Bougainvillea, Cyprus

CYPRUS

Citizenship by Investment

Cyprus Investment Program

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on how to get citizenship in Cyprus

Description of the Cyprus Citizenship by Investment Program

Cyprus offers citizenship for life in a EU member state, passed on to future generations by descent, against a significant contribution to its economy.

Do I Need to Travel to Cyprus to Apply for a Second Passport

Key Benefits of Citizenship in Cyprus

+ Cyprus offer citizenship for life in an EU member state passed on to future generations by descent,

+ Cyprus recognizes dual citizenship

+ There is no inheritance, gift, wealth, and immovable property tax in Cyprus

+ The Cyprus Citizenship by Investment program is an important revenue source following the 2013 bailout

+ Educational benefits: Cyprus citizenship provides unrestricted access to EU universities

+ Paphos International Airport provides direct flights to Amsterdam, Berlin, Brussels, London, Moscow, Rome, Stockholm, Warsaw, Zürich

+ Larnaca International Airport offers direct flights to Athens, Basel, Beirut, Belgrade, Cologne, Doha, Dubai Ekaterinburg, Frankfurt, Geneva, Kiev, Krasnodar, Kuwait, Malta, Milano, Minsk, Novosibirsk

Key Downsides of the Cyprus Investment Program

- Cyprus is not an eligible country under the U.S. Visa Waiver Program (VWP). It is, however, among the U.S. VWP’s “roadmap” countries

- Real estate sales in Cyprus are subject to relatively high VAT rates (19%)

- The Cyprus Investment Program is among the CBI/RBI schemes which were identified by the OECD in November 2018 as “potentially posing a high risk to the integrity of the CRS” warranting enhanced bank due diligence

Personal Income Tax in Cyprus

> Individuals are deemed Cyprus tax residents if they are physically present in Cyprus for at least 183 days (or 60 days) in a year. “Resident non-domiciled” individuals are exempt from SDC taxes on interest, dividends, and rental income.

Corporate Income Tax in Cyprus

Real Estate Tax in Cyprus

How to Get the Cyprus Passport and What Are its Costs

1) Purchase of Cyprus real estate (or land to be developed) worth € 2 000 000, personally or via a company, for a 5-year holding period.

OR

2) Purchase of securities worth € 2 000 000 of companies “with proven physical presence and substantial economic activity in the Republic of Cyprus”, as approved by the Cyprus Securities and Exchange Commission (CySEC).

> Since May 2019, applicants must donate € 75 000 to the Research and Innovation Foundation and donate € 75 000 to the Cyprus Land Development Corporation.

> The applicant must have a “permanent privately-owned residence in Cyprus” with a purchase price of at least € 500 000 (net of VAT) during the entire passport validity period.

> None of the applicants must have (i) a criminal record or (ii) been subject to an EU asset freeze or (iii) been rejected by an EU CBI program.

> The applicant for Cypriot citizenship (and all adult family members) must hold a residence permit in Cyprus for a period of at least 6 months prior to naturalization (which coincides with the 6-month citizenship examination).

> All applicants for the Cyprus citizenship program must hold a valid Schengen visa.

Non-refundable Naturalization Processing Fee in Cyprus

What are the Steps to Get the Cypriot Passport

1) Application for a Schengen visa. Application for an Immigration Permit (Card) at the Civil Registry and Migration Department: collection of biometric data (fingerprints, photograph, signature).

2) First step: application for Cyprus citizenship with the Ministry of Interior via a registered service provider by the main applicant and spouse (that is, any civil partner). Examination time: 6 months.

3) Certificate of Naturalization (if 6-month residence criterion met).

4) Oath of Faith with Registrar at Cypriot court or foreign consulate.

5) Cancellation of Immigration Permit, passport and ID issued.

6) Second step: application for Cypriot citizenship with the Ministry of Interior by (i) the investor’s dependants (students under 28, or physically or mentally disabled) and/or (ii) the investor’s parents (provided the latter possess their own permanent privately-owned residence in Cyprus with a purchase price of at least € 500 000, net of VAT).

7) Third step: application for citizenship with the Civil Registry and Migration Department by the investor’s children (under 18).

*** Visa-Free Countries for Cypriot Citizens

Albania (90 days), Andorra, Angola (30 days), Antigua and Barbuda (90 days), Argentina (90 days), Armenia (180 days), Austria (Schengen), Azerbaijan (30 days), Bahamas (90 days), Bahrein (14 days), Bangladesh (30 days), Barbados (90 days), Belarus (30 days), Belgium (Schengen), Belize (30 days), Benin (30 days), Bolivia (90 days), Bosnia and Herzegovina (90 days), Botswana (90 days), Brazil (90 days), Brunei (90 days), Bulgaria (Schengen), Cambodia (30 days), Canada (6 months), Cape Verde (30 days), Chile (90 days), Colombia (180 days), Comoros, Costa Rica (90 days), Croatia (Schengen), Czech Republic (Schengen), Denmark (Schengen), Djibouti (31 days), Dominican Republic, Ecuador (90 days), Egypt (30 days), El Salvador (90 days), Estonia (Schengen), Eswatini (ex-Swaziland, 30 days), Ethiopia (90 days), Fiji (120 days), Finland (Schengen), France (Schengen), Gabon (90 days), Gambia (90 days), Georgia (1 year), Germany (Schengen), Greece (Schengen), Grenada (90 days), Guatemala (90 days), Guinea-Bissau (90 days), Haiti (90 days), Honduras (90 days), Hungary (Schengen), Iceland (Schengen), Indonesia (30 days), Iran (30 days), Ireland (Schengen), Israel (90 days), Italy (Schengen), Jamaica, Japan (90 days), Jordan, Kazakhstan (30 days), Kenya (90 days), Kiribati (90 days), Kuwait, Kyrgyzstan (60 days), Laos (30 days), Latvia (Schengen), Lebanon (30 days), Lesotho (90 days), Liechtenstein (Schengen), Lithuania (Schengen), Luxembourg (Schengen), Madagascar (90 days), Malawi (90 days), Malaysia (30 days), Maldives (30 days), Malta (Schengen), Mauritania, Mauritius (90 days), Micronesia (90 days), Moldova (90 days), Monaco (Schengen), Mongolia (30 days), Montenegro (90 days), Morocco (90 days), Mozambique (30 days), Myanmar (28 days), Nepal (90 days), the Netherlands (Schengen), New Zealand (90 days), Nicaragua (90 days), Norway (Schengen), Pakistan, Palau (90 days), Panama (180 days), Papa New Guinea (60 days), Peru (90 days), Philippines (30 days), Poland (Schengen), Portugal (Schengen), Qatar (90 days), Romania (Schengen), Rwanda (30 days), St. Kitts (90 days), St. Lucia (90 days), Saudi Arabia (90 days) Senegal (90 days), Serbia (90 days), Seychelles (90 days), Sierra Leone, Singapore (90 days), Slovak Republic (Schengen), Slovenia (Schengen), Somalia, South Africa (30 days), South Korea (90 days), Spain (Schengen), Sri Lanka (30 days), Suriname, Sweden (Schengen), Switzerland (Schengen), Tajikistan, Tanzania (90 days), Thailand (15 days), Timor-Leste (30 days), Togo (7 days), Tonga (31 days), Trinidad and Tobago (6 months), Turkey (30 days), Tuvalu (30 days), Uganda (90 days), Ukraine (30 days), United Arab Emirates (90 days), United Kingdom (Schengen), Uruguay, Uzbekistan (30 days), Vanuatu (90 days), Venezuela (90 days), Vietnam (30 days), Zambia (90 days), Zimbabwe (90 days)

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