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One of the main objectives of the economic policy of the Republic of Cyprus is to further encourage Foreign Direct Investment and to attract high net worth individuals to settle and do business in Cyprus.
Key factors that make Cyprus an attractive destination for investment, is the highly specialized human capital, the reliable legislative and regulatory framework, the stable tax system and the safety and stability conditions prevailing in the country.
Within this framework and taking into account the strong investor interest, the Government of Cyprus has recently established and revised a "Scheme for Naturalization of non Cypriot investors by exception" on the basis of subsection (2) of section 111A of the Civil Registry Laws of 2002-2015, with specific incentives, terms and conditions and control procedures in order to prevent abuse.
By the 1st of November 2016, only the new criteria will be applicable for obtaining a Cypriot Citizenship by investment.
Our Firm offers support to such Investors. Our team with experience and in-depth knowledge of the relevant legislation will guide Investors into the proceedings.
The applicant must have made an investment of at least €2.0 million for the purchase or construction of buildings or for the construction of other land development projects such as residential or commercial developments, in the tourism sector or other infrastructure projects. This criterion includes an investment in a buildable land as well, provided that the application will accompanied with a development plan. Furthermore, it must be taken into consideration that the purchase of land in zero growth zones is excluded from this criterion.
The applicant must have made an investment of at least €2.0 million for the purchase, incorporation or participation in businesses or companies, that are based and operating in the Republic of Cyprus. These businesses or companies should evidently have a tangible presence in Cyprus and employ at least five (5) Cypriot citizens or citizens of the European Union.
The applicant should have bought units of at least €2,0 million from alternative investment funds (AIF) established in the Republic of Cyprus, licensed and supervised by the Securities and Exchange Commission (CySec) and whose investments are made exclusively in the Republic of Cyprus, in investments that meet the criteria of this Scheme or in areas approved by the Minister of Finance.
In order to confirm that the investments that meet the criteria of the current Scheme will be kept for at least three years, the manager or the auditor of the Fund shall inform in writing and on an annual basis, the Ministries of Finance and Interior with reference to the value of the initial investment.
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.
It is noted that the purchase by an AIF of units of other AIFs is not considered eligible.
The applicant may proceed with a 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. The characteristics and the terms of these special bonds will be determined by the General and Special Issue Terms of the Government Bonds of the Republic of Cyprus. Investments in government bonds through the secondary market are not considered eligible.
The applicant must have a clean criminal record. Furthermore, his name must not be included in the list of persons whose assets, within the boundaries of the European Union, have been frozen as the result of sanctions.
In all cases listed in Part A, the applicant must possess a permanent privately-owned residence in the Republic of Cyprus, the purchase price of which must be at least €500.000, plus V.A.T.
It is noted that members of the same family, who apply separately as investors, can collectively acquire a residence, provided that the total value of this home-property covers the amount of €500.000 per each applicant.
In case that the purchase value of the permanent privately owned residence in Cyprus exceeds the amount of €500,000, part of this additional amount can be used for purposes 4 of supplementing the total amount of the investment made on the basis of the criteria of Part A above.
Additionally, it is noted that if the applicant has invested in housing unit/units on the basis of the aforementioned criterion A.1, the purchase of another permanent residence in Cyprus will not be required, if at least one of these housing units is worth at least €500,000, plus VAT, provided that the applicant retains the possession of the residence for life.
The applicant, prior to his/her naturalization as a Cypriot citizen must hold a residence permit in Cyprus.
If the applicant 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. If the application for acquiring an immigration permit is made solely for purposes of acquiring the Cypriot citizenship, in accordance with the provisions of this Scheme, there are no other conditions than those stated in both Part A and Part B of this Scheme.
It is noted that all of the above also apply for the adult members of the family of the investor, who will apply for naturalization.
In the case that the application for naturalization is rejected for any reason, the immigration permit, obtained following the provisions of this decision will be revoked immediately.
The Client will decide with the help of our Team the way to proceed application either with Category F or 6(2), or with the naturalization through Investment as mentioned above. Whichever application suits the Client better will be transferred on our Firm’s system and will be constantly updated along with any other matter our Firm handles on behalf of the Client. This will give the Client the ability to instantly gain info on every single case. Within the course of our work, the Client will be informed on any update.
In addition to the above services our Firm offers a private bailiff for quicker service of documents. Moreover our Financial Department which is in direct collaboration with our Team offers paralegal services in engaging in the caseload and minimizing expenses.
Our number of staff allows us to provide the Client with a dedicated Team available to support anytime, anyplace.
The Firm’s philosophy revolves around Integrity, passion and engagement, problem solving and practical judgment. These fuel us to perform to our best.