Cyprus Investment Programme

STELIOS AMERICANOS & CO LLC | View firm profile

The Cyprus Investment Programme has been
redesigned by the Cyprus Government in order to continue to attract high net
worth individuals to settle and do business in Cyprus. The Key Changes will be applicable from the
15^th of May 2019 and include the following:

Key Changes Introduced

Compulsory donation of
€75,000to the Cyprus Land Development Corporation;
Compulsory donation of
€75,000to the Foundation for Research and Innovation;
If the investment is made
exclusively in housing units then the minimum amount remains at €2,000,000 plus
VAT unless the investment includes a property which was previously used for the
Cyprus Investment Programme. In that scenario, the investment amount remains at
€2,500,000.
The investments must be
maintained for at least five years from the date of naturalization. During this
period the applicant will be able to change his/her investment only with the
prior consent of the Ministry of Finance.
The applicants must hold a
Schengen visa. Third country nationals that do not require an entry visa for
travelling in the European Union member-states are excluded from this
obligation.
An applicant whose
application for citizenship in any other member-state of the European Union had
been rejected, is not eligible to apply for the acquisition of the Cypriot
citizenship through the Cyprus Investment Programme.

The Economic
Criteria

The Applicant must meet the following Economic Criteria in order to successfully
acquire the Cypriot Citizenship:

1. A minimum of €2
million investment for:

the purchase or construction of buildings
or the construction of other land development
projects (residential or commercial
developments or developments in the tourism sector)
or the construction of other infrastructure
projects.

2. A purchase,
participation or establishment of companies or businesses, located and
operating in the Republic of Cyprus, with investments amounting to at least €2
million.

3. A purchase of
units of at least €2 million from Alternative Investment Funds (AIF) established in the Republic of Cyprus, licensed and supervised by the
CySec and whose investments are made exclusively in the Republic of Cyprus.

4. A combination of the above investments, provided that the total
investment will amount to at least €2 million.

In addition to
the Economic Criteria, the Applicant must fulfill the following:

1. Clean Criminal
Record. Individuals whose property is
frozen within the EU, cannot be considered as having a clean Criminal Record.

2. A privately owned
residence in Cyprus with a purchase price of at least €500.000 excluding VAT.

Other terms and
conditions:

1. The Applicant
must hold a residence permit in the Republic of Cyprus in order to obtain the
Cypriot Citizenship for 6 months.

2. If the Applicant
does not already hold a residence permit, he may apply for the permanent
residency on the basis of Regulation 6(2) of the Aliens and Immigration Law,
simultaneously with the application for naturalization.

3. In the event that
the application for permanent residency is submitted solely for naturalization
purposes, then the terms and conditions of the Cyprus Investment Programme
apply and no additional requirements are imposed.

4. The investments
mentioned above must be maintained for at least five years from the date of
naturalization.

5. The investments, for the purposes of the
Citizenship Application, need to be concluded with fresh funds by the investor
from abroad.

6. A high-ranking
senior manager may apply, provided that he/she receives such a remuneration
that generates for Cyprus a tax revenue of at least €100.000 for a three year
period and provided that this tax has already been paid or prepaid.

What the
applicant should have in mind:

The approval of Citizenship under the relevant
Decision is granted by the Cyprus Council of Ministers

The application package is submitted to the Ministry
of Interior. The economic criteria are assessed by the Ministry of Finance.

The Applicant and his/her spouse may apply jointly.
Upon approval, the application process for the children may begin.

After the assessment of the two Ministries, the
application is presented to the Council of Ministers

The completion of the process usually take at least
6 months.

The Council of Ministers has complete discretionary
powers regarding the approval of any application

Once the Citizenship is granted, we can assist with the acquisition of a
Cypriot Passport and Identity Card for all the family members.

PERMANENT
RESIDENCY

What are the
key benefits of acquiring permanent residency in Cyprus?

1. The successful
Applicant gains the right to permanently reside in Cyprus and provides the
right to apply for a tax ID and tax residency certificate.

2. The successful
Applicant is exempt from immigration entry procedures, for example a Visitor's
Visa

3. The permanent
residency is extended to the Applicant's spouse, children under 18 years of
age, and financially dependent children up to 25 years old. As from February
2016 the parents of the Applicant can also obtain Permanent Residency as
dependents.

Fast Track
Procedure under Regulation 6(2) – Summary of the Key Points

1. The Permit is
granted for an indefinite duration. The Applicants must satisfy the conditions
below:

Purchase one or two new real estate properties with
total purchase value of at least €300.000 (excluding VAT). The properties can
potentially be 2 residences, or 1 residence & 1 office or 1 residence &
1 shop. Proof of Payment of €200.000
(excluding VAT) should be paid to the Vendor before filing the application.

A bank deposit of €30.000 in a Cypriot Bank, pledged
for 3 years.

Proof that all investment funds emanated from abroad.

2. Applications are
reviewed by the Civil Registry and the Migration Department and the Minister of
Interior grants the final approval. The process may take up to 2 months.

What can you
expect from our team?

The team of Stelios Americanos & Co LLC is prepared to provide
potential Applicants with high-end services that would ultimately lead to a
successful application. The team
responsible has in depth knowledge of the relevant legislation and procedures
to address any issues that may arise. We undertake to guide you and provide
complete support throughout the process by retaining constant communication to
answer any question.

The responsible team of Stelios Americanos & Co LLC can provide the
potential Applicants the following:

In – depth knowledge of the relevant legislation and
procedures to ensure successful applications
Vast experience in successful preparation and
processing citizenship and permanent residency applications
Close collaboration with the relevant Authorities
Confidentiality
Constant communication addressing all the questions
that may arise

Our services
include:

Advice on the required economic criteria and
conditions, approval process and application requirements
Examination of specific circumstances of the
Applicant to ensure the most effective
way to successfully meet the criteria
Assisting with alternate options for investments
Assist with the legal overview of the purchase
agreement and the relevant documents
Assist with the Real Estate due diligence
Assisting with the examination of tax implications
from the investment
Run a pre-clearance check with the Ministry of
Interior and Ministry of Finance
Assist with the preparation of required documents
Check the citizenship and permanent residency application
packs prepared to ensure that they satisfy the quality standard
Ongoing monitoring of the status of the applications
and continuous follow up with personal interventions
Continuous briefing of the investor on the progress
of the application
Act as a liaison between the authorities and the
Applicant during the examination of the application
Escort the client and his/her dependents to the
Civil Registry and Migration
Department

Cyprus Investment Programme

STELIOS AMERICANOS & CO LLC | View firm profile

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