On April 15, the Council of Ministers of the Government of Cyprus announced a new investment immigration program, namely the Cyprus Citizenship by Investment Program. The WorldWay Immigration Group maintains a positive and friendly cooperative relationship with the Government of Cyprus and has verified and researched this program at the earliest opportunity. This program is significant good news for investors looking to obtain an EU passport quickly.
The Cyprus Citizenship by Investment Program is applicable to investors with no criminal record, not on the EU's blacklist for land expropriation, and who hold a residential property in Cyprus valued at least €500,000.
The Council of Ministers of the Government of Cyprus has issued special incentives for foreign investors who meet any of the following criteria set by the committee for citizenship by investment (Categories A, B, C):
Category A: Deposit Investment
Under this incentive category, applicants for Cyprus citizenship must deposit a total of €3 million or more into a fixed-term account in a bank within Cyprus, and this deposit must be allocated in a fixed proportion to the following funds for at least 5 years:
a. €2 million in a development investment fund
b. €500,000 in a technology research fund
c. €500,000 in a medical employment fund
Note: Selling the fund before 5 years will result in the cancellation of citizenship.
Category B: Direct Investment
Direct investments made within Cyprus in the following categories, with a minimum amount of €5 million, will qualify for Cyprus citizenship:
a. Purchasing real estate
b. Conducting business or establishing a company
c. Purchasing shares in a publicly listed company registered in the Republic of Cyprus
d. Purchasing financial products (such as bonds and funds registered and issued in the Republic of Cyprus, including assets available for subscription in the “Unified Fund”)
e. Participating in companies or joint ventures that are already undertaking public utility projects
Note: In all of the above cases, applicants will be required to submit proof of their investments, such as sales agreements, property deeds, joint contracts, receipts, etc.
Category C: Becoming a Shareholder
If a company is registered and operated in Cyprus, and that company contributes at least €500,000 annually to the government fund and employs 10 Cypriot citizens, then up to two shareholders of that company may apply for the Cyprus Citizenship by Investment Program.
Note: Applicants must submit all relevant evidence, such as company registration information, shareholder certificates, audited accounts for the past three years, and certificates of social insurance for employees.
For more details on the policy, please call the WorldWay Immigration Group at 400-138-2929!
