Comprehensive Cyprus Passport Scheme Services
Unlock EU Citizenship Through Strategic Investment
Cyprus offers an investors’ passport scheme by which a foreigner may obtain a Cypriot passport/nationality without having to comply with the 7 year residency requirement, in an attempt to attract wealthy individuals.
There are different categories of investments available which provide eligibility for obtaining a passport under the investors’ scheme as follows:
1
Investment in Government Bonds issued by the Republic of Cyprus
The applicant must proceed with the purchase of Government Bonds issued by the Republic of Cyprus of value at least €5 million; or
2
Investment in financial assets of businesses established in the Republic of Cyprus
The applicant must proceed with the purchase of financial assets of value of at least €5 million (e.g. bonds / securities / debentures) registered and issued in the Republic of Cyprus.
3
Investment in Property in the Republic of Cyprus
The applicant must proceed with the purchase of immovable property of value of at least €5 million (houses, offices, shops, hotels or a development of a similar nature).
4
Investment or incorporation or participation in businesses that are established in the Republic of Cyprus
The applicant must proceed with the purchase of businesses or companies that are based and are active in the Republic of Cyprus, the purchase of shares of companies registered in the Republic of Cyprus of a value of at least 5 million and employ at least five Cypriot citizens.
5
Bank Deposits
The applicant must have personal deposits in Cypriot banks or through private companies or trusts (in which he is the ultimate beneficiary himself) in the Republic of at least €5 million in a fixed deposit.
6
Combination of Investments
The applicant may choose to proceed with a combination of any of the above mentioned categories for a total amount of at least €5 million and provided that the minimum period requirements as provided above are met.
7
Cyprus compensation scheme for lost investments
This category has recently been approved as compensation for depositors who lost at least €3 million due to the levy imposed on the bank deposits in Bank of Cyprus and Laiki Bank. In the situations where a haircut for an amount of less than €3 million was suffered then it is still possible to utilize this new special category explained herewith if it is combined with any of the investment options mentioned above for the remainder amount (up to €3 million).
8
Collective Investment Scheme
The applicants must proceed as follows:
- Any investment referred in categories 1-4 referred above will be reduced to €2,5 million for non-Cypriot residents, who will participate in the collective investment scheme, with a total value of the assets of at least €12,5 million; i.e. if a group of 5 (five) investors apply collectively.
- Any investment in the categories as referred above will be reduced to €2 million for applicants, who will participate in the collective investment scheme until the 1st June 2014, with a total value of investment of at least €12,5 million; i.e. if a group of 6 (six) investors apply collectively.
It is provided that for all categories explained above (except where the whole amount required is covered under category 7 (Cyprus compensation Scheme for lost investments) the investments must remain committed for a minimum period of 3 (three) years.
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Additional conditions for eligibility to apply for a passport:
- The applicant must have a clean criminal record and his name must not appear in any list of individuals whose property within the EU has been placed under any restrictions.
- Regardless of which category under (1) to (8) above is chosen by the applicant it is additionally required to proceed with the purchase of a residence within the Republic of Cyprus of purchasing cost of at least €500.000, plus VAT.
Advantages of the Cyprus investors’ passport scheme
- The Cyprus passport grants you with all the advantages of being a European national, including among others, the right to free movement and residing within the European Union.
- The whole family, including one lawful wife and children up to 28 years of age which are financially depended on their parents are entitled to be added to the investor’s application without having to increase the amounts invested.
- The procedure is quick, the application is processed within 2 – 3 months.
Disclaimer
The above information is only a brief description of the provisions of the relevant Law up to the date of publication of this Memo and in no way is exhaustive. Further professional advice should be sought for each particular case. Our firm does not accept any responsibility for any loss or damage occurring by acting on the basis of this information.
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