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CYPRUS INVESTMENT PROGRAMME AND CYPRUS IMMIGRATION ASSISTANCE - IN 2019

Cyprus Investment Programme

Cyprus Flag - Cyprus Residence Permit

The Republic of Cyprus encourages Foreign Direct Investment, and it is a central economic policy objective. The intention is to attract high net worth individuals for high net worth immigration to settle and do business in Cyprus.

Benefits of investment in Cyprus include the following factors: Cyprus is an attractive destination for investment, highly specialized human capital in Cyprus, reliable legislative and regulatory framework, stable tax system and the safe and stable conditions in the country.

Therefore, the Government of Cyprus has established and revised the “Cyprus Investment Programme” on the basis of subsection (2) of section 111A of the Civil Registry Laws of 2002-2017, with specific incentives, terms and conditions and control procedures in order to prevent abuse. According to the Programme, a non-Cypriot citizen, who meets specific economic criteria may apply for the acquisition of Cyprus citizenship through naturalization by exception, after holding a Residence Permit for 6 months.

Cyprus

Paphos Beach, Cyprus Investors

Cyprus occupies the southern part of the island of Cyprus in the eastern Mediterranean. Known for beaches, it also has a rugged interior with wine regions. Coastal Paphos is famed for its archaeological sites relating to the cult of Aphrodite, including ruins of palaces, tombs and mosaic-tiled villas.

Cyprus is a major tourist destination in the Mediterranean. With an advanced, high-income economy and a very high Human Development Index, the Republic of Cyprus is a member of the Commonwealth since 1961 and was a founding member of the Non-Aligned Movement until it joined the European Union on 1 May 2004. On 1 January 2008, the Republic of Cyprus joined the eurozone. In 2013, the population was estimated to be 1.2 million people.

Why Invest in Cyprus Property or Businesses?

Arithea Villas - Pafos, Cyprus    Venus Rock Residences, Paphos, Cyprus

Requirements for Cyprus Investment Programme (CIP)

Plage Residences, Paphos, Cyprus    Adonis Beach Villas, Chloraka Investors

What is the Property investment amount for the Cyprus Investment Programme to become a Citizen of Cyprus ("Scheme for Naturalization of non-Cypriot Investors by Exception")?

A. Invest at least €2 million for the purchase or construction of immovable property or development creation such as residential or commercial developments, developments in the tourism sector or other infrastructure projects; or

B. Invest €2 million in order to purchase, create or participate in businesses or companies based and operating in the Republic of Cyprus; or

C. Invest at least €2 million in Alternative Investment Funds established in Cyprus, licensed and supervised by the Cyprus Securities and Exchange Commission and exclusively making their investments in the Republic of Cyprus.

D. The applicant may proceed with a combination of A, B and C above, provided that the total investment will amount to a minimum of €2 million.

New Law Changes to CIP Effective from 15 May 2019

Limassol Del Mar Apartments, Limassol Investors    Limassol Blu Marine Apartments, Limassol Investors

The Cyprus Government has officially announced the amendments regarding the Cyprus Investment Programme, effective from 15 May 2019, with the intent to further regulate and enhance the trust of the Cyprus Investment Program (CIP) and to secure its continuity. See the Amendments below:

1. Investors will be required to donate 75,000 Euros to the “Research Promotion Foundation” for research and development.

2. An Additional donation of 75,000 Euros will be required to be paid to the “Cyprus Land Development Corporation”.

3. Investors will be required to maintain their investments for a period of 5 years from the date of Approval instead of 3 years. During those 5 years they can sell or change their investment to an equivalent investment by granting an approval by the Ministry of Finance, in advance.

4. Each Applicant above the age of 18 must hold a valid Schengen visa at the time of the application submission. Passport holders from Countries that Schengen is not required in order to travel in the area are excluded and they will not be asked to provide this document.

5. In cases where an applicant has previously submitted a Citizenship application in another EU Member state and has been rejected, the Investor will not be allowed to submit an application for obtaining the Cyprus Citizenship under the CIP.

6. In the Instance where a residential property acquired had already been used by another investor for the purpose of CIP, the required investment amount is increased from 2 million Euro to 2.5 million Euro.

7. For any investments in Real Estate the following documents should be provided to the authorities at the submission of an application:
8. The Investment criterion in Government bonds (for 500,000 EUROS) is now abolished.

Benefits of Becoming a Cyprus Citizen

International School in Paphos, Cyprus    Aphrodite Gardens, Kato Paphos, Investors

Outlined below are the benefits of applying for the Cyprus Investment Programme (Scheme for Naturalization of non-Cypriot investors by exception). Also, see VisaConnect's PDF document: Cyprus Investment Programme in 2018:

Cyprus Residency by Investment and Property Service

For information about the Cyprus Permanent Residency programme (Residence Permit), eligibility criteria, and how our Immigration Consultants can assist you, and how to buy a Cyprus Property, click on the following VisaConnect website pages:

CYPRUS INVESTMENT PROGRAMME REQUIREMENTS - HIGH NET WORTH IMMIGRATION ASSISTANCE

5 STEPS TO APPLY FOR CYPRUS INVESTMENT PROGRAMME (LEGAL REQUIREMENTS)

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