With its mild Mediterranean climate, Cyprus boasts a rich and diverse culture proving to be a very popular destination for investors. The country provides a safe and stable setting which is ideal for raising families and is set in the perfect location for business and travel. Cyprus also offers low property prices and low tax; and is a member of the European Union and of the British Commonwealth.
Direct Passport / Citizenship Program
One of the incentives the Cypriot Government has established to attract foreign direct investment is the Citizenship by Investment program. In September 2016, the program has undergone major changes making this an even more attractive program for property buyers and investors.
The Cyprus Government have now approved a revised scheme for granting Cypriot citizenship to non-European entrepreneurs and investors. The investment amount has now been reduced to EUR 2 million and there is no need for a collective group application. In addition, parents of the investor are also now allowed to apply along with children and partner.
The program is designed to grant full Cypriot citizenship to those investing EUR 2 million in real estate and who meet certain other requirements. The 2 million must either be used to purchase a residential property worth a minimum of 2 million and which can then be sold after 3 years; or, the 2 million can be used towards other investment options (we can provide further advice on these options) plus a residential property worth EUR 500,000 must be purchased. This property must be kept for lifetime, but can be used for rental purposes. If the applicant chooses the first option, the property worth EUR 500,000 is included within the 2 million. The returns on these investments, especially that of government bonds are relatively profitable. Successful applicants gain the right to live, work and study in all 28 EU member countries.
To be eligible to qualify for Cypriot citizenship, you are required to make an investment of 2 million EUR, in any one of the following:
- Government Bonds
- Cyprus Companies
- Real Estate
- Purchasing existing or starting a new business in Cyprus
- Deposits in banks
The total processing time to obtain a Cypriot citizenship is only 3 months. Based on the above mentioned investments, the applicant will receive their Cypriot citizenship along with their spouse and dependent children and/or parents. We have our own associates in Cyprus who can guide you and further advice on your investment options and its interesting returns.
Cyprus Visa – Residency Program
The Cyprus Residency Program, requires an applicant to make an investment in Real Estate of a minimum value of 300,000 EUR. The investment can be spread over two housing units or a combination of housing and commercial spaces. The applicant is also required to deposit a minimum of EUR 30,000 into a Cypriot bank account for a period of 3 years and show that he earns a minimum annual income of 30,000 EUR. There is an additional 5,000 EUR added onto this with each dependent. Once the residence permit has been received, the applicant and his dependents are only required to visit Cyprus once every two years, as a minimum.
During the application process, the applicant is required to visit Cyprus to select their property of choice. We not only provide you with support throughout the application procedure, but can also provide personalized assistance alongside our associates in Cyprus, to ensure your investment is safe. The total processing time for the approval of the Cyprus Residency Program is between 6 to 8 weeks.