Invest in Cyprus and Become an E.U. Citizen!
NATURALISATION OF INVESTORS IN CYPRUS BY EXCEPTION - FAST TRACK CITIZENSHIP.
As a part of its policies aiming to attract foreign investors in Cyprus the Council of Ministers, on the 19th of March 2014, revised the "Scheme for Naturalization of non-Cypriot investors by exception" and established the new financial criteria based on which non–Cypriot entrepreneurs/ investors may acquire the Cypriot citizenship.
Our Firm is offering support to such Investors on a selective basis. Our team has a vast experience and in-depth knowledge of the relevant legislation offering a 100% success.
Key information on the Scheme. Α non-Cypriot citizen, who meets one of the following economic criteria, either personally or through a company/ companies in which he/ she participates as a shareholder - proportionally based on the percentage of participation, or even as a high-ranking Senior Manager of a company/ companies that meets one of economic criteria, may apply for the acquisition of the Cypriot citizenship through Naturalization by exception.
The applicant should have concluded the necessary investments during the three years preceding the date of the application and must retain the said investments for a period of at least three years since the date of the Naturalization. One of the following Economic Criteria (or a combination where applicable) must be met by the main applicant:
- Α.1 Investment in government bonds: The applicant must have purchased state bonds of the Republic of Cyprus of at least €5 million.
- Α.2 Investment in financial assets of Cypriot companies or Cypriot organizations: The applicant must have purchased financial assets of Cypriot companies or Cypriot organizations (bonds/ securities/ debentures registered and issued in the Republic of Cyprus) of at least €5 million. It is noted that these financial assets can be purchased either at issuance, or subsequently by the market.
- Α.3 Investment in real estate, land development and infrastructure projects: The applicant must have made an investment of at least €5 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).
- Α.4 Purchase or creation or participation in Cypriot businesses or companies: The applicant must have made an investment of at least €5 million in the purchase, creation or participation in businesses or companies, that are based and operating in the Republic. These businesses or companies should evidently have a tangible presence in Cyprus and employ at least 5 Cypriot citizens. It is noted that the mandatory conversion of deposits into shares is included in this criterion.
- Α.5 Deposits in Cypriot banks: The applicant must have personal fixed term deposits for three years in Cypriot banks or deposits of privately owned companies or trusts (in which he/she is the beneficiary owner) in the Republic of Cyprus of at least €5 million.
- Α.6 Combination of the aforementioned criteria Α.1, Α.2 , Α.3, Α.4 and Α.5: The applicant is required to have a combination of the above amounting to at least €5 million.
- Α.7 Persons whose deposits with the Popular Bank Public Company Ltd have been impaired due to the measures implemented after the 15th March 2013: The applicant has incurred an impairment in deposits amounting to a total of at least €3 million. In the case where the applicant has incurred an impairment in his/her deposits under €3 million he/she may apply, having made an additional investment through the criteria A.1, A.2, A.3, A.4 and A.5 for the balance of the required amount of the aforementioned criteria.
Α.8 Major Collective Investments: The Council of Ministers shall have the right on special occasions, to reduce the above criteria :
- Α.1 (Investment in Government Bonds),
- Α.2 (Investment in financial assets of Cypriot companies or Cypriot organizations),
- Α.3 (Investment in real estate, land development or infrastructure projects) and
Α.4 (Purchase or creation or participation in Cypriot businesses and companies):To €2.5 million for investors, who demonstrably participate in a special collective investment scheme, provided that the total value of the investment is at least €12.5 million. In addition, it is noted that for the above mentioned provision (Ι), the investment for the Criteria Α1 until Α4 may be realized through a different salesman/ provider (physical or legal entity).
In addition to the criteria mentioned above, the Investor must fulfill the following Terms and Conditions:
- - Clean Criminal Record issued at the country of origin or the country of residence if it differs (to be obtained by the applicant).
- - Confirmation that the applicant's name is not included in the list of persons whose property is ordered to be frozen within the boundaries of the European Union (the responsibility to obtain this is with the Ministry of Interior).
- Own a private residence in the Republic of Cyprus, the purchase cost of which must exceed the amount of €500.000 plus VAT and must be fully paid.
Noted that the above criteria have been issued on 19th of March 2014 and changes may be occured at any time.
If through periodic inspections by Authorities, it is ascertained that any condition is violated, the Cyprus naturalisation may be revoked. It is advisable that the investor pays one visit to Cyprus before application.
PERMANENT RESIDENCE PERMIT
Alternative option, for non EU citizens, of staying in Cyprus indefinitely without restrictions and without obtaining the Cypriot Citizenship, is the Permanent Residence Permit.
In relation to the fast tract procedure to acquire permanent residence permit, a policy introduced by the Minister of Interior which implements a favorable treatment for Third country nationals (i.e. non EU citizens) who apply for Immigration permit, under section 5, category (f) of the Aliens Immigration Regulations of 1972, as amended.
Under this policy, the Immigration permit, which will be equal to Permanent Resident status, will be granted to third country nationals who will acquire, by virtue of sale, a self owned property in Cyprus for self resident purposes in the Republic, for a minimum value of €300.000. Additionally, all applicants under this category, would be required to show a secured income of sufficient amount, which must not come from activities or self employment in Cyprus , but from abroad. Each case is examined of course on its own merits depending on the personal circumstances of the applicant.
To obtain long-term resident status, a third country national must demonstrate the following attributes:
• Stable and regular resources sufficient for the applicant and his/hers dependants to live in Cyprus without recourse to its social assistance system;
• Sickness insurance which covers the risks usually covered by Cypriot insurance companies;
• The applicant is not a threat to public order or public security and
• Obtain a self owned property in Cyprus for self resident purposes in the Republic, for a minimum value of €300.000 plus VAT.
Our Firm can assist ,consult and prepare for you, all the necessary documents and taking care your application, guaranteeing a successful outcome Also our Firm cooperates with a wide network of professionals for housing market and we can do all the legal framework for the housing.
OTHER WAYS TO OBTAIN CYPRUS CITIZENSHIP
a) Naturalization by legally residing in Cyprus over several consecutive years.
To be entitled to apply for Cyprus citizenship through naturalization, an EU citizen or third country national must have resided for a minimum 7 years legally in Cyprus, of which the year preceding the date of application should be full and uninterrupted.
Foreign nationals who are either parents or children of Cypriot citizens can apply for Citizenship if they have been residing in Cyprus for 5 consecutive years. A number of supporting documentation must accompany the application for Citizenship and the applicant must be available for an interview in which he/she must demonstrate a basic knowledge of the Greek language.
It is a condition for granting Citizenship that for one year prior to the Citizenship application, the applicant had legally and continuously resided in Cyprus. The examination of the application and the granting of the Cypriot Citizenship by Naturalization could take up to 5 years to be completed.
b) By marriage
Following 3 years of marriage and harmonious co-habitation with a Cypriot spouse, a foreign national who has legally entered and resided in Cyprus, can apply for Cypriot Citizenship.
Cyprus has aligned its immigration law and regulations with the EU's acquis communautaire on matters such as entry and stay of third country nationals for self- employment and study purposes and long-term residence. Nationals of non-EU countries who have been residing in Cyprus for at least five years are entitled to Long-Term Residence Permits which have an indefinite limit; their issue is a requirement imposed on all EU member states. Visa obligations for foreign nationals are in line with EU obligations. Cyprus is a signatory to the Schengen agreement since 16 of April 2003 but is still currently going through the pre-implementation evaluation procedure.
Our Firm can assist you to:
a) Apply for the acquisition, renewal or reacquisition of a long term resident permit,
b) Apply to enter the Republic for family reunification purposes, and
c) Apply for of international protection status
Citizens of EU member states may work in Cyprus . If they are employed, they must obtain residence permits, to which they are entitled as of right. Nationals of other countries wishing to work in Cyprus require employment permits. These are granted for employment by a specific employer and are normally issued for one year, although they can be renewed.
As part of its drive to attract foreign investment the government has put in place a "fast-track" scheme for dealing with applications by foreign companies to employ workers from third countries, offering:
• simplified procedures and conditions for granting work and residence permits for third country employees of foreign companies;
• reduction of the time taken to examine applications;
• indefinite work and residence permits for senior management and other key employees;
• streamlined procedures for domestic staff employed by senior management personnel;
• reduction of documentation required to support applications to the essentials; and
• relaxation of re-entry visa requirements for third country workers who frequently travel outside Cyprus . In particular, non EU citizens businessmen in senior management positions who reside mainly in Cyprus may apply for permanent residence permits, and a fast-track procedure has been established for applications to be examined by the Immigration Control Committee.
Further to the above we had outline above some information regarding the two policies("Scheme for Naturalization of non-Cypriot investors by exception" & Permanent Residence Permit scheme) of the Cyprus Government in relation to non-EU citizens which have been implemented by the Council of Ministers.
We are here to provide any assistance you need and work with you to accomplish your goals and live the "Cyprus Dream".