Glafkos N.Raphael & CO LLC

Advocates Since 1956

Citizenship (& Residence)

The Cyprus Citizenship by Investment Laws has attracted many foreign investors who have taken advantage of what our small island has to offer. More than 4 billion EURO have been invested in the Cypriot economy in the last 2 years.

Cyprus Citizenship by exemption

In order to be eligible for the Cyprus citizenship by exemption programme the applicant must:

Have a clean record form from his country of origin or residence (if not the same).

Own residential property in Cyprus valued at least at EURO 500.000(excluding VAT) and of course hold a Cyprus residence permit, which is the first step in the procedure

The alternative ways through which you can qualify for naturalisation in Cyprus are:

a. Invest EURO 2 million or more in immovable property and other related projects,

b. Invest EURO 2 million or more for the acquisition, incorporation or participation in Cypriot business or Company,

c. Invest EURO 2 million or more in Cypriot Investment funds or the acquisition of financial assets in Cypriot businesses licensed by the Cyprus Security & Exchange Commission (CySEC).

d. Invest EURO 2 million or more in a combination of the above criteria. In such a case the investor may also invest in Cyprus Government bonds for a maximum amount of EURO 500,000.-

It is important to underline that the EURO 500,000 (excluding VAT) residential property ownership is essential in all of the above scenarios.

It must be noted that any amount that exceeds the minimum amount of EURO 500,000 (excluding VAT) may be deducted from the minimum amount needed for the Investment Scheme, namely EURO 2 million

If the Investment Scheme in immovable property is to be chosen, there is no need for buying a residential property provided that one of the properties bought is valued at least at EURO 500,000 (excluding VAT) and the applicant remains a lifetime ownership of that property.

If the investor does not wish to acquire Cypriot Citizenship, the property investment requirement is Euro 300,000 plus VAT in order to acquire.
The above investments may be made personally or through Limited Company or trust. It is also important to note that the investment must have been made during the last three years before the filing of the application and must be kept for at least three years after the granting of the Cypriot citizenship.

In a nutshell the main benefits deriving from obtaining Cypriot Citizenship are the following:

  • Cyprus is strategically located in the Eastern Mediterranean forming a bridge between the Europe, the Middle East and Asia, with a very low crime rate and is an outstanding holiday destination.
  • Every Cypriot citizen is also citizen of the European Union. Within the EU Countries, Cypriot nationals may travel, live, work as a result of the right of free movement and residence granted in Article 21 of the EU Treaty.
  • In EU countries Cypriot passport holders may travel using only their Cypriot ID Card. Cypriot passports can of course be used for travel visa-free to more than 150 countries.
  • Passports will be issued to the investor, their married spouse and dependent children up to age 28, provided they are in full-time education.
  • Future generations obtain passport through “derivation” of citizenship.
  • The Republic of Cyprus allows investors to keep their original passport.
  • No further fees and dues to the local government.
  • The investor does not become tax resident in Cyprus, unless he/she specifically applies for the Cypriot tax residency. As a result no dividend tax on worldwide income is payable in Cyprus. Added to this Cyprus has no inheritance tax and the lowest rate of corporate income tax in Europe.
  • It is not necessary for the applicant to reside in Cyprus before or after obtaining Cypriot passport.
  • The type of ownership is freehold residential and freehold commercial properties with excellent rental yield from investments.
  • The investors have the right to rent the permanent residence in Cyprus or sell it given that another permanent residence will be purchased.
  • After 3 years investments can be sold.
  • The applicant’s parents are also entitled to apply for Cyprus Citizenship provided that they own a residence valued at least at EURO 500,000 (excluding VAT).
  • Through our experienced and qualified network of legal and financial advisors with real estate agents in Cyprus, Greece, Hong Kong and the UAE our Company HOMERLAW is able to offer the following services to prospective investors:
  • Advice regarding the choice of immovable property and/or Investor scheme on which the residence or passport application will be based ensuring very favourable prices.
  • Drafting of the necessary immovable property or investment purchase agreement through the services of GLAFKOS N. RAPHAEL & CO L.L.C. a Cypriot Law Firm established in 1956 the mother Company of Homerlaw.
  • Completing and submitting the necessary documents and relevant forms.
  • Following up of the application through local staff to ensure smooth passage and approval within the specific time schedule.
  • Advice and assistance for the transfer of funds to Cyprus or Greece.
  • After sale services for the smooth settlement and enjoyment of the benefits offered by the Residence and Passport programmes in Cyprus.

For further information please contact us.

 

Glafkos N.Raphael & CO LLC