Cyprus Passport. Cyprus Citizenship Through Investments
Worldwide Incorporation Services specializes in Cyprus Citizenship Investment Programme.
Cyprus – General Information
Location: Middle East, island in the Mediterranean Sea, south of Turkey; note – Cyprus views itself as part of Europe; geopolitically, it can be classified as falling within Europe, the Middle East, or both.
Area: total: 9,251 sq km (of which 3,355 sq km are in north Cyprus), land: 9,241 sq km, water: 10 sq km.
Natural resources: Copper, pyrites, asbestos, gypsum, timber, salt, marble, clay earth pigment.
Population: 1,221,549 (July 2017 est.).
Nationality: noun: Cypriot(s), adjective: Cypriot.
Time Zone: UTC+2.
Languages: Greek, English.
Government type: Presidential democracy.
Legal system: Mixed legal system of English common law and civil law with European law supremacy.
Economy: Tourism, finance, shipping, and real estate have traditionally been the most important services. Cyprus has been a member of the EU since May 2004 and adopted the euro as its national currency in January 2008.
In October 2013, a US-Israeli consortium completed preliminary appraisals of hydrocarbon deposits in Cyprus’ exclusive economic zone (EEZ), which estimated gross mean reserves of about 130 billion cubic meters. Though exploration continues in Cyprus’ EEZ, no additional commercially exploitable reserves have been identified. Developing offshore hydrocarbon resources remains a critical component of the government’s economic recovery efforts, but development has been delayed as a result of regional developments and disagreements about exploitation methods.
Cyprus Passport Investment Program – Overview
The program was launched by the Cypriot government in 2008. It was introduced to encourage foreign investors to help in rebuilding the Cypriot economy after the economic crisis. Since the program was launched, it is estimated that $4.5 billion has been invested in Cyprus thanks to Cyprus passport through investments program which will provide you with Cyprus citizenship. With the help of this investment program, investors together with their families are given passports to live and work in the country.
Why choose Cyprus for investment?
1) Location – The location of Cyprus makes it a good country for investment. If you want to start a business, it is important to start it in a country that is near the ready markets. Cyprus is located near all the major European countries that are doing well economically. It is easy to get direct flights from Cyprus to all the European countries and this is a good aspect for trade.
2) Business relations – Cyprus has a good relationship with other European countries, and that is one more reason to apply for Cyprus citizenship by investments program. This is a good thing when starting a business in Cyprus. With good relations with European countries and the Middle East, you will be sure that it will be easy to do the trade. When doing business in any country, trade relations with other countries always come into play.
3) Low tax regime – The tax has a huge role when starting any business. It is essential to start your business in a country with a low tax regime. Cyprus has a 12.5% tax regime for companies. When compared to other countries in Europe, 12.5% is quite friendly and especially for new business and startups. It is easy to survive a few years of business in Cyprus because it will be easy to cope with the low tax.
4) Easy business procedures – Setting up a business or incorporating a company in Cyprus is easy. The government offers friendly startup procedures for foreign investors who want to start a business in Cyprus. Depending on the type of business that you want to start, it takes an average of two weeks to incorporate a company. This is a short time compared to other countries in Europe.
5) Member of the European Union – Being a member of the European Union comes with a lot of advantages. After joining the European Union in 2004 and the Eurozone later in 2008, Cyprus citizenship has been attracting investors since them. Starting a business in Cyprus gives investors the advantage of getting easy access to other European markets. Getting access to the European market is an advantage when doing business in Cyprus due to the friendly tax and business environment.
6) Good and stable infrastructure – The infrastructure in Cyprus has grown in the last few years. When doing business on the island, it will be easy to get transportation within the country and even outside the country. Communication in the country is also easy because of the strong communication and internet service. Since the country has two international airports and two deep ports, importation and exportation of goods is comfortable and convenient.
7) Naturalization of international investors – The naturalization of international investors is an attractive option to many foreign investors. The government has set an option that allows to get Cyprus passport through investments. For successful acceptance, they must meet the requirement. When accepted, the investors can enjoy the full benefits that come with being a citizen of the country. Many foreign investors are now considering this option.
8) Professional services and workforce – The country has everything that is needed for a business. We have banking, insurance, and other professional services. The official language is Greek, but most of the natives understand and speaks English. It will be easy to get a professional and educated workforce for any business.
9) A good place to live Cyprus is an excellent place to live and work. For investors who want to come and live with their families, it offers a friendly environment for raising a family. When visiting Cyprus, you will love the art, food, and culture that it has to offer. It is no Cyprus that the country attracts millions of tourist each year who want to share and become part of this culture.
How to obtain Cyprus citizenship by doing investments?
Who is eligible for Cyprus passport through investments? Before you apply for Cyprus citizenship by investments program, you have to meet the qualifications. Here are some of the conditions that you have to meet to be considered for application:
a) Clean criminal record – It is essential to have a clean criminal record before you are considered for Cyprus citizenship application. The proof of no criminal record should come from the country of origin. The evidence should be produced in terms of documentation to show that the applicant was not involved in any illegal activities. In case the country of origin and residence differs, then you will be required to provide a criminal country for both countries.
b) No frozen property or property ordered to be frozen. Before applying, it is essential for the applicant not to have any frozen property. The name of the applicant should not be included in the list of people whose property were frozen. This is done to ensure that the applicant is in good financial standing. Frozen property is not always a good sign for a potential investor. When looking if the applicant has any frozen property, the applicant property should not be frozen in any European countries.
c) Age over 18 years – The applicant for Cyprus citizenship by investments must be at least 18 years. This is a rather obvious requirement because minors are not allowed to invest in most parts of the world.
d) Visit the country at least once – Before being approved for the investment program, it is essential for the applicant to visit the country at least once. Visiting the country once will allow the applicant to obtain the required biometrics. The authorities will do the biometrics. During the visit in the country, the applicant will also be given the permanent residence work permit.
e) Spouse, children, and parents – Spouse, children, and parents are considered when it comes to eligibility in the Cyprus citizenship by investments program. According to the law, minors below the age of 18 years are included as children of the applicant. Children of the applicant who are between 18 and 27 years are also included if they are financially dependent on the applicant. The government also allows the inclusion of parents during the application process. However, unlike the spouse and children, the parents have to €500,000 or more in real estate investment.
– Invest €2 Million residential real estate
The first option is to invest €2 Million in real estate. With this option, you will be required to hold the investment for at least three years. After holding the investment for three years, it can later be reduced to €500,000 in residential property. There are a variety of ways to go about it. For instance, the investor can buy one property worth € 1.5 Million and another one worth €500,000. After three years, the investor can sell the property worth €1.5 million and retain the one worth €500,000. On the other hand, in order to get Cyprus passport through investments the investor can invest the whole €2 Million and then sell the property after three years to buy a property worth €500,000.
– Make €2.5 Million combination investment
For investors who are willing to invest €2.5 Million, there are various ways to go about it. The investor has to make the mandatory €500,000 in residential real estate. The remaining €2 Million can be made in real estate whether commercial, residential or even infrastructure. On the other hand, the investor can also choose to invest in a Cypriot company as a shareholder that is a good way for obtainment Cyprus citizenship by investments. The company should have at least five employees who are Cypriot or EU nationals. The investor can also invest in Alternative Investment Fund or Cyprus Securities and Exchange Commission (CySec).
Cyprus Citizenship through acquisition of real estate
Luxury Cyprus properties on sale eligible for Cyprus Citizenship for investments program. Fees are starting just at 500.000 up to 2.000.000 Euro and more. The detailed information on selected property offers is stated in the separate pricelist.
Benefits of Cyprus citizenship-by-investment
Cyprus passport through investments is attractive because it has a variety of benefits. Here are some benefits that you get from the citizenship:
1) Reside, work, study and own in European Union states once granted the Cyprus citizens, you get the advantage to reside work, study and even own a business in countries like Liechtenstein, Norway, Switzerland and Iceland. This is a good thing because it allows you to expand your business.
2) Visa-free travel – Being a citizen of Cyprus comes with a lot of advantages because you can travel to over 171 countries without a visa. Most of these countries include countries in Europe and also Canada. Traveling visa-free is always a dream of many people.
3) Get dual citizenship – Getting a Cyprus citizenship is good because it does not force you to give up the citizenship of your country of origin. You can still enjoy dual citizenship by being a citizen of Cyprus.
4) Unlimited stay – The unlimited stay is the apparent advantage that comes with gaining citizenship of every country. You do not have to worry about renewing your visa every time. You can stay for an unlimited of time in the country.
5) Broad family inclusion Cyprus is one of the few countries that allow you to include as many family members as possible. You can include your children up to 28 years and you can also include your parents. With this Cyprus passport through investments program, you get to include all your close family members.
6) Free public education and healthcare – Once you obtain Cyprus citizenship, you will be entitled to receiving free public education and also health care services.
7) Voting rights – You will also get the right to vote and make important decisions affecting the country,
Application Process for Cyprus Investment Programme
Fees required for applications
When making the application for Cyprus passport through investments, you will be required to pay some processing fees for your applications to be accepted. The investor will pay €2,000 for application fee and €5,000 for certificate. The spouse of the investor will also pay €2,000 for application fee and €5,000 for certificate. Adult children between the age of 18 and 27 years also pay as much as the investor. Minor children will only pay €80 for application and do not need anything for certificate issuance.
What is the application process?
Submit original documents to Ministry of Interior – The first step for applicants is to submit original documents to the ministry of interior. The documents that are submitted from other countries should be translated to Greek or English for easier understanding. When submitting the documents, the EUR 2,000 is also supposed to be submitted. At this point, the documents of the spouse should also be issued. After the spouse and the applicant documents are received, the documents of the children and the parents can follow later for consideration.
Civil Registry and Migration – Once the Cyprus citizenship by investments application documents are received and the application is accepted, the process of citizenship can start at this point. Getting a certificate of naturalization requires the applicant to provide a fee of EUR 5,000 before the certificate is issued.
How long does the process take?
Compared to other investment programs in the world, the Cyprus passport through investments program is easy for getting Cyprus citizenship. It will take an average of 2-3 months before everything is ready. However, it will all depend on your effort as an applicant. To make sure that the application goes through well, you need to make sure that you provide all the required documents on time. Providing the documents in time will avoid the back and forth process of submitting the documents.
Worldwide Incorporation Services provides the following services in Cyprus:
- Cyprus Citizenship by investments
- Cyprus Passport