Cyprus Investment Programme guide 2019

Legal basis for the Cyprus Investment Programme

Cyprus Citizenship for Investors based on Council of Ministers Decision (dated 13.09.2016 and subsequent decision 21.5.2018). Naturalization by exception, on the basis of the Civil Registry Laws of 2002 - 2017.

About Cyprus

Location: At the crossroads of Europe, Africa and Asia at the heart of the busy shipping and air routes linking the three continents.

Climate: A pleasant Mediterranean climate, enjoying year-round sunshine (more than 320 days), with mild winters.

Full member of the European Union since May 2004, member of the Eurozone since 2008.

Gas & Oil: The recent discovery of gas and oil reserves in Cyprus’ EEZ has created new exciting prospects for the island to become an energy hub in the Eastern Mediterranean. 

Legal framework: modelled on the English Common law system.

Key provisions - Eligibility

• The whole Family; including the spouse of the applicant, children under 18 years old, & adult financially dependent children (university students - up to 28 years old) are eligible to apply for citizenship.
• The investor’s parents are entitled to apply for citizenship provided they are owners of a Cyprus residential property with at least €500.000 (Plus V.A.T if any).
• 6 months expected time-frame for the examination of the application.
• Visa-free travel to more than 157+ countries.
• Cyprus is a full EU Member state. Investors and their family will be able to freely reside, work, study, have business in any of the EU-member states.
• Valid for life and passed on to new generations.
• Cyprus allows Dual Citizenship. 
• No Tax Consequences- Applicants do not become tax residents in Cyprus, unless they spend more than 183 days in one calendar year.

Terms & Conditions

• Adult applicants must hold a Clean Criminal Record from the country of origin and the country of residence, if they differ. Their names must not be included in the list of persons whose property is ordered to be frozen within the EU.
• Adult applicants must hold a Residence Permit in Cyprus for at least 6 months prior to acquiring the Cyprus Citizenship.
• Investments need to be retained for at least three years from the date of receiving Citizenship. In case of purchase of immovable property under construction, the 3-year period will start to count from the date of issuance of the Planning Permit.
• Must keep for life a residential property valued €500.000.
• Rental of the properties is allowed.
• The money for the investments should be transferred to Cyprus from abroad.

Investment requirements

1. Purchase main residence, for at least €500.000 (plus V.A.T. if any)
2. Additionnaly, to invest as follows in either of the below:

   A1. Investment in real estate, land development and infrastructure projects:
   RESIDENTIAL PROPERTIES €1.5 MILLION (plus V.A.T. if any) (Can even be a single main residence for €2 MILLION)	OR	COMMERCIAL PROPERTIES €2 MILLION (plus V.A.T. if any)
   A2. Purchase /Participation in Cypriot Companies:			€2 MILLION
   A3. Investment in A.I.F or financial assets of Cypriot companies or organizations that are licensed by CySec
   A4. Combination of the above investments. Option to purchase special government bonds of the Republic of Cyprus, up to €500.000

George K. Konstantinou law firm is a registered service provider for the Cyprus Investment Programme with number 110.