A guide to Cypriot Citizenship programme
and Permanent Residency Scheme
Cyprus Citizenship by Investment
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Cyprus Citizenship by Investment
BENEFITS OF THE CYPRUS EU
CITIZENSHIP PROGRAMME
Pages
Introduction
5
Why Cyprus?
6
Cyprus Citizenship
12
Permanent Residency Scheme
14
Benefits of Cyprus EU Citizenship
Programme
16
Why us?
18
Our Services for Cyprus Citizenship
19
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Cyprus Citizenship by Investment
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Cyprus Citizenship by Investment
Introduction
Cyprus: An overview
Cyprus, officially the Republic of Cyprus, is the third largest island in the
Mediterranean Sea, located at the crossroads of three continents Europe,
Africa and Asia. Cyprus has a population of 1,179,932 million (UN estimate,
2016) and the largest city is Nicosia situated in the heart of the island,
followed by second largest, Limassol located on the south coast. Larnaca and
Pafos are the third and fourth largest cities, each with airport facility, situated
on the south west and south east coasts respectively.
The Republic of Cyprus (ROC) is a Presidential Democratic State, founded in
1960. The Executive authority is vested in the President who is elected for a
five year term by universal vote, and exercised by a Council of Ministers
appointed by the President. Moreover, since May 1, 2004 Cyprus became a full
member of the European Union and from January 1st 2008, member of the
Euro zone establishing Euro as the national currency.
Cyprus has a modern, free-market, service-based economy with an effective
transparent regulatory and legal framework offering international investors
and domestic businesses confidence to invest, grow and prosper. Moreover,
following a series of measures and structural reforms the economy returned
to growth recovering steadily its financial crisis in 2013.
Furthermore, according to World Bank (2016), Cyprus is classified as a high
income country and the main sector of the economy include among others
tourism and hospitality, shipping, investment funds, banking and financial
services and real estate.
Despite the recent economic and political uncertainty in the neighbouring
areas, Cyprus remains a favourable place to live, study, work and invest
offering high living standards, safe and secure environment, pleasant weather
conditions and advanced infrastructure. Also, the simple and fast tracking
‘Citizenship by Investment Programme’ and ‘Permanent Residence’ combined
with the numerous advantages offered, set Cyprus amongst the first choices
to invest.
Through this leaflet, G & P Lazarou as a leading Real Estate company
operating offices in all cities across Cyprus, wish to provide a guideline in
terms of the opportunities and benefits lying under the acquisition of the
Cypriot citizenship and Permanent Residence Programme, providing clients
all the necessary assistance and support during the application process.
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Cyprus Citizenship by Investment
Strategic location
With its ideal geographical position at the
crossroads of three continents - Europe, Africa
and Asia, Cyprus plays a key stabilising role in
the region of the Eastern Mediterranean.
The island is an ideal investment gateway
to the European Union, as well as a portal for
investment outside the EU, particularly into
the Middle East, India and China.
High quality of life and security
Cyprus combines a safe and healthy
environment with high living standards making
it an ideal place to live.
According to Human Development Index (HDI)
(2015) which is a measure of the standard of
living of a country, Cyprus ranks as the 32nd
highest in the world.
Also as stated in Crime Index for country
(2016) Cyprus crime rates are very low and the
sense of safety and security is quite high across
the country.
In addition, Cyprus came out on top of 2015
ValuePenguing Safest Country list , as the
world’s safest small county with a population
of less than 5 million.
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Cyprus Citizenship by Investment
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Cyprus Citizenship by Investment
Climate and Environment
Cyprus has a pleasant Mediterranean
climate, enjoying sunshine through the year,
with hot, dry summers and mild, wet winters.
Also Cyprus has been awarded a total of 57
blue flags beaches for water, quality, safety,
services and environmental management
which rank it on the top of Europe.
Advance infrastructure and
telecommunication network
Cyprus benefits from advanced and modern
infrastructure along with an extensive
telecommunication network.
Cyprus ranks 34th in Global Competiveness
Report (2016) in terms of road quality,
offering a modern road network of three lane
highway linking all main destinations in a
relatively short time period.
In addition, there are two international
airports (Larnaka and Paphos ) and port
facilities in Limassol and Larnaka.
Also Cyprus established well functional
communication services with high telephone
quality and Internet access providing
excellent connectivity to Europe, the Middle
East and Asia.
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Cyprus Citizenship by Investment
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Cyprus Citizenship by Investment
Education
In terms of education, Cyprus Global
Competiveness Report (2016) rank Cyprus
amongst the top countries in Europe in
terms of tertiary education per capita.
Cyprus offers a numerous English
speaking schools in all main towns
providing with high level of education.
Also Cyprus offers a wide range of
reputable state institutions and
internationally recognized universities
Tax System
Cyprus offers an attractive and
transparent tax regime, fully compliant
with EU, OECD and International Laws
and regulations.
It is important to note that Cyprus has
one most favourable tax system for
corporate & individuals in the European
Union with 12,5 % .
Cyprus is also considered as one of the
most competitive shipping centres in the
world in terms of registration fees and
taxes.
In addition there is no withholding tax
imposed on dividend income, interest, or
royalty payments effected to non-Cypriot
beneficiaries and also profits from the sale
of shares, bonds and other titles of
companies established anywhere in the
world are exempt from tax.
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Cyprus Citizenship by Investment
Other important reasons:
-Modern, free-market, serviced-based
economy with a long record of
successful economic performance
-EU member state and Member of the
European Monetary Union
-Highly developed professional services
and banking sectors
-Business Friendly legal and regulatory
framework that ensures transparency
and reliability
-English is widely spoken and
considered to be the primary business
language
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1.189.000
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Cyprus Citizenship by Investment
Cyprus Citizenship
In September 2016, the Ministry of Interior has announced the new criteria for naturalisation
of investors in Cyprus by exception. A non Cypriot citizen will be eligible to obtain a Cypriot
citizenship if one of the following criteria is met:
Criteria
C1. Investment in real estate , land
development and infrastructure projects
-Investment of at least €2 million for the
purchase or construction of buildings or for the
construction of other land development projects
(residential or commercial developments,
developments in the tourism sector or other
infrastructure related projects)
*It is noted that the investment in land under
development is included in this criterion,
provided that an investment plan for the
development of the purchase land will be
included in the application.
C2. Investment in financial assets of Cypriot
companies or Cypriot organizations
- Purchase, or participation in companies or
organizations established and operating in the
Republic of Cyprus with investment cost of at
least €2 million
.
*It must be proven that the companies or
organisations have physical presence in Cyprus
and that they employ at least five Cypriot or
citizens of European Union member-states. The
minimum number of employees shall increase, if
more than one applicant invest simultaneously
or almost simultaneously in the same business
or company.
C3. Invest in Alternative Investment Funds or
financial assets of Cypriot companies or
organizations
- Investment of at least €2 million in financial
assets of companies or organisation established
in the Republic of Cyprus, licence and
supervised by the CySec .In order to confirm
that the investments meet the criteria of the
current scheme will be kept for at least three
years.
-The purchase of financial assets of Cypriot
companies or organizations of at least €2,0
million such as bonds , bills and securities by
companies that have proven physical presence
and substantial economic activity in the
Republic of Cyprus fall under this criterion.
C4. Combination of the aforementioned
investments
Combination of the above investments, provided
that the total investment will amount up to at
least €2, 0 million.
With this criterion (combination of investments)
the applicant may purchase special government
bonds of the Republic of Cyprus, up to €500,000
on condition that the investor will retain these
bonds for a t three year period.
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Cyprus Citizenship by Investment
Terms and Conditions
a.Clean Criminal Record
The applicant should have a clean criminal record
and his/her name should not be included in the list
of persons whose property is ordered by the
European Commission to be frozen within the
boundaries of the European Union.
b.Residence in the Republic of Cyprus
In all cases listed in Part A the applicant must
hold a permanent privately owned residence in the
ROC, of a market value of at least €500.000 plus
VAT .If investment is made into residential
property as indicated in Criterion 1, this
requirement is not relevant
c.Residence Permit in Cyprus
The applicant prior to his/her naturalization as a
Cypriot citizen must hold a residence permit in
Cyprus.
Other useful notes
Investor’s Family members
Spouse and financially dependent children:
A passport is also issued for the investor’s
spouse and all financially dependent children (up
to 18 years old – or up to 28, provided that they
are college students).
Parents:
The applicant’s parents are also entitled to apply
for citizenship provided that they are owners of a
private residence of at least €500.000.
Alternatively, the applicant and his/ her parents
may acquire just one residential property of a
total value of at least €1,0m.
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Cyprus Citizenship by Investment
Permanent
Residency
Scheme
For the Permanent Residency Permit
applicants have to fulfill the criteria
below:
-Evidence of a steady income from
abroad of at least €30,000 from
sources other than employment in
Cyprus (certificates of dividends,
certificates of fixed deposits, pension
statements, rents or salary advice).
The minimum annual income is
increased by €5,000 for each
dependent person.
-Confirmation letter from a Cyprus
bank indicating deposits of a minimum
capital of €30,000 from sources other
than employment in Cyprus. The
capital should be transferred from an
International bank to a local Cypriot
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Cyprus Citizenship by Investment
Bank and it should be pledged for
at least a period of three years.
or be engaged in any form of active
business in Cyprus
-Submission of a title deed or
purchase agreement of a residential
property issued on the name of
applicant of a minimum market value
of €300,000 (plus Vat) and a proof
of payment for at least €200,000
excluding VAT
-The applicant should visit Cyprus
at least once every two years
Additional conditionals and
requirements
-Clean criminal record
Other important information
An Investment Permit can also be
granted to children of the applicant
over the age of 18, not financially
dependent, provided that the market
value of the acquired property
attributed to each such child is at
least €300.000 excluding VAT.
-Statement confirming that the
applicant has no intention to work
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Cyprus Citizenship by Investment
BENEFITS OF THE CYPRUS EU
CITIZENSHIP PROGRAMME
-Fast and simple:
It is an express procedure; it can be obtained
within 3 months
Wide choice of investment options
Once the application is approved has immediate
effect
- No exceptions or requirements:
All nationalities are eligible for the programme
There are no language requirements
No requirement to physically reside in Cyprus
No need to renounce previous nationality as
dual citizenship is allowed
Citizenship can be passed to future generations
by descent
-Benefit from free movement within EU
member states:
Free movement of People -freely travel, live
and work within the European Union
Free movement of Goods -right to transfer
goods from a member state to another
Free movement of Capital -transfer any amount
of money from a member state to another
Free movement of Services – Establishment
and free movement of Services
Other benefits include:
-Individuals who reside in Cyprus more than
183 days in a calendar year become tax
residents in Cyprus and taxed in Cyprus on their
worldwide income
-Right to do business, buy property and invest
in Europe , taking advantage of Cyprus
favourable tax regime and double tax treaties
plus the high level of professional services on
offer
-Protection by the diplomatic or consular
authorities of any EU country
-Right to vote and stand for European
Parliament Elections as a European citizen
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Cyprus Citizenship by Investment
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Cyprus Citizenship by Investment
G&P Lazarou Estate Agents is leading Real
Estate Company based in Cyprus operating
offices across all cities of the island.
We have over 25 years experience in the
Cyprus Market and are dedicated to
providing our clients with excellent service.
We will go to great lengths so as to make
sure that, their search leads to a property
that fully meets their needs and
requirements.
We act on behalf of a wide range of private
individuals, insurance companies, as well as
institutional investors.
With our headquarters located in Nicosia,
Cyprus, our nationwide network of sales
persons have access to our tailor-made
soſtware, which has been specifically
designed to ensure our customers receive
a fast and accurate response to their
enquiries.
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OUR SERVICES INCLUDE:
•
COMMERCIAL, RESIDENTIAL
PROPERTY SALES AND RENTALS
•
VALUATIONS AND ADVISORY
SERVICES
•
DEVELOPMENT AND MARKETING
STRATEGY AS WELL AS CONSULTANCY
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Cyprus Citizenship by Investment
Our Services for Cyprus Citizenship:
•
We have the knowledge and experience to assist
foreign investors to explore in detail their option in
applying and obtaining a second passport through the
various fast track procedures
•
Our Law firm partner specializing in immigration
provide a fully immigration package to meet your
requirements.
•
We give personal attention to clients in providing all
the necessary assistance and support during the
application for naturalisation, as well as in providing
business support services to their operations aſter they
become Cypriot residents.
•
We provide a full detail analysis of the proposed
investment in regards to economic performance, capital
growth, potentials and investment return.
•
We can provide support in relation to the children
education in Cyprus.
19
Athalassas Avenue, 176, 1st Floor, 2025 Strovolos, Nicosia, Cyprus
ΝICOSIA - LARNACA -LIMASSOL - PAPHOS - PROTARAS
22 024949 - 24 104949 - 25 024949 - 26 104949 - 23 104949
www.gplazarou.com
77 77 77 71