1st of June, 2014
The Government recently amended the criteria by which Cypriot citizenship is granted to foreign investors. Since its implementation in early 2013, the scheme has gained significant interest from foreign investors. The Council of Ministers has approved, in certain occasions, the enforcement of even more favorable criteria for granting the Cyprus and EU citizenship to foreign investors and businessmen.
More specifically, the Council of Ministers has now the discretion in certain occasions to reduce the current required investment limit of €5million in either government bonds (A1 category) or public companies’ shares and bonds (A2 category) or real estate and developments (A3 category) or registration and participation in private companies in Cyprus (A4 category) or a combination of the above as follows:
(i) to €2.5million if the investors are participating in a collective investment fund, provided that the total investment is at least €12.5million; and
(ii) to €2million if the investors are participating in a collective investment fund, provided that the investment is more than €12.5million; this provision will be enforceable only until 1 June 2014.
Furthermore, in order for the Council to be able to exersice its discretion according to points (i) and (ii) above, the investment of either A1 to A4 category is possible to come from various and different sellers or providers (natural or physical persons), not just one.
In addition, investors must also purchase residential real estate worth a minimum of €500,000, plus VAT. The application submission fee is €2.000, plus €5,000 for the certification issuance fee. For full details of the Cyprus Naturalization Scheme, contact us on firstname.lastname@example.org .
Therefore, in any case, investment in real estate is inevitable when an investor intends to apply for Cyprus citizenship. However, investing in real estate in Cyprus is not always a straight forward case, especially when it comes to title deeds and encumbranced properties, so it is always advisable to use expert legal professionals to assist you in this regard.
- Our network is comprised only with reliable and trustworthy developers and sellers and for this reason we guarantee quality work and title deeds. They shall search on your behalf and present to you all properties or development projects that suit better to your investment requirements and needs.
- We will carry out for you all necessary searches in the relevant Lands Registry in Cyprus to make sure that the property or project is clear from any reimbursements and/or mortgages.
- We shall draft and/or review any required agreements and we shall provide necessary advice and guidance in relation to your investment.
- We shall appear before any public authority for completing the investment like Tax Authority, the Land Registry and the VAT authority (please note that buyers in Cyprus are entitled to be charged a reduced VAT rate of 5% for their permanent residence in Cyprus, instead of the normal rate of 19%).
- We shall carry out all required procedures, if applicable, for applying and obtaining either permanent residence permit or citizenship.
- We may assist you in opening bank accounts and administer required funds.