Citizenship by Investment Cyprus

Program Overview

The Cyprus Citizenship by Investment program offers the fastest and most assured route to gaining a European passport through investment in real estate. It is quick and guaranteed and is available to investors who have sufficient funds to invest €2.0 million into real estate, plus a donation of €75,000 to the Governments Research and Development fund  and €75,000  to the Land Development Organisation. No other European golden visa program guarantees such assured results offering an EU second passport in just two to three months.

Investment

The property, either residential or commercial, can be rented for income. Any number of properties can combine to make up the €2.0 million minimum investment. The investment can be made personally or through a company in which the applicant is a shareholder.

Process

The applicant needs to have committed to the investment prior to applying for the visa and funds must be in place in Cyprus before application. Such funds can be released in accordance with any payment plan agreed for the property, particularly in the case of off-plan developments. However an application can be made within a few days of committing to the investment. The process for gaining the Cyprus passport will then be completed within 6 months. A full refund can be offered for certain real estate investments in the unlikely case of refusal of the citizenship application.

After 5 years the investment can be reduced down to just €500,000 and this investment must be maintained in order for the investor to retain their citizenship.

Residential or Commercial Property

One of the key considerations when deciding between residential or commercial property in Cyprus is the rate of tax (VAT) that applies. Commercial property will attract VAT at a rate of 19% whereas residential property will attract just 5% on the first 200sqm of the first and main permanent residence property.

Requirements

In addition to the real estate investment applicants will need a clear criminal record. There is no language requirement, medical test or interview. Very simple documents are required for the application. It is easy to apply and there is no requirement to stay in the country.

Fees

Lawyer fees will apply for the processing of the citizenship application and purchase of the property and typically amount to around €30,000- €40,000 for a family. Government processing and application fees for a family of three would amount to roughly €21,000.

Family

Qualifying family members include spouse, all children up to the age of 28 and all future generations. Parents can also qualify by making a further €500,000 investment in real estate.

Taxes

The Cypriot government introduced a package of measures in 2015 to encourage international investment and residence from high net worth investors . Non-domiciled investors will be exempt from taxation in Cyprus for personal investment income including dividends and interest.  This means that non-domiciled individuals will pay zero tax in Cyprus irrespective of whether the income is earned in Cyprus or abroad. There is no inheritance tax. Cyprus also has one of the lowest corporate tax rates in Europe at just 12.5%.

Living, Working and Studying

Applicants gain the full rights of EU citizens and have the ability to live, work and study anywhere in the European Union. However the Cypriot government is keen to encourage residency. Cyprus has the lowest crime rate in Europe. An ex British colony and member of the Commonwealth that offers a high standard and affordable British education. An environmentally clean country, over 80% of the population in Cyprus speak English. At least three United Kingdom Universities have campuses in Cyprus.

Travel

Applicants gain a European passport and the access this gains allowing travel to 158 countries and districts without a visa. It includes multiple entry into Canada for six months and Australia, Singapore, Hong Kong and Macao for three months.

Benefits

Cyprus is a full member of the European Union. Citizens of Cyprus are European citizens. One of the fundamental rules of the EU is the ability for its citizens to travel, live, work or study anywhere within the European Union. Cyprus citizens and passport holders are able to live in any of the 28 countries that form the EU.

Summary

The application process is fast and very straightforward and with a high approval rate. It has good family structure allowing children up to age 28 to qualify and all future generations. It requires basic documentation and there is no residency requirement. The citizenship investment program in Cyprus is ideal for High Net Worth Individuals seeking a fast and efficient route to a European passport.