The Jewel of the Mediterranean…

Cyprus joined the EU in 2004 and became a member of the Eurozone in 2008. The country’s special characteristics and advantages make Cyprus citizenship a desirable asset for many internationals. The Cyprus citizenship program offers the simplest and efficient means of obtaining EU citizenship, all nationalities are eligible to apply and the requirements along with process application are very straightforward. Investors and their families gain the right to full EU rights, including the ability to live, work and study in all EU member countries.

Cyprus has changed the legislation that enables foreign investors to become a Cypriot (EU) citizen and obtain a Cypriot passport through naturalization, making it more accessible and affordable. An EU citizen is any person who holds the nationality of an EU country. EU passport holders are entitled to enter, reside, study and work in the European Union, Iceland, Liechtenstein, Switzerland and Norway. Non-Cypriot Investors can acquire Cyprus Citizenship by naturalization by exception on the basis of the Civil Registry Laws 2002-2013.

Cyprus, officially the Republic of Cyprus, is an island nation located in the Eastern Mediterranean Sea. It is the third largest and third most populous island in the Mediterranean, behind the Italian islands of Sicily and Sardinia.

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 increasing through significant activity in the shipping, tourism, legal and financial services sectors, and has also seen a flow in foreign investments and developments, property and investment values.

Why choose Cyprus’s Citizenship by Investment Programme?

Cyprus has a very favourable tax regime for individuals and companies residing there that is fully aligned with EU and international regulations. Cyprus has the lowest crime rate in Europe and is ranked one of the safest countries in the world according to the Global Peace Index, 2018. The official language is Greek, but the population is multi-lingual and English tends to be used as the language of business. There is a high standard of educational institutions and healthcare facilities. Cyprus is strategically located at the crossroads of three continents, Europe, Asia and Africa.

CITIZENSHIP BY INVESTMENT

Individual Freedom

  • Instant Citizenship
  • Dual Citizenship is permitted
  • Freedom to Investor and his/her family to travel, live, work and study anywhere in the European Economic Area which includes the European Union, Iceland,
  • Lichtenstein and Switzerland.
  • No Government Donation (genuine investment)
  • No physical residence requirements
  • No language requirement, interview

Business Advantages

  • European Union member state with strategic location forming a bridge between the EU, Middle East and North Africa with direct access to the Mediterranean Sea
  • Zero inheritance, wealth, gift and immovable property taxes
  • Low tax rates and free trade within the EU
  • Establishment and free movement of services and goods
  • Privacy and Security

International Mobility

  • Visa Free Travel to more than 170 Countries
  • A gateway to Europe
  • Access of the finest education and EU healthcare institutions
  • Passport Validity

Through the Cyprus Citizenship by Investment (CBI) Program, foreign nationals with the necessary property investment and with no criminal background can obtain full Cypriot citizenship and its passport.

In September 2016, the Council of Ministers has introduced a Decision amending the criteria for acquiring the Cyprus Citizenship by Investment. The main amendments relate with the reduction of the minimum investment amount to €2 million (from €2,5 million) and the inclusion of the investors’ parents: Investors’ parents can also apply for obtaining the Cyprus Citizenship along with the investors’ minor and adult dependent children (up to the age of 28).

To qualify for citizenship, applicants must fulfill one of the following investment options and hold it for three years in addition to meeting the conditions criteria:

  • A minimum of €2 million investment in residential real estate, land development or infrastructure project.
    Parents of the main investor can be included in the application provided that they purchase a permanent residence property with a value of at least €500,000.
    This amount can be pooled in the main investment if preferred.
  • A minimum of €2 million investment in established Cyprus businesses or companies.
  • A minimum of €2 million investment to invest in Alternative Investment Funds or financial assets of Cyprus-based companies or organizations licensed by CySec.
  • A minimum total amount of €2 million investment in a combination of the aforementioned options.

Conditions

  1. The main investment may be sold after three years; however, the investor must always maintain/purchase a property with a value of at least €500,000.
  2. Property purchased up to 3 years prior to the submission of the citizenship application will count towards the required investment.
  3. Applicants must hold a clean criminal record from the country of origin and country of residence if different and their name must not be on the list of persons whose property is ordered to be frozen within the EU.

Vardikos & Vardikos assist international clients in obtaining residence and citizenship under the respective program.

Step 1 – Review and Selection Real Estate Investment

Selection of the property/ies. Sign purchase agreement and transfer funds to a secure account.

Step 2 – Application Preparation (Applicant receives a detailed application package and document checklist)

Assembly all necessary papers required for application. The documents must be officially translated into Greek or English by an approved translator.

Step 3 – Pre-clearance Examination

Appointed law firm Vardikos & Vardikos completes a pre-clearance check.

Step 4 – Submission of Citizenship Application / Issuance of Permanent Residency Card

The citizenship application is submitted, together with the property purchase agreement and all required documents.

Step 5 – Acquire in Principal Citizenship Approval

Authorities will approve the citizenship application within a period of three months from submission.

 Step 6 – Completion of Naturalization and Issuance of Cypriot Passport and ID Cards

Step 7 – Naturalisation of Children and Grandparents

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