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GOLDEN VISA CYPRUS - FACT SHEET 2016

Golden Visa for investors in CYPRUS

What are some of the reasons the Cyprus citizenship by investment program is attracting so many international investors?
International business executives, investors, and important persons who are active worldwide consider an alternative citizenship and passport a powerful tool for international tax planning and a safety net should the living conditions at home become unbearable.

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Applicants realize that the Cypriot citizenship provides several benefits, including:

 

  • Visa free travel to over 160 countries, including the USA, Canada, and Europe
  • Retirement in a safe country with a warm climate
  • A better education for the applicant’s children
  • Children and grandchildren gain visa free travel and the right to live, work, or study in many countries
  • A better quality of life for the family, including better healthcare and an unpolluted environment
  • Relatively low real estate prices
  • Personal security
  • Tax advantages
  • Freedom associated with having multiple passports

 

What is the minimum investment required to obtain the Cyprus citizenship (EU citizenship)?

The minimum investment amount is EUR 2,5 million for the citizenship (European passport), or EUR 300,000 for a permanent residency visa, excluding government filing and attorney fees.

To qualify for citizenship, the primary applicant must be over 18 years of age and select one of the following options:

  • Financial Assets
    This option requires an investment of at least EUR 5,0 million in financial assets of Cypriot entities (e.g. bonds, securities or debentures registered and issued in the Republic of Cyprus).
  • Real Estate
    This option requires an applicant to invest at least EUR 5,0 million in real estate or other developments (residential, commercial or infrastructure projects).
  • Local Business Activities
    This option requires an investment of at least EUR 5,0 million to acquire, incorporate or participate in companies residing and operating within Cyprus. Such companies must have a physical presence in Cyprus and employ at least five Cypriot nationals. It is noted that these criteria also provide for the compulsory conversion of deposits into shares.

Alternatively, if the headquarters of the company are located in Cyprus and no less than five Cypriot citizens find employment there, the annual government fee is reduced to EUR 350,000. If the business employs 10 Cypriot citizens or more, the amount decreases to EUR 250,000. In all of the above cases a three-year period preceding the application must be met.

  • Bank Deposits
    This option would require the candidate or a company or trust of which he is the main beneficiary to have had deposits of at least EUR 5,0 million in a local bank for the last three years.
  • Combination (mixed option)
    The applicant can also choose to fulfil the required minimum EUR 5,0 million investment through a combination of options #1, #2, #3, and #4.
  • Impaired Deposits
    If a candidate had deposits in Bank of Cyprus or Laiki Bank cut by at least EUR 3,0 million since March 15, 2013 then the candidate would also be eligible for naturalization. If the money was cut by less than EUR 3,0 million, candidates could potentially combine it with any of the other options.
  • Group Application
    The lowest cost option is a group application under any of the first five options. Each applicant is required to invest at least EUR 2,5 million. The total amount invested by all group members must exceed EUR 12,5 million. We will assist with finding the minimum number of investors required to form a group by pooling the applications of our clients. 

Will the Cyprus citizenship automatically grant me European citizenship?
Yes. Because Cyprus is a member of the European Union its citizens are automatically European citizens, which means you are allowed to live, work or study anywhere in Europe.

 

Can I include my family in my application?

Yes. All investment options to citizenship allow for dependents. ‘Dependent’ refers to: (1) children under the age of 18, (2) children between the age of 18 and 25 who are full-time students and financially dependent on the main applicant, and (3) parents or grandparents over the age of 65 years old, if they are living with or fully supported by the main applicant. Neither the spouse nor the children are required to make any additional financial investments.

 

Am I required to live in Cyprus?

No. Cyprus does not require you to be present or reside in Cyprus before or after approval of your citizenship application.

 

Am I required to own real estate in Cyprus?

Yes. Every main applicant must be the owner of a permanent residence in Cyprus, with a market value of at least EUR 500,000 plus VAT. Members of the same family - but filing separate applications - may pool their resources provided that the total amount of the residence/house covers the amount of EUR 500,000 for each applicant. However, the country does not require you to be present or reside in Cyprus.

 

Will my citizenship expire?

No. When you acquire citizenship under the Cyprus citizenship program, you and your family enjoy full citizenship for life, which can be passed on to future generations by descent.

 

How long does it take to get the citizenship and passport? What is the process?

Typically, the full process of obtaining citizenship in Cyprus will take three months if choosing the real estate investment option.

  • Review and Select Qualifying Investment. Our team can advise you on unique/specific searches or present investment options taking into account your investment preferences.
  • Prepare Citizenship Application. Collection of documents such as birth certificates,
    marriage and divorce certificates, as well as police clearance that must be submitted with the application.
  • Receive Pre-Approval from Government Ministries. Obtaining pre-approvals to ensure full compliance and documentation before filing the formal application and before making an investment.
  • Submit Citizenship Application to Government. Finalizing the investment and submitting completed all application forms, including the fully executed contract of sales, escrow agreements and supporting documents.
  • Receive Cypriot Citizenship Certificate / Passport. After application approval this step entails traveling to Cyprus, taking an oath and providing signatures to finalize the process. The Cypriot Citizenship Certificate will be provided to you, and the EU passport can be issued in two hours.

 

Does Cyprus allow me to keep my original citizenship?

Yes. There are no restrictions on dual citizenship in Cyprus.

 

How will new citizens be taxed?

Individuals are considered as a tax resident of Cyprus if they spend more than 183 days per year in Cyprus. Tax residents are taxed on all chargeable income that is accrued or derived from any source in Cyprus and abroad. Nontax residents are only taxed on certain income accrued or derived from a source in Cyprus. Any foreign taxes that are paid can be credited against personal income tax liability.
Personal tax on income generated in Cyprus is taxed at progressive rates up to 35%. The corporate tax rate is 12.5%. VAT


De Micco & Friends will assist you in finding your ideal residential and/or commercial property. Our professional relationships and local presence in Cyprus guarantee to our clients a smooth, comprehensive service that includes identifying suitable properties, providing transport for property viewings, drafting/reviewing legal contracts, and/or liaising with local notaries and architects as needed.

 

 

If you would like to be put in touch with a lawyer to assist you with buying property in Cyprus and/or applying for the Golden Visa in Cyprus, contact De Micco & Friends at www.lawyers-auditors.com.

 

  • NOTES:

    *The information provided is intended as general guidance only for those considering applying for the Golden Visa in Spain and is not a substitute for specific legal advice about your specific information. If you would like specific legal advice in relation to Golden Visa Applications from an experienced lawyer, please contact De Micco & Friends at palma@demicco.es.

    **The Schengen area countries in Europe are: Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, Switzerland and Liechtenstein.
    ***EU countries include: Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and the UK.

    Last actualisation: May 2018

     

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    Phone: +34 871 955 077 | eMail: office@demicco.ch