High net worth individuals and business foreign nationals often look to Europe as the continent of choice when it comes to immigration. Europe is centrally located and an excellent hub for business, whether to set up a branch of an existing company or to establish a completely new enterprise. In addition, member countries of the European Union enjoy visa-free travel amongst themselves as well as the freedom to live, work, or study in any of the EU member states as a resident or citizen of an EU country.
Cyprus offers one of the easiest and fastest routes for foreign investors to obtain citizenship in Europe. Cyprus’ Citizenship by Investment Program is very straightforward. In order to qualify, one must satisfy the following conditions:
- Must be at least 18 years old.
- Must have a clean criminal record.
- Must invest a minimum of €5 million (or €2.5 million when five or more investors jointly apply) in a selection or combination of assets, that must be held for three years, including financial assets in a Cypriot financial institution, approved real estate projects, or purchase or start-up an enterprise employing at least five Cypriot nationals.
- Alternatively, an investor is able to deposit €5 million in a Cypriot bank and keep the funds there for three years.
- Must purchase a property in Cyprus with minimum €500,000 plus VAT that will be declared the applicant’s residence in Cyprus. The lifetime possession of the property is also required.
There are many benefits to having Cypriot citizenship and it comes as no surprise that high net worth individuals from around the world are choosing this country. Cyprus, the third largest island of the Mediterranean, lies just west of Syria and Lebanon and is the perfect business location for investors in the MENA region who wish to expand their business in the Middle East or create ties with Europe. Cyprus is located centrally to Europe, Asia, and Africa and is an ideal setup for any import or export activities.
In the past few years, foreign investment in the country has been growing rapidly and encouraging Cyprus’ economic growth. Cyprus has an extremely appealing luxury real estate market, with over 20 luxurious development and investment projects in which foreign nationals can invest in order to obtain citizenship. Cyprus boasts a very well-educated and multilingual workforce. In addition, Cypriot citizens benefit from no wealth, inheritance, or capital gains taxes as well as a low corporate tax rate.
As Cyprus is a member of the European Union, all Cypriot passport holders are immediately authorized to the advantages of EU citizenship. There is no physical residency requirement enforced on Cypriot citizens and investors may live, study, and set up business in any member country of the EU.
The application process is both simple and quick. Investors and their immediate family members (spouse and qualifying dependent children) submit their applications to the Cypriot Ministries of Interior and Finance, and a final decision is made within three months of the application date. The successful applicants must visit Cyprus to take the Oath of Allegiance before they are issued passports.
Although Cyprus’ Citizenship by Investment Program is one of the fastest available and relatively straightforward, much detail and care should be taken in preparing the application as well as structuring the required investment. Our firm has a wealth of international expertise and a proven high success rate that can help you obtain your second citizenship to Cyprus. Contact us today to get the process started.
For more information on Cyprus’ Citizenship by Investment Program, please click here.
Fill out our Free Assessment, and find out if you qualify under any of the business immigration programs offered.