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THE CYPRUS INVESTMENT PROGRAMME (CIP)

Europe has become the most sought-after region in terms of high net worth immigration, accounting for over half of the total number of global citizenship applications, with the Caribbean in second place, followed by North America in third. Noteworthy, are recent studies conducted by global immigration experts, ranking the Cypriot Investment Programme among the “top ten best in the world”.

International tax advisors agree is the most favourable onshore personal tax regime in the world, Cyprus provides an attractive destination for investment-based immigration.With at least 320 days of sunshine a year, Cyprus was classified the sunniest European location.

The Cypriot immigration policy and legal framework now enable Non-EU and EU applicants to obtain Cypriot citizenship on an expedited basis. There are a number of reasons the Cypriot Investment Programme (CIP) may now be considered to be the most attractive programme in Europe, including:

  1. No requirement to make a donation to the local government.
  2. No requirement for applicants to live on the island prior, during or after the application process, but they are required to hold a Residency Permit for at least 6 months.
  3. Application process takes approximately 6 months.
  4. Simple and straightforward application process with no medical testing and no language requirements.


Legal framework:

The Cyprus Investment Programme, based on subsection (2) in Section 111A of the Civil Registry Laws of 2002 to 2019, was approved by the Cyprus Council of Ministers on the 13 September 2016, and subsequently amended in May 2018.

The Cyprus government has formulated an investment programme aimed at high net worth individuals, investors and entrepreneurs. This allows the successful applicant and their family to hold a Cypriot passport and enjoy all the benefits of a Cypriot National, subject to making necessary investments and complying with specific conditions. Cyprus has been a member of the EU since 2004.

It should be noted that the latest amendments to the CIP were introduced in May 2018 and are reflected in this memo. 

The eligibility criteria under the Cyprus Investment Programme are as follows:

  1. Main applicant and spouse i.e. husband and wife.
  2. Children up to and including the age of 17.
  3. “Adult children” between the ages of 18 to 28
    1. Subject to their application being reviewed by the Council of Ministers prior to their 29th birthday; and
    2. Provided they are students working towards either a first university degree, or a first master’s degree.
  4. Parents of the main applicant may be included in the same application, provided an additional investment of €500,000 (plus VAT if applicable), is made in residential property in Cyprus.

Cyprus Investment Programme – Investment Options:

Below is a summary of the available investment options under the Cyprus Investment Programme:

In addition to satisfying any one of the above financial criteria, the primary applicant for Cypriot citizenship by way of the CIP must fulfil all of the following conditions:

  1. Have a clean criminal record from the country of origin and/or residence;
  2. Confirm that the applicant’s name is not included in the list of persons whose property is ordered to be frozen by the EU;
  3. Applicants who were previously rejected for citizenship by any other EU country, are not eligible under the CIP.

Cyprus Investment Programme process and timeline:

In terms of the Cyprus Investment Programme application process and timeline, it is summarized as follows:

Approximately 6 months for the main applicant and spouse.

IMPORTANT NOTE: there is no requirement to live in Cyprus before, during, or after the CIP application.

Application process for acquiring Cypriot citizenship by way of investment through the CIP:

  1. File the CIP application for the main applicant and spouse.
  2. Following day after CIP application is submitted, file a Permanent Residency Permit (PRP) application for the main applicant, spouse, and minor children (between ages 6 and 17). This requires the main applicant, spouse, and minor children to visit Cyprus. (Note: minor children can be excluded from the PRP application, and this will not affect their ability to apply for citizenship- see step 6 below).
  3. Within 5 days of filing, approval of PRP is granted.
  4. Approval of CIP application within approximately 6 months.
  5. Issuance of Certificates of Naturalization and passports approximately 6 months from the date of the original filing (in regards to the main applicant and spouse).
  6. Citizenship application filed for minor children, requires 2 to 3 weeks for approval.  Immediate issuance of Certificates of Naturalization and passports.
  7. Citizenship application filed for adult children (up to age 28) and parents of main applicant.
  8. Following day, the adult children and parents of main applicant must visit Cyprus to file a PRP application.
  9. Adult children and parents of main applicant are approved for citizenship within approximately 6 months of filing the relevant PRP application.
  10. Issuance of Certificates of Naturalization and passports approximately 6 months from the date of relevant PRP filing (in regards to adult children and parents of main applicant).

 

 

DUAL CITIZENSHIP

Dual citizenship. Dual citizenship (also known as dual nationality) means you can be a citizen of two countries

Business within EU

Access to Business trading and company in Eu Market

No requirement to live in Cyprus

A residency permit in Cyprus for a period of 6 months needed before application.

Tax Benefits

Favorable tax system and strategic location.
Newly introduced “non-domicile” regime has resulted in zero taxation