New criteria for optain Cyprus Citizenship

There are various ways that a non-Cypriot citizen can acquire Cyprus citizenship as per the new regulations that have been issued by the Council of Ministers on 19-3-14. A person, who meets, among others, 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.

Α. CRITERIA

Α.1 Investment in government bonds:

The applicant must have purchased state bonds of the Republic of Cyprus of at least €2,5 million. Such purchase can be done through your broker around the world and no money needed to come to Cyprus. We have a client that bought the bonds through his broker in Switzerland. Sample of the bond number of Republic of Cyprus is X50483954144.

or

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 €2,5 million.

It is noted that these financial assets can be purchased either at issuance, or subsequently by the market (secondary market).

Or

Α.3 Investment in real estate, land development and infrastructure projects:

The applicant must have made an investment of at least € 2,5 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).

or

Α.4 Purchase or creation or participation in Cypriot businesses or companies:

The applicant must have made an investment of at least € 2,5 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 five (5) Cypriot citizens.

It is noted that the mandatory conversion of deposits into shares is included in this criterion.

IMPORTANT KEY NOTES:

– For the above criteria A1, A2, A3 and A4, the 2 million investment was applicable only until the 1stof June 2014. This date means the application filing date and not the investment date.

– For the above criteria, there is an additional condition that the applicant needs to purchase a residential house of the minimum value of Euro 500.000= plus the Vat

– However, if the investment as per Criterion A3 above is only one house/villa of  2.5m respectively, the applicant needs not to purchase extra residential property of Euro 500.000= plus the Vat and transfer fees.

– For the purchase of the residential property, the applicant is allowed to apply for a reduced VAT rate at 5% instead of 19% and any contracts of sale that the bear date up to December 2014 are excluded of the payment of the transferring fees that are calculated up to 8% of the purchase price. Some restrictions apply for the 5% VAT instead of 19%.

– The residential property can be rented out.

– The investment needs to be kept for 3 years.

– There is an extra condition for the  reduction of the investment as hereinabove described to be applicable and this is the requirement of having at least 5 applicants applying together so their total investment to be at least of a minimum of 12.5million all together. However, this does not restrict the applicants to invest all of them in one criterion but it gives free option to invest in any of the 4 criteria and through different Vendors or Service Providers.

– In any case where one single applicant wishes to proceed alone and to apply alone without the rest of the 5 applicants that need not to be related in any way directly or indirectly, then in all criteria the investment amount applicable will be the 5 million euro.

There is also the 5thcriterion which stays with no reduction and this is the following:

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 €5,0 million

– Under this criterion, again there is the need of purchasing a residential property of the minimum amount of Euro 500.000= plus the vat.

– All the above conditions and allowances regarding the residential property are applicable to this criterion too.

– Under this criterion, our company is having the ability to offer you a guarantee safety on the money that would be deposited and even transfer and deposit the money to International Banks.

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