EU Citizenship Programme
The Cyprus (EU) Citizenship programme is brought to you by Strategies Migration Services South Africa jointly with KPMG (Cyprus) and Korantina Homes.Cyprus: A Home Away From Home
An island lying in the heart of the Mediterranean sea, with a size that is big enough to be called cosmopolitan, at the same time, small enough to be regarded as the ideal place to raise a family. An island which enjoys more than 300 days of sunshine yearly, with mild winters and the largest number of blue ag beaches per coastline in the world!
A sovereign European country with a cultural heritage so rich that is lost in the centuries, yet an island that patiently awaits to be explored and re-discovered, offering an unparalleled level of quality of life which is second to none.
Individuals and businesses alike, can benefit from a plethora of tax incentives offered, spanning from half rates on personal income, to zero taxation for worldwide dividends and interest received. For businesses, tax incentives include but are not limited, to a notional interest deduction and one of the lowest corporate rates in the EU.
Why Cyprus
Comfortable Life
- Cyprus has a multicultural population and enjoys a high standard of living.
- It is a great place to live with security and safety for the whole family, evidenced by a very low crime rate.
- There are exclusive golf resorts and high quality tourist facilities.
- The Knight Frank Global Lifestyle Review ranked Cyprus as the fifth best place to relocate.
Climate and Environment
- Cyprus has a pleasant climate with dry summers and mild winters. The island enjoys around 300 days of sunshine in a calendar year.
- Cyprus has the cleanest beaches in Europe and the largest number of blue beaches per coastline in the world.
Education
- In addition to state schools there are private English speaking schools offering a high level of education in the towns of Nicosia, Limassol, Larnaca and Paphos.
- There is a number of reputable state institutions and private universities of higher education that operate in Cyprus. Some of these private institutions have secured endorsement of their diplomas by UK and US educational establishments or cater for external degree programmes and professional examinations.
Other Competitive Advantages of Cyprus
- Strategic geographic location (Europe, Asia, Africa).
- EU/Eurozone Member.
- Business language is English.
Cyprus Citizenship by Investment Criteria
Eligible Criteria: Real Estate and Land Developing
The applicant should have a direct investment in Cyprus
of at least €2,0 million (excl. VAT) for the acquisition or development of real estate projects (residential, commercial, tourism sector or other infrastructure). It shall be noted that the acquisition of land is not considered to be a qualifying investment under this criterion.
Or
Purchase or Participation in Cypriot Businesses or Companies
The applicant must have made an investment of at least €2,0 million (excl. VAT) in the purchase or participation in businesses or companies, that are based and operating
in Cyprus. These businesses or companies should have a tangible presence and substantial activity in Cyprus, as well as employ at least five (5) Cypriot or EU citizens who have been legally residing in Cyprus for a continuous period of at least 5 years.
Investment in AIFs or Financial Assets of Cypriot Businesses or Organisations
The applicant must have purchased financial assets of at least €2,0 million (excl. VAT), i.e. units in Alternative Investments Funds, bonds, debentures, other securities, etc, registered and issued in the Republic of Cyprus, in companies or organisations with substantial economic activity in Cyprus which are regulated by the Cyprus Securities and Exchange Commission.
Or
Combination of Investments
The applicant may choose to proceed with a combination of any of the above investments, with a total investment amount of at least €2,0 million (excl. VAT).
Such combination may also include the acquisition of government bonds of the Republic of Cyprus for a maximum amount of €500.000.
Terms and Conditions
In addition to satisfying any one of the above criteria, the applicant must:
- Have a clean criminal record.
- Own a permanent residence in Cyprus of a market value of at least €500.000 (excl. VAT). *If the investment is only in residential property there is no additional requirement to acquire a permanent residence in Cyprus of at least €500.000 (excl. VAT).
- Submit a residence permit application simultaneously with the Cyprus citizenship application. The residence permit is obtained almost immediately and the application procedure is straightforward.
Other useful notes:
- The investor is obliged to retain the investment for at least 3 years following the acquisition of the Cyprus citizenship but must retain possession of a permanent residence of at least €500.000 (excl. VAT) for life. If the investor chooses to dispose the permanent residence at any time this needs to be substituted with another property of an equal or higher value.
- The investor’s parents are entitled to apply for the Cyprus citizenship provided they are owners of a permanent residence of at least €500.000 (excl. VAT). For this purpose the investor and his/her parents may consider acquiring a single co-owned residential property of a total value of at least €1,0 million (excl. VAT).
- The investor’s minor children, as well as his/her adult financially dependent children up to the age of 28 are entitled to apply for the Cyprus citizenship.
[h3] Benefits of Receiving the Cyprus Citizenship
- An express procedure in obtaining an EU passport;
- The investment can be as low as €2,0 million (if the investment is solely in residential property);
- The investor must retain the investment for only 3 years after which s/he is free to realize it;
- Citizenship is granted to the parents, spouse and dependent children of the investor;
- No requirement to reside in Cyprus after obtaining the Cyprus passport;
- Wide choice of investment options;
- Access to all rights of an EU citizen protected by EU legislation and regulations, i.e. freedom to work, study, reside in any EU member state, as well as Switzerland, Norway, Iceland, Liechtenstein;
- VISA-free travel to over 150 countries worldwide;
- Dual-citizenship permitted and the acquisition of citizenship in Cyprus is not reported to other countries;
- Low government fees for the filing of the application;
- No language proficiency tests.