Huge Decrease in Minimum Investment for Cypriot Citizenship
cyprus program |
Cyprus Citizenship |
Cyprus Residence Permit |
Cyprus Investment |
September 29, 2016
A few changes have been made to the Cyprus Citizenship by Investment Program recently, enticing even more foreign nationals to invest in the country. The Cyprus Government is capitalizing on the Brexit movement as investors continue to search for EU citizenship. One of the main changes to the program, benefiting both Cyprus as well as potential investors, is the reduction of fees from €5 million for individual investors to €2 million for those making an investment in a residential property. That’s a 60% savings from the previous requirement. Now is your chance to take advantage of one of the most sought after passports in Europe!
Previously, applicants were required to invest €5 million, or €2.5 million if investing as part of a major collective investment scheme, with the total investment being at least €12.5 million. The collective investment scheme has now been abolished and all individual investors need invest only €2 million. The law requires that investors acquire a personal property worth at least €500,000 excluding VAT, unless the investment is made in a residential property worth at least €2 million (ex. VAT). An investment must be held for three years after which it can be sold, with the exception of the €500,000 personal residence property which must be maintained. There are zero required donations to the state, compared to other similar programs.Some of the investment options are broken down below:
- Invest €2 million (ex. VAT) in residential property.
- Invest €2 million (ex. VAT) in commercial property AND €500,000 (ex. VAT) in residential property.
- Invest €500,000 in government bonds AND €1.5 million (ex. VAT) in residential property. The program change now restricts government bond investments to €500,000.
Another change implemented to the Citizenship by Investment program is that applicants must now hold a residence permit in Cyprus in order to qualify for citizenship. The application for residence is issued at the same time as filing for citizenship. The residence permit allows the investor to reside in Cyprus for the period between the citizenship application submission and passport issuance, however, there is still no requirement for the applicant to physically reside in Cyprus. In other words, one can obtain citizenship to this EU member state without ever living in Cyprus.
One last positive change to the program is that the investor’s parents can now obtain citizenship under the investor’s application whereas previously, they had to apply individually. The only condition is that the parents must own a permanent residence worth at least €500,000. Alternatively, the parents and the investor can acquire a single property valued at a minimum of €1 million.
There are countless benefits to Cypriot citizenship, including the unrestricted right to live, work, do business, and study anywhere in the EU. The EU offers investors first-class health care and top education systems. Cyprus has one of the strongest passports in the world allowing visa-free travel to over 150 countries. In addition, the applicant, spouse, and dependent children up to the age of 28 are included on a single application and are all granted citizenship.
Cypriot citizenship has tax advantages as well. There is no dividend tax on world-wide income for non-domiciled residents. There is no inheritance tax and Cyprus also has among the lowest corporate income tax rates throughout Europe.
Cyprus is known to be one of the safest countries in the world, and is ideal for raising a family. The average processing time of Cyprus’ citizenship through investment application is only three months. Invest in Cyprus today and fast-track your way to EU citizenship and freedom.
For more information on Cyprus’ Citizenship by Investment Program, please click here
Fill out our Free Assessment
to find out if you qualify for any of the immigration programs offered.
Citizenship by Investment in Cyprus