Attractive legislation is in place which gives investors the opportunity to obtain the Cyprus/EU citizenshipgranting approvals within a few months from the submission of the application. The relevant scheme has been running very efficiently for more than one year now from September 2016. Since then many international investors and entrepreneurs have taken advantage of this opportunity and have invested in real estate property and acquired the Cyprus passport. Applicants do not need to reside in Cyprus and they do not need to become tax residents.
In September 2016, the Cyprus Council of Ministers approved amendments to the Scheme for Naturalisation of Investors in Cyprus by Exceptionestablishing newand more effective financial criteria which made the granting of Cyprus citizenship to non-Cypriot entrepreneurs/ investors seeking to obtain a European residency much more attractive. The scheme is not a residence permit or a visa but rather a full citizenship of an EU-member state.
Minimum investment required: During the three years preceding the application the applicant must have made an investment of at least €2 million for the purchase or construction of buildings or for the construction of other land development projects (residential or commercial developments, developments in the tourism sector or other infrastructure projects). The purchase of land on its own is not an acceptable investment.Investment is not limited to new properties purchased for the first time. Second hand real estate is considered as an approved investment for applying for citizenship. The applicant must retain the said investments for a period of at least three years since the date of the Naturalization.
Time frame for the examination of an application: The examination process usually takes about 3-6 months from the filing date to the issuanceof the naturalization certificate.
Residence in the Republic of Cyprus: The applicant does not need to reside in Cyprus but must just hold must hold a permanent privately-owned residence in the Republic of Cyprus, the purchase price of which must be at least €500.000, plus V.A.T. Members of the same family, who apply separately as investors, can collectively acquire a residence, provided that the total value of this home-property covers the amount of €500.000 per each applicant. The privately owned throughout the investment period the residence can be rented.
In case that the purchase value of the permanent privately-owned residence in Cyprus exceeds the amount of €500,000, part of this additional amount can be used to supplement the total amount of the investment made on the basis of theabove criteria.
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