Granting Cyprus citizenship through naturalisation by exception
A substantially increasing number of non-nationals have chosen Cyprus to migrate or set a business up, due to its favorable location, the low income tax, combined with the warm weather and low crime rate.
Why is obtaining Cyprus citizenship beneficial?
- Cyprus citizens are entitled to live and work in any country in Europe without applying for visa.
- A Cyprus passport allows travel to over 140 countries worldwide without having to apply for a visa.
- Cyprus citizens can be issued visas quickly to other countries at little to sometimes no cost.
- Cyprus passports provide access to the best educational & health care institutions within the EU.
- Cyprus allows for individuals to have dual citizenship (2 passports).
- Dual citizenship is an effective tool used for tax planning and may also protect against political instability.
The Cyprus Naturalisation by Exception scheme allows investors to obtain citizenship in Cyprus by various methods of investing or depositing finances into the dynamic & diverse EU economy.
The scheme allows non-EU nationals and their families to ascertain Cyprus citizenship and consequently an EU passport by participating as a Shareholder, incorporating a company or investing in AIFs.
There are a number of ways to do this; last year, the Council of Ministers in Cyprus announced an updated procedure and a new set of criteria for investors wishing to apply for the scheme, making it more favorable than ever before. The said amendments are to further attract foreign direct investment to the island. Read on to find out more about the amended requirements.
Obtaining a Cypriot passport is beneficial for the following reasons:
- A Cyprus passport allows travel to over 140 countries worldwide with no visa.
- Dual citizenship is useful for tax planning and can protect the owner against political instability. (Cyprus allows for residents to have dual citizenship using 2 passports).
- Cyprus citizens can live and work in any country in Europe without applying for visa.
- Cyprus citizens have quick access to visas for other countries at a small and sometimes no cost.
- Cyprus citizens enjoy access to the best schools & health care institutions within Europe.
Investors are eligible for citizenship by completing one of the following transactions:
Investment, incorporation or participation in Cyprus businesses or companies, real estate or land development projects:
The investor can purchase at least €2 million euros worth of investment projects, including the involvement in or the creation of a functioning business or company, infrastructure projects or land development based in Cyprus.
Should you choose the option of incorporation, the company must have a tangible presence in Cyprus, and should employ a minimum of five Cypriot citizens. It is noted that investment in land under development is included in the application.
Purchasing alternative investment funds or financial assets in Cyprus companies or organisations licensed by CySec:
The investor can also purchase financial assets or alternative investment funds of Cypriot companies or organisations licensed by CySec (this could be in the form of debentures, bonds or securities that have been registered and issued in Cyprus) totaling €2 euros million or more.
In order to confirm that the investments that meet the criteria of the current scheme will be kept for a least three years, the Auditor of the fund must inform in writing on an annual basis.
Please note: the financial assets should be bought at the date of issue or subsequently by the market.
Terms & Conditions:
- A combination of the above mentioned investments can be used, as long as the total investment amount exceeds €2 million euros.
- The applicant must have a clean criminal record.
- The applicant must own a privately owned property or land in Cyprus with a value of €500,000 or more.
- The applicant must hold a residence permit in Cyprus before applying for permanent residency.
- The criterion of bank deposits as an investment option has been removed as per the amendments.
As with all legislation, immigration laws are constantly changing and our professionals can keep you up to date and in the loop! Call us for help and support, we would be happy to answer any questions you may have about obtaining a Cyprus Passport by Naturalisation. For a full list of services and how we can be of assistance to you during this process, please contact us.
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