market are not considered eligible.
** Parents can be included within the same application by adding an additional investment of € 500,000 for a period of 3 years.
BENEFITS OF OBTAINING CYPRUS CITIZENSHIP
- Visa Free Travel to 173 Countries including the Schengen countries, Canada, United Kingdom, Singapore and Hong Kong
- Right to live and work anywhere in the European Union.
- Irrevocable citizenship and second passport
- Fast processing – get citizenship and second passport in just 6 months
- No need to reside in Cyprus to maintain citizenship
- No foreign income tax, no inheritance tax
- Spouse and dependent children below the age of 28 can be included in application
PERMANENT RESIDENCY CYPRUS
The applicant can also apply for Cyprus permanent residency programme by investing in the real estate. This is one of the fastest program leading to European Residency. The applicant must hold residential property worth of € 300,000 in the Republic of Cyprus. Thus leading to residency permit. The residency visa is granted within 2 months. Subsequently, parents of both main applicant & spouse as well as dependent children up to 25 years old can be included in the application.
The applicant must visit Cyprus once in two years to keep the residency status active. This residency allows free access to other European countries.
WWICS – OFFERING EXPERT GUIDANCE AND ASSISTANCE ON CYPRUS CITIZENSHIP BY INVESTMENT PROGRAM
STEP 1: Client will Sign the Contract with WWICS, makes the Initial payment.
STEP 2: WWICS does the preliminary check on applicants’ profile and provides the basic due diligence report to client. WWICS staff will release the necessary documents checklist and application forms to client.
STEP 3: Client will visit Cyprus for bank account opening, Property selection and Finalization.
STEP 4: Client pays the required govt. fees upon property purchase. Attorney will submit the PR application.
STEP 5: Client receives the residency visa approval.
STEP 6: Submission of citizenship application
STEP 7: Client receives Certificate of Naturalization.
STEP 8: Issuance of Passports.