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

15th 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.

The Applicant should be able to prove that he/she

has at his/her disposal a secured annual income of at least €30.000. This annual income is increased by

€5.000 for every dependent person in the family and by €8.000 for every

dependent parent.

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