Cyprus, with its warm and stable climate and convenient geographical position, is considered an attractive place for both business and residence. The investment landscape in Cyprus is beneficial due to the island’s well-qualified labour force and a reliable transport and telecommunications system.
Cyprus has a modern, free-market, service-based economy, where in conjunction with its effective and transparent regulatory and legal framework, it offers international investors and businesses confidence to invest, grow and prosper. Cyprus was ranked number 53 out of 190 countries on the World Bank's Ease of Doing Business Index 2018. A number of new measures have been put into place designed to reboot the economy in the wake of the massive and difficult restructuring of the country’s banking sector, which aim, among other things, at helping stimulate economic growth.
The Cypriot Government has established a number of incentives to attract foreign direct investment into the country. One of these is the Cyprus Investment Programme that grants full Cypriot citizenship to those that invest more than EUR 2 million in real estate and who meet certain other requirements. Successful applicants gain the right to live, work and study in all 28 EU member countries.
In September 2016 , the Government of Cyprus introduced changes to its investment program. The changes include the reduction of the minimum investment amount to EUR 2 million (from EUR 2,5 million) and the possibility to include the parents of the main applicant provided that an additional EUR 500,000 + VAT will be invested in the purchase of a private residence in Cyprus.
Any non-Cypriot citizen may apply for the Cyprus Investment Programme if they meet one of the investment criteria presented below. The qualification may either be done personally or through a company/companies in which the applicant acts as a shareholder or even as a high-ranking senior manager.
The applicant’s investment combination may include the purchase of special government bonds of the Republic of Cyprus of up to EUR 500,000.
Another important requirement that applies, regardless of the investment option chosen, is the purchase and life-time possession of a property in Cyprus that will be declared as the applicant’s residence in Cyprus. The purchase price of the particular property should be at least EUR 500,000 plus VAT. In the case that the applicant proceeds with the real estate option, this property can be included in the EUR 2 million investment.
The process of obtaining Cypriot citizenship consists of a series of important steps that need to be implemented professionally and carefully. Henley & Partners manages each step and ensures that they are executed correctly and at the right time, since each part of the process, if not properly handled, can affect the final application approval.
Henley & Partners also helps its clients to identify the most suitable investment opportunities, evaluates all possible investments in relation to potential exit strategies, prepares and submits the application for citizenship to the government, follows up with the authorities while the case is being processed, and receives approval and documents for the clients. We also help clients to manage their properties and provide a further, enhanced menu of concierge services.
Following the submission of an application, Henley & Partners typically receives approval within six months. This process makes Cyprus one of the fastest destinations in which to obtain a second citizenship.
Even though the procedure for obtaining Cypriot citizenship is relatively straightforward, it is a very delicate process that requires a meticulous level of focus on the detail and structuring of the investment. Henley & Partners has a wealth of international and local expertise and a high success rate of delivering the grant of citizenship within the time frame.
Henley & Partners only works with investors who have passed our internal due diligence checks, which are similar to those used by the Government of Cyprus. Police clearance records from the current country of residence must also be provided at this preliminary stage.
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