Cyprus Citizenship by Investing in Property
The program offers a lot of benefits: investment can be sold after 3 years, investment can be made in a lot of ways including residential property and government bonds (maximum 500 000 euro). It is very important to know that Cyprus passport is not a residence permit or a visa but rather full citizenship of the EU-member state.
MAIN BENEFITS OF THE PROGRAMME
• Express procedure — only 6-8 months (the fastest in Europe)
• Investment of minimum € 2 mln (+ VAT if applicable) in real estate and government bonds
• The investor is entitled to sell the investments after 3 years, however he/she must hold possession of at least 500 000 Euro worth of residential property (+ VAT if applicable)
• No requirement to reside in Cyprus either before, during or after the approval of the citizenship application
• The citizenship is obtained by the whole family — husband, wife and all financially dependent children up to the age of 28
• The applicant’s parents are also entitled to apply for Cyprus citizenship by exception provided that they own a lifetime residence of at least €500 000 (excluding VAT).
• All the rights of an EU citizen protected by EU legislation and regulations are afforded: freedom to reside, work, do business, study and travel anywhere in the EU, Switzerland, Liechtenstein, Norway and Iceland
• VISA-free travel to 158 countries worldwide, including all the European Union countries, Canada and Australia amongst others
• Dual-citizenship permitted and the acquisition of citizenship in Cyprus is not reported to other countries
• No double taxation in Cyprus, international tax planning tool and financial confidentiality to the Cyprus passport holders.
REQUIREMENTS FOR INVESTORS
• The minimum investment amount is €2 million (+ VAT if applicable)
• Keeping investments for a period of minimum 3 years
• Clear criminal record for applicant (incl. all family members)
• The investor must own a private residence in Cyprus, purchased for at least €500.000. If investments are made into residential property, this requirement is not applicable
• The applicant’s parents are also entitled to apply for Cyprus citizenship by exception provided that they own a lifetime residence of at least €500.000 (excluding VAT).
PERMANENT RESIDENCY BY INVESTING
Buying property in Cyprus is the best and fastest way to obtain a permanent residency permit on terms which are unprecedented for Europe.
ADVANTAGES OF CYPRUS RESIDENCY
• Issued within 2-3 months
• Life-long validity without renewal
• Granted to all family members including children and parents from both sides
• No residency requirements other than to visit Cyprus once every two years unlike other European countries who insist on residency for at least 3 months per year
• Makes it possible for you to have a business in Cyprus and to receive shareholder dividends
MAIN CONDITIONS & TERMS
• To be granted a life-long permanent residency permit in Cyprus, the applicant needs to purchase a new property or two new properties from the same developer for a total amount of 300,000 euros, excluding the Value Added Tax (V.A.T.). At the time of submission of the application, 200,000 Euros (excluding the V.A.T.) must be transferred in settlement of the property and the contract of sale must be registered at the Land Registry Office.
• The issuance of the Cyprus permanent residency permit takes about 2 months and covers all family members, including children under 25 years old. A Cyprus residency permit allows the holder to stay in Cyprus all year round although he is not obliged to do so.
• The unique advantage of the Cyprus permanent residency programme compared to those of other European countries is that it is life-long, whereas in other European countries residency permits are issued for a limited period of up to 5 years.
• Another big plus of the Cyprus residency programme is that in order to keep your residency you are not obliged to stay in the country for at least 3 months a year, you only
need to visit Cyprus once every two years. However, it is necessary to open one deposit account in one of Cypriot banks, for the amount of 30,000 euros, for a period of 3 years.
WHY CYPRUS PERMANENT RESIDENCY?
• The climate of Cyprus is considered to be one of the healthiest and mildest in the world; summer season in Cyprus lasts from April until November.
• Reasonable prices. The cost of living in Cyprus is cheaper than in other European countries.
• Relatively simple procedure for obtaining permanent residency and citizenship.
• Comfortable language environment. Many Russian speaking people, you can easily find a company. Besides, almost all Cypriots speak English. The majority of ethnic Greeks, who are the main part of the island’s population, profess Orthodox Christianity which means the absence of cultural barriers.
• Cyprus offers excellent opportunities for getting high quality education. In all major cities of Cyprus you can find English and Russian schools.
• Lowest taxes in Europe. Corporate Income Tax is only 12, 5% .From the 1st of January 2017 Real estate tax will be abolished.
• Reasonable prices for buying property. Every client will be able to find property which will suit their esthetical and 14 financial criteria.
Cyprus passport holders are eligible to travel to 158 countries without visa
A Cypriot citizen can freely travel, reside and work within any of the 28 European Union Countries. Furthermore, Cypriot citizens are entitled to traveling to a total of 158 countries without visas or with passports stamped on arrival.
We can identify the optimal property match to suit your application. Our partners are leaders in the Cyprus real estate market and have a vast portfolio database comprising a diverse range including but not limited to of the following: Luxury Apartments of up to 149 square metres; grand valley homes with up to 4/500 square metre plots; high rise homes of up to 267.0 square metres and low rise homes of up to 143.8 square metres
For further details, do not hesitate to contact:
Marilyn Formosa (Dr) M.A. (Fin. Serv.) LL.D (Melit), Advocate, Commissioner for Oaths
Tel: +356 21484373, +356 21 493041
Take a look at our extensive Doing Business in Malta Brochure.