THE CYPRUS INVESTMENT PROGRAMME: AMONG THE MOST ATTRACTIVE CITIZENSHIP PROGRAMMES WORLDWIDE
Europe has long established itself as the most sought-after region in terms of high net worth immigration, accounting for over half of the total number of global citizenship applications, with the Caribbean in second place, followed by North America in third. Noteworthy, are recent studies conducted by global immigration experts, ranking the Cyprus Investment Programme among the “top ten best in the world”.
Furthermore, the Republic of Cyprus (“Cyprus”) has recently been ranked the 5th best relocation destination in the world by an international lifestyle review (source: 2014 report prepared by Knight Frank, a leading independent, global real estate consultancy firm). Ranked by key business and leisure indicators, Cyprus was the only European country alongside Switzerland, and the only EU Member State, to make it into the top five– ahead of London, Madrid and Monaco. Coupled with what most international tax advisors agree is the most favourable onshore personal tax regime in the world, Cyprus provides an attractive destination for investment-based immigration. With at least 320 days of sunshine a year, Cyprus was classified the sunniest European location.
The Cypriot immigration policy and legal framework now enable Non-EU and EU applicants to obtain Cypriot citizenship on an expedited basis. There are a number of reasons for which the Cyprus Investment Programme (CIP) is now considered to be the most attractive in Europe, including but not limited to the following factors:
The recent amendments to the Naturalisation of Investors in Cyprus by Exception Scheme, based on subsection (2) in Section 111A of the Civil Registry Laws of 2002 was approved by the Cyprus Council of Ministers on the 13 September 2016 and amended in May 2018.
The Cyprus government has formulated a citizenship scheme aimed at high net worth individuals, investors and entrepreneurs. This allows the successful applicant and their family to hold a Cypriot passport and enjoy all the benefits of a Cyprus and EU National within approximately 6 months.
It should be noted that the latest amendments to the CIP were introduced in May 2018 and are fully reflected in this memo.
The eligibility criteria under the CIPare as follows:
Main advantages of being a Cyprus Citizen:
Free Movement of People
Free Movement of Services
Free Movement of Capital
Free Movement of Goods
No requirement to physically reside in Cyprus
Attractive Tax System
High standard of living
Visa Free Travel
Cyprus Investment Programme - Investment Options:
Below is a summary of the available investment options under the Cyprus Investment Programme:
Note: the parents of the main investor can also be included within the same application, with an additional investment of €500,000 in residential property.
Option 2: €2.5 Million (combination of real estate and/or other investments)
A 3 year investment of €2 million (non-inclusive of VAT) within any of the following investment categories:
In addition to satisfying any one of the above financial criteria, the primary applicant must fulfil all of the following conditions:
How Savva & Associates can assist:
We are leaders in the area of Immigration Services in Cyprus, and well positioned to assist clients with the preparation and filing of a Citizenship Application. We are frequently engaged by some of the world’s largest and most reputable international law firms, investment firms and family offices.
The following is a list of core services we provide during the course of a Citizenship application, ensuring that we receive approval in the shortest time frame possible:
Additional legal services and support:
We are well positioned to provide an extended scope of services to foreign investors through our affiliate law firm Evangelides & Partners, including:
Our team of highly experienced professionals can advise you further on obtaining the Cyprus Citizenship or the Cyprus Residency Permit, on the basis of your particular facts and circumstances. Please feel free to contact Charles Savva at email@example.com to discuss how we can be of assistance to you.