C Y P R U S : 2.15 Million €
The Fastest EU Citizenship Program
Suspended on 1st november 2020
Cypriot authorities announced on 13 october that they would terminate the country’s very popular and highly successful CBI program following a video report published on 12 october by Al Jazeera
On the 15th May 2019 the programme will increase
from €2,000,000 to €2,150,000 + costs.
It is notable that the economic criteria and the terms and conditions have not been altered essentially.
The revisions of the scheme have been approved by the Council of Ministers’ Decision dated May 21, 2018, effective as of June 15, 2018 when the Decision was published in the Government Gazette.
The main changes are the following:
The scheme of Cyprus Citizenship by Investment will be renamed to “Cyprus Investment Programme” (CIP).
A limitation of 700 applications per year takes effect from 2018. The cap refers to the main applicants but not the applicant’s family members. The number of the approved applications will be taken into account, without any limitations to the number of the submitted applications per year.
In cases where the investment involves the purchase of property or properties under construction for which the Town Planning Permit has not as yet been obtained, the mandatory three-year period of maintaining the investment will commence on the date that the Town Planning Permit is issued. This clause applies for applications submitted on or after June 15, 2018.
The expected timeframe for examining any application submitted in accordance with the CIP is six months.
Registry of Service Providers
All CIP applications should be submitted on behalf of the applicants by natural or legal persons who are registered with the Registry of Certified Service Providers. The registration of new members will be examined and approved by the Committee of Supervision and Control which is consisted of representatives from the Ministry of Finance, the Ministry of Interior and Invest Cyprus. The Registry will be published on July 31, 2018 on the websites of the Ministry of Finance, the Ministry of Interior and Invest Cyprus (CIPA).
Code of Conduct
The newly established Code of Conduct intends to enhance and maintain the trust of the applicants in the CIP as well as to protect the CIP itself. All members of the Registry of Service Providers and their professional associates should comply with the Code of Conduct which sets the parameters for the provision of services to applicants. Moreover, the Code of Conduct sets the guidelines for the promotion and advertising of the CIP.
A thorough due diligence will be conducted on the applicants and a due diligence report, issued through an internationally accepted database will be required to be submitted together with the application of the main applicant and the main applicant’s spouse and parents.
As per the Decision of the Council of Ministers, the Minister of Finance is authorized to carry out an evaluation study on the CIP and its effects on the economy. The Committee of Supervision and Control will undertake possible revisions from time to time to further improve the implementation of the CIP.
WHY CHOOSE CYPRUS?
Cyprus boasts a rich and diverse culture, mild Mediterranean climate, and a safe and stable setting ideal for raising families. Investors also look at Cyprus for business and investment purposes, recognizing numerous investment opportunities. The benefits of the Cyprus program are plenty:
Fast procedure. Approval of citizenship application within six months;
Simultaneous submission of residency and citizenship applications.
No language requirements.
Parents qualify for citizenship provided they own a house valued at €500,000 + VAT or own a share of €500,000 in a residential property of the main applicant.
Civil unions eligible to submit applications.
No obligation to relinquish current nationality.
Low tax rates and free trade within the EU.
Unrestricted right to live, work and study in Europe.
Right to own property in an EU member state.
Strategic geographical location forming a bridge between the EU, Middle East and North Africa with direct access to the Mediterranean Sea.
Safest country in the world with a population under 5 million.
Excellent education system as well as first-rate health care.
An outstanding holiday destination.
Offered in accordance with the Civil Registry Laws 2002-2013, the Naturalization of Investors by Exception Scheme is one of the fastest to lead to residence and citizenship in Europe.
To qualify for citizenship, applicants must fulfill one of the investment options below and hold it for three years in addition to meeting the following criteria:
Possess a valid passport.
Hold no criminal record.
The main applicant’s property is not frozen within the boundaries of the EU.
Possess a residency permit in the Republic of Cyprus, for a period of six months before being granted citizenship.
Own a permanent private residence in the Republic of Cyprus with a purchase price of at least €500,000 plus applicable VAT.
In the case that one chooses to invest in residential properties only and one of the residential properties is priced at at least €500,000, then the total investment amount must be €2 million.
CYPRUS CITIZENSHIP PROGRAM
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. 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.
Cyprus is a major tourist destination in the Mediterranean. With an advanced, high-income economy and a very high Human Development Index. The Republic of Cyprus is a member of the Commonwealth since 1961 and was a founding member of the Non-Aligned Movement until it joined the European Union on 1 May 2004. On 1 January 2008, the Republic of Cyprus joined the eurozone. We suggest the Cyprus Citizenship Program will offer our customers a lot of benefits.
BENEFITS OF THE CYPRUS CITIZENSHIP PROGRAM
Starting with May 2013, the Cyprus Coucil of Ministers amended the nation´s existing citizenship by investment program and introduced the Major Collective Investment Plan (MCI) which stipulates that minimum investment amount of EUR 2,500,000 should be applied when serveral applicants jointly apply for citizenship with a total of minimum investment of EUR 1,250,000.
Visa-free travel to more than 130 countries, including all European Schengen states, UK and others.
Free and easy money transfer within all European countries.
Great opportunity for investment
Waitung time frame of 90 days.
Easy documentations and free taxation policies
No residence mandatory requirements
Visa Free Travel : more than 130 countries
PassportCostsPassport : after 3-4 months
Cost : min. 2,000,000 EUR + application fee
Main City : Nikosia Total area9,251 sq km
Currency : € (Euro)
Population : approx 1,200,000
In order to qualify for the the Cyprus Citizenship Program, the applicant should have at least 18 years old and can include also his spouse and his dependent children if they are up to 28 years. Once we receive the final approval, the main applicant and his spouse should visit Cyprus for one day to take the Oath of Allegiance in person. This does not mean you have to live all the time in Cyprus. We only recommend real estate option. The total all inclusive costs (Govt fee + Due diligence + Lawyer fee etc) for one person should come around approx EUR 2,00 Millions. Additional costs apply for dependants and family members. Furthermore our consultants will guide you through the whole submitting process for the Cyprus Citizenship Program.
Donation into a state fund and mixed investments:
By choosing this option, you must deposit €2 million for the purchase of shares and/or bonds of the State Investment Company and make a donation of at least €500,000 into the Research and Technology Fund. It is mandatory to maintain the shares and/or bonds for a period of three years.
By choosing this option, you must make a direct investment of at least €2 million in the purchase of real estate property or companies, either financial assets. The mandatory hold period is as above – minimum of three years.
Note: An investor can qualify for cyprus citizenship program if he is a shareholder or owner of a company that is managed in Cyprus and if the company has been conducting business and paid Cyprus taxes for the past three years and the amount of taxes paid and/or business services utilized totals of at least 500,000 Euros per year.
In the case that company employs 5 or more Cyprus citizens, the amount is decreasing to 350,000 Euros, and if the company employs 10 or more Cyprus citizens, the amount is further decreased to 200,000 Euros.
Beside all above options, there will be government legal processing fees between 60,000 and 100,000 EUR and other additional costs for each dependant. Although it is not required that the foreign national establishes his residence in Cyprus, the national will not be qualified for Cyprus tax breaks until the national spends more than 183 days in the country in one calendar year. We do highly recommend the real estate option due to recent banking bailout crisis.
PERMANENT RESIDENCY CYPRUS
Applicants can secure permanent residency in Cyprus through investment in real estate. The programme is one of the fastest and simplest investor visa programmes in Europe. It requires investment of just €300,000 into property to gain the Cyprus residency permit.The residency visa is granted within two months and covers the whole family. It includes parents of both the main applicant and spouse plus dependent children up to the age of 25. It is valid for life and can be passed down to dependents and spouse.
The permanent residency programme offers ease of travel throughout the European Union and requires just one visit to Cyprus by all family members once every two years. The investment may be made by a company for which the main applicant and spouse are beneficial owners. The investment can be in to a maximum of two properties provided they reach the €300,000 permanent residency limit. The properties purchased must be brand new.
Cyprus has a very favourable tax regime for individuals and companies residing there. Over 80% of the country speaks English and there are excellent education facilities including several UK universities with campuses on the island. Cyprus has the lowest crime rate in Europe and is the 5th safest country in the world. There is a high standard of educational institutions and healthcare facilities. Cyprus is strategically located at the crosssroads of three continents, Europe, Asia and Africa. Cyprus is set to join the EU Schengen zone soon. Property acquired is freehold, there is a low property tax and there is reduced VAT on property of just 5% (subject to conditions).
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