ADVANTAGES OF CYPRUS CITIZENSHIP

HomeNewsADVANTAGES OF CYPRUS CITIZENSHIP

Cyprus citizenship (of an EU member state) is acquirable today in just 6 months. By an investment of 2 million euros, one can obtain the rights for residence, employment, business ownership and management without any restrictions, continued education and travel to any EU country. The Cyprus passport implies also a visa-free entry to 157 countries around the world. Thus, if someone intends to settle, for instance, in France, she or he can fairly quickly get a Cyprus passport and then move to France.

After a 3-year period the investor may sell off the Cypriot assets with a profit, keeping the passport for life. Cyprus is an English-speaking country with a great climate and an excellent natural environment, one of the safest places on Earth. The citizenship is granted to the applicant, as well as the spouse, parents, all financially dependent children under 28. The citizenship is automatically inherited by all the descendants of the investor. On top of this, for 17 years, the investor does not pay any tax on dividends and interest received worldwide, – should he decide to take the opportunity of a non-domicile tax residency in Cyprus.

Cyprus' distinctive features are the absence of an inheritance tax and the lowest income tax in the EU. There is also no taxation of real estate. The 'passport through investment' is an official state programme of the Republic of Cyprus (an EU member state). The guarantees for financial obligations to an investor are provided by the largest Cypriot banks: The Bank of Cyprus, Hellenic Bank, Eurobank. For an investment of 2 million euros or more one receives a passport in 6 months. Wherein:

  • It is not necessary to live in Cyprus
  • Only two visits suffice: the first one, 3 to 5 days, in order to select an object for investment. The second time, in order to get a passport;
  • A test of Greek is not required;
  • Investments can be collected after 3 years, leaving only a property for personal use worth at least 500.000 euros;
  • There is no need for any donations to the state unlike the similar programmes of other countries.

On 13 February 2019, the Cabinet of Ministers of Cyprus adopted a number of changes in the Cyprus' Citizenship through investment programme. Thus,

  1. The period of the required ownership of a property (i.e. the period after which it may be sold without losing the citizenship), increases from 3 years (required previously) to 5 years.
  2. A once-off non-refundable payment is required in the amount of EUR 150,000, of which EUR 75,000 euros goes to the public R&D fund and the other EUR 75,000 is to finance affordable housing programmes.
  3. In case the applicant purchases a real estate property, which was already previously used for obtaining the citizenship, the value of a property to qualify for the programme must be at least EUR 2.5 million.
  4. If the applicant has previously been refused an application process for a citizenship of another EU member state, he or she is not allowed to use the 'passport through investment' programme in Cyprus.
  5. The applicant must have an open Schengen visa before applying.
  6. The possibility of investing in Cypriot bonds was removed from the programme.

All the modifications take effect from May 15, 2019. Midland Consult assists in application and in solving of any issues related to this programme. Moreover, an attractive construction programme is on offer for a potential investor in the most fascinating locations on the island's coast.