Important factors to consider in residence planning
The Cypriot government has established a number of incentives to attract foreign direct investment into the country. One of these is the Cyprus Investment Programme, which grants full Cypriot citizenship to wealthy individuals who invest EUR 2.15 million into the country and meet certain other requirements. Successful applicants gain the right to live, work, and study in all 28 EU member countries.
On 15 May 2019, the Council of Ministers revised the existing program and implemented new rules that enable foreign nationals to gain citizenship if they meet certain criteria. The changes include the addition of two government contributions of EUR 75,000 each and an approval time frame of six to eight months.
Any non-Cypriot citizen may apply for the Cyprus Investment Programme if they meet one of the investment criteria presented below. The qualification may either be done personally or through a company or companies in which the applicant acts as a shareholder or as a high-ranking senior manager.
|1.||Fulfill both the below contributions: |
|2.||Select one of the following options: |
The applicant may invest in a combination of the above, provided that the total investment amounts to at least EUR 2 million.
Another important requirement that applies, regardless of the investment option chosen, is the purchase and lifetime possession of a property in Cyprus that will be declared as the applicant’s residence in Cyprus. The purchase price of the particular property should be at least EUR 500,000 plus VAT. In the case that the applicant proceeds with the real estate option, this property can be included in the EUR 2 million investment.
The process of obtaining Cypriot citizenship consists of a series of important steps that need to be implemented professionally and carefully. Henley & Partners manages each step and ensures that they are executed correctly and at the right time, since each part of the process, if not properly handled, can affect the final application approval.
Henley & Partners also helps its clients to identify the most suitable investment opportunities, evaluates all possible investments in relation to potential exit strategies, prepares and submits the application for citizenship to the government, follows up with the authorities while the case is being processed, and receives approval and documents for the clients. We also help clients to manage their properties and provide a further, enhanced menu of concierge services.
Following the submission of an application, Henley & Partners typically receives approval within six to eight months.
Even though the procedure for obtaining Cypriot citizenship is relatively straightforward, it is a very delicate process that requires a meticulous level of focus on the detail and structuring of the investment. Henley & Partners has a wealth of international and local expertise and a high success rate of approving citizenship within the specified time frame.
Henley & Partners only works with investors who have passed our internal due diligence checks, which are similar to those used by the Government of Cyprus. Police clearance records from the current country of residence must also be provided at this preliminary stage.
Henley & Partners assists international clients in obtaining residence and citizenship under the respective programs. Please contact us for more information or to arrange an initial private consultation.