Cyprus Citizenship

According to the Ministry of The Interior, a non-Cypriot citizen, who meets one of the following economic criteria, either personally or through a company/ companies in which he/ she participates as a shareholder – proportionally based on the percentage of participation, or even as a high-ranking senior manager of a company/ companies that meets one of economic criteria, may apply for the acquisition of the Cypriot citizenship through Naturalization by exception.

A high-ranking senior manager may apply, provided that he/she receives such a remuneration that generates for the Republic tax revenue of at least €100,000 for a three year period and provided that this tax has already been paid or prepaid.

The applicant should have concluded the necessary investments during the three years preceding the date of the application and must retain the said investments for a period of at least three years since the date of the Naturalization.

In the case where, following a periodic inspection, it has been ascertained that any condition is being circumvented, the Naturalization may be revoked.

The easiest way to obtain citizenship via investment is to participate in a Major collective investment.

 

The Cyprus Council of Ministers has discretion to reduce the amount required in criteria 1 to 4 below to €2.5 million for investors who participate in a special collective investment scheme. Please inquire for further details.

 

The criteria for which special collective investment schemes can apply for are the following.

  1. Investment in government bonds

The applicant must have purchased state bonds of the Republic of Cyprus with a value of at least €5 million.

  1. Investment in financial assets of Cypriot companies or Cypriot organizations

The applicant must have purchased financial assets of Cypriot companies or Cypriot organizations (bonds/securities/debentures registered and issued in the Republic of Cyprus) with a value of at least €5 million. These financial assets can be purchased either at or after issuance.

  1. Investment in real estate, land development and infrastructure projects

The applicant must have made an investment of at least €5 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).

4.Purchase or creation or participation in Cypriot businesses or companies

 

The applicant must have made an investment of at least €5 million in the pur­chase, creation or participation in businesses or companies, which are based and operating in the Republic. These businesses or companies should evidently have a tan­gible presence in Cyprus and employ at least five Cypriot citizens. Mandatory conversion of deposits into shares in the companies is included in this criterion.

KEYPOINTS: 

  • Applicant does not become a tax resident in Cyprus, unless he/she spends more than 183 days in any one calendar year
  • Main applicant and his/her spouse apply jointly.
  • The application processing usually takes 3-6 months

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www.fastcoregister.com

 

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