CYPRUS CITIZENSHIP BY INVESTMENT
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EU CITIZENSHIP & PERMANENT RESIDENCE BY INVESTMENT
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CITIZENSHIP SCHEME – GLOBAL CITIZENSHIP
Dual Citizenship offers an effective tool for international tax planning and provides financial privacy for banking and investment. It improves personal security, enables freedom of movement and allows access to the best healthcare and education opportunities.
- Stability & Security
- Healthcare & Education
- Taxation & Succession Planning
- Investment Opportunities
- Enhanced Financial Freedom
CYPRUS CITIZENSHIP BY INVESTMENT
The Cyprus Ministry of Interiors has announced an even more effective and attractive legislation that enables foreign investors to become a Cypriot (EU) citizen and obtain a Cypriot passport through naturalization, making it more accessible and affordable than ever. An EU citizen is any person who holds the nationality of an EU country. EU passport holders are entitled to enter, reside, study and work in the European Union, Iceland. Liechtenstein. Switzerland and Norway.
Non-Cypriot Investors can acquire Cyprus Citizenship by naturalization by exception on the basis of the Civil registry Laws 2002-2013.
Cyprus citizenship may be obtained through a secure property investment, the financial criterion is as follows:
€2 MILLION INVESTMENT IN RESIDENTIAL REAL ESTATE (the investment can be in a single property or portfolio)
BENEFITS OF THE PROGRAM
- Passports issued in a fast track procedure
- No physical residency requirement
- Passports issued to the investor, their spouse, dependent children up to age 28, provided they are in full-time education and optional the parents of the applicant
- Cyprus allows dual citizenship
- All nationalities eligible
- No language requirement. medical test or interview
- Exit strategy after 3 years
- Citizenship is passed on by descent, thus offering a legacy to future generations
- No tax consequences, unless you opt to become tax resident in Cyprus
- Pure investment, no donation required
BENEFITS OF CYPRUS EU CITIZENSHIP
- Unrestricted right to live. work, travel and study anywhere in the European Union
- Visa-free travel to 158 countries
- Free trade within EU, business access to 500 million EU citizens
- Cyprus has no inheritance tax, has a highly favourable corporate tax structure and a comprehensive double tax treaty network
- Cyprus offers a great place to visit/Iive, it enjoys a strategic geographical position, offers excellent worldwide connections, has excellent infrastructure, a pleasant climate and is highly stable
- Establishment and free movement of services and goods
The main investment may be sold after three years; however, the investor must always maintain / purchase a property with a value of at least 6500.000
Property purchased up to 3 years prior to the instruction of the legislation will count towards the required investment
Applicants must hold a clean criminal record from the country of origin
THE CYPRIOT PASSPORT IS RANKED 9TH IN THE WORLD!
Cypriot passport holders can quickly and cost effectively obtain visas for other countries, such as the USA, Australia — instant online visa system for EU citizens
The Cyprus citizenship program offers the most simple and efficient means to obtaining European citizenship. All nationalities are eligible to apply and the requirements are minimal.
- Birth certificate
- Police clearance certificate from country of origin
- Marriage certificate (if applicable)
- Detailed biography
Submission fee €2,000 per adult, child €80
Approval fee €5,000 per adult
Vat may be reduced from 19% to 5% based on the status of each property Investors who deposit contract of sales in the land registry department do not pay any capital gains tax in the future
- Review & Select Real Estate Investment
- Select property/ies (through a visit to Cyprus or via correspondence).
- Sign purchase agreement and transfer funds to a secure account.
- Receipt issued by WFB London Ltd, which is required for application.
- Preparation of permanent residence and citizenship application – the client will receive a detailed application package and document checklist
- Applicant must gather all necessary papers required for application (see application criteria). The documents must be officially translated into Greek or English and certified with the apostille (if in a country which has signed the Hague Convention of 1961) or stamped by the Ministry of Foreign Affairs and relevant Cyprus Embassy.
- Acquire pre-approval
- The appointed lawyer completes a pre-clearance check.
- Permanent residence and citizenship application submitted to Government
- Payment of submission fee €2,000 per adult applicant for the citizenship application plus €500 per adult applicant (for a couple is €500 total) for the permanent residence application.
- Application lodged, together with the property purchase agreement and all required documents, at the Ministry of Interior.
- Issue of Cypriot citizenship
- Once ratified by the Board Committee of the Ministry of Interiors, a citizenship certificate is issued. This Certificate must be signed by the applicant either in front of a Registrar of Cyprus Court or a councillor at any Cyprus Embassy abroad. The applicant must obtain biometric measures (photos, fingerprints, signature) for the issuance of the passport. The issuance process can be done within 1 day.
Naturalisation of children
Submit the applications of children to be naturalized. Applications of minor children are processed within 3 weeks; they can visit Cyprus anytime to collect their papers. Adult children’s applications are processed within 2 months and are subject to a submission fee of €2,000 and approval fee of 65,000. Adult children must visit Cyprus to collect their passport and identity card.
PERMANENT RESIDENCE SCHEME
BENEFITS OF PERMANENT RESIDENCE PERMIT
- Cyprus Residence permit is permanent and no need for future reconsideration. It is a lifetime permit – Not a residency requirement.
- Maintain Permanent Residence status by visiting Cyprus once every 2 years.
- Provides the right to non-EU nationals to; permanently reside in Cyprus assuming the relevant criteria are met at all times
- The family can also obtain the permanent residence permit (spouse and children up to age 25)
- Cyprus offers an ideal family environment, enabling your children to benefit from excellent schools and universities
- CY PR holders have a right to much lower tuition costs in European countries because they are considered Permanent Residents of a European country.
- It is easier to travel within the European Union. for instance if an individual holds a permanent residence permit this is seen as an advantage in order to avoid lengthy delays and questioning
in obtaining an entry visa to other EU and non—EU jurisdictions Cyprus has a relaxed, stress—free lifestyle. It can also lead to acquiring the Cyprus citizenship and a Cypriot passport,
after residing in Cyprus for 5 years within a 7 year period.
- No language proficiency tests
- Low government fees for filing of the application
- An express procedure — 2 months to be approved
- Freehold Property
- No inheritance tax
- One of the lowest property taxes in the world
- Lowest corporate tax in EU
- Healthcare benefits
CYPRUS PERMANENT RESIDENCY BY INVESTMENT
Since 2013, there have been over 3,000 successful applications for Cyprus Citizenship by Investment and the Permanent Residency Programs combined, reporting (May 2016) the two programs (permanent residence and citizenship) have attracted in excess of €2 billion in investment to Cyprus.
Demand for the residency scheme remains strong, as third country nationals seek to use Cyprus as a gateway for their business in Europe.
In line with the Cyprus government’s objective to attract international investments, the Ministry of Interior has recently simplified the procedure for issuing permanent residence permits to Non EU citizens who wish to invest in Cyprus. The minimum requirements for applying and obtaining a permanent residency permit in Cyprus by investment (“fast-track”) are as follows:
Acquire new residential premises in Cyprus of a minimum value EUR 300K (excluding VAT)
Open and maintain a fixed deposit in a Cyprus bank of a minimum of EUR 30K for three consecutive years.
Maintain secured annual income originating from abroad of at least EUR 30K. For each dependent person added to the application for permanent residency (such as wife and children), the minimum amount of the secured annual income is increased by EUR 5K. The income may be from overseas employment, pensions, interest on fixed deposits or rents etc.
Exceptionally (for the fast track permanent residency applications), it is also possible for the income to be derived from dividends of a Cyprus company. It is important to note that employment in Cyprus is prohibited for this type of permit but the permanent residence permit holder has the right to register a Cyprus company and do business of any kind.
An initial payment of at least EUR 200K (excluding VAT) for the residential property to be purchased, is required to have been paid by the date of lodging the permanent redisence application;
A confirmation letter from a Cyprus bank where the ﬁxed deposit of EUR 30K is maintained, indicating the amount is pledged with the bank for a minimum of 3 years. Proof is also required that funds were legally transferred to Cyprus from abroad;
A clean criminal record certificate issued by the applicant’s country of origin;
The applicant must visit Cyprus at least once every two years;
The parents of the couple can apply for a permanent residence permit as well
Once the completed application has been submitted to the authorities, a decision is reached within 2 months.
LIST OF THE NECESSARY DOCUMENTS NEEDED
- Application Form M67 fully completed and signed
- Copy of valid passport of the applicant and his dependants
- Curriculum Vitae (including academic qualifications)
- Original Letter from financial institution in Cyprus (Bank, Coop) of a deposit of €30,000, pledged for three years
- Declaration of secured annual income from abroad of €30,000 at least (original documents and afﬁdavit or declaration). The necessary annual income is increased by €5,000 for each dependent person
- Title of ownership or contract of sale of a built property in Cyprus of a minimum market value of €300,000 (original or true copy). The applicant must submit the contract of sale duly stamped by the stamps Commissioner and the Department of Land & Surveys and proolc of payment for at least €200,000
- Official Statement by the applicant and his/her spouse that he/she does not intent to work or be engaged in any form of business in Cyprus
- Health Insurance Policy for the applicant and his dependants THE PROCESS
- Original Criminal Record Certiﬁcate duly certified for the applicant and his spouse (if the applicant resides abroad, the certificate must be issued from his country of residence and submitted with an official and certiﬁed translation.
- Marriage Certificate duly certified (official and certiﬁed translation)
- Children’s Birth Certificates duly certified(official and certified translation) RCViCW & 5616“ Real Estate Investment Purchase of residential property in Cyprus of at least €300,000 (non inclusive of VAT, being either 5% or Two passport size photographs 19%). An initial payment of €200,000 need only be made: your presence at the time of purchase is not mandatory and can be done by legal representatives. Other documents which are submitted with the application
Preparation of permanent residence application – the client will receive a detailed application package and document checklist.
Permanent Residency application and legal documents must be prepared and submitted to the Migration department (this can be done on your behalf by our representatives).
Approval of permanent residence permit
Approval of your Cyprus Permanent Residency Permit within two months of submission of the application, provided the necessary investment criteria have been met.
Once the Permanent Residency approval has been granted, the residence permits that will be issued to third country nationals will be of a uniform format (card) and must include the biometric features of their holder (fingerprints and photograph) as well as his/her signature (fingerprints and signature are not captured for persons who have not completed the age of six (6) years).
In view of this, when submitting an application for a residence permit, the physical presence of the third country national is required, in order to receive his/her biometric features (fingerprints and photograph) and his/her signature.
The applicant and the family members included in the Permanent Residence Permit must Visit After successful submission, Bio-metric cards and Permanent Residence Permit will be released.
Cyprus within one year of the permit being granted and from then on at least once every two years (one day is regarded as a visit).
CAP ST GEORGES- BEACH CLUB RESORT
Cap St. Georges is a private Beach Club Resort of up to 150 villas ranging from 295m2 to 935m2 set on a unique plot on the west coast of Cyprus. A select community of like — minded and high achieving individuals who share the common values of a quality lifestyle. A gentle slope towards the sea allows every house a spectacular view. Cap St. Georges Villa Club enjoys the panoramic views of the island of St. Georges, which is the only island of the western shore of Cyprus. With its west orientation, Cap St. Georges enjoys spectacular sunsets on a daily basis and villas are designed to maximize these views. The sea caves location of Cap St. Georges provides a unique setting and some of the purest swimming waters on the island.
Coral Residences resides next to the famous landmark of Pafos, Coral Bay Beach, an address well known on the map of Cyprus. The sea and beach are incorporated into this project, as the Clubhouse, which will be responsible for the lifestyle and ample amenities.
Coral Residences is a project designed of 12 luxury modern design villas and 20 superior apartments. The apartment block will serve the inhabitants as a boutique themed resort, where you can unwind, relax and indulge in the pleasures of contemporary living. The project offers exceptional facilities which include Spa, Therapeutic therapies, Gym. swimming pool, reception area and more.
CYPRUS- AN OVERVIEW
Cyprus is a modern country that enjoys a strategic geographical position. It lies at the crossroads of three continents, Europe. Africa and Asia, thus provides unrivalled access and travel opportunities. With its excellent flight connections and first—class airports, the island is perfectly placed for working and travelling within and beyond the European Union. Cyprus has a rich
heritage and diverse culture, beautiful beaches with the cleanest bathing waters in Europe, fresh air, a wonderful Mediterranean climate and cosmopolitan cities with an abundance of amenities. The island offers a low cost but high standard of living and is a very popular year-round destination for Europeans seeking a coastal or golf holiday.
Cyprus has a modern, free-market, service based economy and is a favoured business destination due to its strong set of business and taxation advantages. Additionally, the island is very safe and stable making it an ideal location for families and students. Cyprus is rapidly recovering from recent economic turmoil thanks to significant activities in the shipping, tourism, financial &
legal services sectors. Cyprus is an emerging regional energy hub, since the discovery of huge hydrocarbon reserves in its Exclusive Economic zone the island has
seen a surge in foreign investment and development. Additionally, Cyprus’ recently launched residency and citizenship programs have proved highly popular, creating strong demand in the property sector. Cyprus enjoys worId-class property rights and solid investment, trade, labor. business and financial freedom.
EU Citizenship Program
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