CITIZENSHIP BY EXEMPTION
The citizenship by investment programme:-
The Cyprus government has developed and maintains an attractive citizenship by investment programme aimed at foreign investors and businessmen. It must be noted that spouses/cohabitees and children up to the age of 28 that are financially dependent on the qualifying foreign investor are also granted citizenship without having to meet any further financial criteria. Parents of an investor can also be granted citizenship provided they acquire a residence in the Republic of Cyprus for the price of €500.000 plus VAT.
Prequalifiers that must be fulfilled in order to be eligible:-
• Have a clean criminal record in their country of origin and country of residence (if different) and not to be a sanctioned person in the EU; and
• Own residential property in Cyprus of a value of at least €500.000; and
• Hold a residence permit in Cyprus
The 4 alternative ways that may be used in order to qualify for naturalization:
• Investing an amount of at least € 2 million in immovable property, developments and infrastructure projects
• Investing an amount of at least € 2 million in acquiring, incorporating or participating in Cyprus businesses or companies
• Investing an amount of at least € 2 million in alternative investment funds or financial assets of Cypriot businesses or Cypriot organizations licenced by the Cyprus Securities and Exchange Commission
• Investing an amount of at least € 2 million in a combination of the above three financial criteria. In such a combination the investor may also invest in government bonds for a maximum amount of € 500.000.
• Investments can be made personally or through vehicles such as companies or trusts.
• In order to qualify, the investment must have been made during the period of three years prior to the date of filing the application and must be kept for a period of at least three years after naturalization.
Important note: This article has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice from a qualified accountant.