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Alert - New Cyprus Citizenship criteria

The Republic of Cyprus allows applications from foreign investors to obtain the Cyprus Citizenship by investment under the provisions of the Council of Ministers Decision dated 13 September 2016
•    A non-Cypriot citizen that fulfils one of the Financial Criteria below, may apply for the acquisition of Cypriot Citizenship.
•    The applicant’s spouse and all financially dependent children up to the age of 28 can apply on the basis of the main applicant’s investment
•    The investment criterion is € 2  Million
•    No residency is required.

I. Investment amount and period
The minimum investment amount is €2million.The investment must have taken place within the period of maximum 3 years prior to the date of application for citizenship AND the investment must be held for a minimum period of 3 years from the date of obtaining citizenship
II Investment Options
•    CYPRUS PROPERTY – Investments in Residential properties or Commercial properties or in Development projects
Or in
•    CYPRUS BUSINESSES – By investment in Cyprus businesses or companies through creation or participation or acquisition of such companies, provided the funds are invested in Cyprus for the purpose and in accordance of their investment plans
Or  in
•    CYPRUS INVESTMENT FUNDS or financial assets of Cypriot businesses or organizations supervised by CySec ( Cyprus Securities Exchange Commission)
Or in
•    GOVERNMENT BONDS - up to a maximum of €500.000 ( with the balance €1,5mln to be invested in any other of the above options )
Or in
•    Any Combination of the above options

 III Investor Conditions
An investor must meet the following requirements:
•    Clear criminal record

•    The investor must own a private residence in Cyprus, purchased for at least €500.000 plus VAT. However, where the investments are made into residential property(ies), this requirement is not applicable

•    The investor must be the holder of a residence permit in Cyprus to qualify for receiving the Cyprus Citizenship. For this purpose, he/she should submit an application for a residence permit, which will be issued simultaneously with the filing of the Citizenship application. Obtaining of residence permit is a formality due to EU regulation.

•    There is no requirement for the investor to live in Cyprus.

•    The investments must be kept for 3 years. After the 3 years the investments may be realised / sold except that the private residence must be kept for life.

 IV The Benefits
•    Cyprus passport is a full EU passport. The Investor and his family can freely reside, work, study, have business in any of the EU-member states as well as in Switzerland, Liechtenstein, Norway and Iceland
•    Holders of Cyprus passport can travel visa-free in 157 countries in total
•    Dual-citizenship is permitted.
•    The passport is issued also for the investor’s spouse and all financially dependent children (up to 28 years old). All next generations of investor retain EU citizenship
•    The investor’s parents are entitled to apply for citizenship provided that they are owners of a Cyprus permanent residence of at least €500.000
•    An express procedure - 3 months to be approved

This outline is only intended to provide a brief summary of the main legal requirements and it is NOT intended to be a comprehensive guide, therefore it is highly recommended that our professional advice is taken prior to taking any steps.

20 Oct,16

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