CYPRUS
CYPRUS
An important hub in the heart of the Mediterranean, at the crossroads of Europe, Africa and Asia, Cyprus is diverse, culturally rich and perfectly placed for working and traveling within and beyond the European Union. The economy is rapidly recovering from recent recession through significant activities in the shipping, tourism, the legal and financial services sectors, and has also seen a surge in foreign investments and developments, property and investment values.
GDP
TIME DIFFERENCE
UTC+2
TOTA L AREA
9,251 sq. km
AGE DEMOGRAPHICS
0-14: 15.7%, 15-24: 15.3%, 25-54: 46.9%, 55-64: 10.8%, 65+: 11.0%
LANGUAGES SPOKEN
Greek (official) 80.9%, Turkish (official) 0.2%, English 4.1%, Romanian 2.9%, Russian 2.5%, Bulgarian 2.2%, Arabic 1.2%, Filippino 1.1%, other 4.3%, unspecified 0.6%
POPULATION: 1,189,197
Population Growth: 1.43%
30,800 USD
GDP (per capita)
GDP (purchasing power parity)
27.42 billion USD (2014)
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VISA FREE COUNTRIES: 147
LOCATION
Middle East, island in the
Mediterranean Sea, south of Turkey
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CAPITAL
Nicosia
RELIGIONS WORSHIPPED
Greek Orthodox 78%, Muslim 18%,
other 4%
GOVERNMENT TYPE
Republic
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CURRENCY
Euro (EUR)
EXCHANGE RATE
1 USD = 0.85 EUR (2014)
Cyprus
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The Cyprus Investment Programme, officially known as the “Naturalization of Investors by Exception Scheme”, allows individuals to obtain citizenship through making an investment in the country, usually through contributions in real estates or capital investments. Citizenship can also be acquired by a combination of the different investment options.
Why Cyprus?
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“As an important hub in the heart of the Mediterranean, Cyprus is diverse, culturally rich and perfectly placed for working and traveling within and beyond the European Union.”
Cyprus boasts a rich and diverse culture, mild Mediterranean climate, a safe and stable setting which is ideal for raising families, and perfect location for business and traveling. Investors also look at Cyprus for business and investment purposes recognizing numerous investment opportunities.​
Benefits
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Enjoy all rights of an EU citizen;
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Visa-free travel to 172 countries;
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Zero inheritance or immovable property tax with lowest income tax rate;
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Citizenship for the whole family;
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No physical residence requirements during or after the application procedure (but must be registered as residents for at least 6 months before obtaining citizenship);
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No language requirements;
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Dual citizenship.
Eligibility
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At least 18 years old;
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Must have a valid passport;
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Hold no criminal record;
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Must not be politically exposed persons
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Own a permanent private residence in the Republic of Cyprus with a purchase price of at least €500,000 plus applicable VAT
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Compulsory donation of €150,000 to the government funds (Cyprus Land Development Corporation and Research and Innovation Foundation)
Minimum Investment Requirements
On top of making a one-off donation of €150,000 to the government funds and maintaining a permanent residential property with a minimum value of €500,000, at least €2 million shall be invested to the following, in addition to any value-added tax (if applicable):
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Residential properties (€2 million includes the €500,000 purchase of permanent residential property)
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Commercial properties
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Purchase of shares or creation/participation in Cypriot businesses or companies
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Investment funds, financial assets of Cypriot businesses or organizations
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Combination of the above options
If the applicant’s parents are included, a separate residential property with a value of at least €500,000, or alternatively, a unit valuing at least €1 million in common ownership between the applicant and his parents shall be purchased.
Permanent Real Estate Investments
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A property with minimum value of €500,000 (ex. VAT) must be kept as a private residence permanently, even after the required holding period (i.e. 5 years), so long as the applicant holds a Cyprus citizenship.
Compulsory Donation to the Government Funds
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Two obligatory donations shall be made to the government funds besides meeting the minimum requirements of the investment options available below. This includes a donation of at least €75,000 to each of the following:
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Cyprus Land Development Corporation; and
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Research and Innovation Foundation (or investment to a government-approved innovative enterprise)
Other Fees
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Regardless of the investment options chosen, government processing fees still apply, this includes:
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Application fee: €2,000 per adult applicant//€80 per children below 18
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Certificate issuance fee: €5,000 per adult applicant// Nil for children below 18
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Passport issuance fee: €120 per applicant
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ID card issuance fee: €30 per applicant
All investments must be maintained for a period of 5 years, before they can be realized for profits, provided that a property of at least €500,000 has been kept for personal residence (mentioned above).
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Within the 5-year period, the investor can sell and buy assets to earn a profit. The only condition would be to meet the minimum required investment during the 5 years. Any properties can be rented out.
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Residency permits will first be issued within 5 working days with validity until citizenship is granted. Citizenship can be obtained within 6 months. Spouses, dependent children below 28 and parents of the main applicant can then submit application for citizenship after citizenship for the main applicant is granted. Citizenship by investment is valid for life and can be passed on to new generations.