The Cyprus Investment Program (“CIP”) together with the Cyprus legal framework enable non-Cypriot citizens and their families to obtain Cypriot citizenship. Successful applicants can hold a Cypriot passport and enjoy all the benefits of a Cypriot National on the basis of subsection (2) of section 111A of the Civil Registry Law 141(I)2002 (the “Law”).
The Law provides for the granting of Cypriot citizenship to the spouse, children as well as parents of the investor applicant on the basis of the CIP. Neither the spouse nor the children are obliged to meet any additional financial criteria; however, an additional financial criterion applies with regards to the parents of the main applicant (please refer to the below analysis for further guidance).
The recent amendments to the Law were approved by the Cyprus Council of Ministers and published in the Cyprus Government Gazette on 26th of February 2019.
Benefits of Cyprus Citizenship:
· Freedom of movement, of residence and of work within the European Union.
· Travel to any European Union country and in total to 158 countries worldwide without a visa.
· Educational benefits. Cyprus has two public universities, the University of Cyprus and the Cyprus University of Technology where tuition fees for undergraduate courses are free.
· Study at any university within the European Union with the same conditions and fees as the national of that country. This can be very advantageous as many European universities have low or no tuition fees.
· A right to healthcare in any of the European Union countries and will be reimbursed for the amount had the healthcare taken place in Cyprus.
An Eligible Applicant is any person who has:
· A clean criminal record;
· Purchased a residence with a purchase price of at least Euro 500.000 plus VAT;
· A valid Schengen visa;
· Not applied for citizenship in any other member state of the EU;
· made a donation of at least €75.000 to the Research and Innovation Foundation;
· made a donation of at least €75.000 to the Cyprus Land Development Corporation; and
· made a specified investment in Cyprus.
The applicant is required to make an investment of at least €2,000,000 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 projects. Investment in land under development is included in this criterion, provided that an investment plan for the development of the purchased land will be included in the application. The applicant must retain the said investment for a period of at least 5 years as from the date that the Cyprus citizenship was granted.
Under this option, the purchase of another permanent residence in Cyprus will not be required, if at least one of the housing units is worth at least €500.000, plus V.A.T., provided that the applicant retains possession of the residence for life.
The following supporting documents are required on the physical person applying for the Cyprus Citizenship:
1. Passport copy (certified true copy by a Notary Public, Embassy, Consulate or High Commission, or Apostille);
2. Proof of current residential address, such as an original utility bill not older than (3) three months old translated in English;
3. Original reference(s) from a Bank;
4. Curriculum Vitae (CV);
5. Documents evidencing source of the funds regarding the funds used to purchase the immovable property;
6. Birth Certificate;
7. Two passport size photographs;
8. Marriage or Civil Partnership Certificate;
9. Copies of advertisements in a daily newspaper two consecutive posts (lawyer undertakes this task).
A timeline to Cyprus Citizenship
In general, once the investment has been made and all necessary documents are collected for the submission of M127 Form, the applicant is required to travel to Cyprus in order to sign an affidavit that he has not applied for citizenship in any other EU member state and sign the M127 Form before the court's registrar. Thereafter, we will arrange for the submission of M127 and MIP1 Form. The applicant is required to give biometrics during the submission process. After 5 days of the submission of the MIP1 Form (which is the form for obtaining Cyprus permanent residency that is submitted simultaneously with the M 127 Form), a residence permit card is issued which entitles the applicant to reside (but not to work) in Cyprus pending the issuance of Cyprus passport and ID card.
Approximately six months after the residence permit is issued, a naturalization certificate is issued which entitles the applicant to travel to Cyprus in order to give biometric data required for the issuance of Cyprus passport and ID card. Once the Cyprus passport and ID card is issued, the residence permit is automatically cancelled and the applicant enjoys the benefit of Cyprus citizenship.
Copyright © Marselco Invest Limited - All Rights Reserved.