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#CyprusAdvantage



Cyprus Citizenship by Investment through the "Cyprus Investment program" scheme is a straightforward route to EU citizenship within a short period of time.



One of the main objectives of the economic policy of the Republic of Cyprus is to further encourage foreign direct investment and to attract high net worth individuals to settle and do business in Cyprus.


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There are a number of key factors that make Cyprus a world-class investment destination. Mainly, is the highly specialized human capital, the reliable legislative and regulatory framework. Furthermore there is a stable tax system as well as safe and stable conditions which attract HNWI and UHNWI individuals to do business in and from Cyprus.


Strategically located between EU, Middle East and North Africa, Cyprus offers a great place to live, has excellent infrastructure and worldwide communications and of course a pleasant climate which makes the island an attractive vacation destination, probably one of the best in the world. Furthermore and according to various research studies conducted over the last decade Cyprus is considered to be among the top 5 safest countries in the world.


Our law firm is an approved and licensed service provider for the Cyprus Investment Program (CIP)



On the 13.2.2019 the Council of Ministers purposing, to ameliorate the “Cyprus Investment Programme”, introduced new criteria and terms based on which non–Cypriot entrepreneurs/ investors and members of their families may submit applications in accordance with the provisions of the “Programme”. According to the relevant decision of the Council of Ministers the revised “Programme”is put into effect from the date of its publication in the Government Gazette – i.e. the 26th of February 2019 – with the exception of certain clauses which the decision specifies that will be put into effect from the 15th of May 2019.


Below you may find information on the clauses of the “Programme” that will be put into effect from the 15th of May 2019 and onwards, as well as on all the provisions of the “Cyprus Investment Programme” that will be in force from the 15th of May 2019 and onwards.



financial criteria to apply for the cyprus citizenship through the
cyprus investment program



Α.1 Donation to the Research and Innovation Foundation and the Cyprus Land Development Corporation:

(a) The applicant must have donated at least €75.000 to the Research and Innovation Foundation. It is noted that if the applicant wishes to donate an amount higher than the minimum of €75.000, this additional amount can be used for purposes of supplementing the total amount of the investment made on the basis of the criteria A.2-A.5.

Furthermore, the aforementioned obligation is lifted, if the applicant has invested at least €75.000 in a certified innovative enterprise (i.e. an enterprise that had acquired the relevant certificate by the Ministry of Finance) or a certified social enterprise.


In addition, the obligation is lifted, if the applicant has made an investment under the criterion A.3 (Purchase or Establishment or Participation in Cypriot Companies or Businesses) of a total amount equal to the 20% of the required investment amount (i.e. €400.000) of the abovementioned criterion A.3 in a company whose operations fall within the primary sector of the economy, or the secondary sector of the economy (excluding constructions), or in the sectors of research and development, education, health and renewable energy sources.


(b) The applicant must have donated at least €75.000 to the Cyprus Land Development Corporation for the financing of housing schemes for affordable housing, but also for the materialization of other housing schemes/measures. It is noted that if the applicant wishes to donate an amount higher than the minimum of €75.000, this additional amount can be used for purposes of supplementing the total amount of the investment made on the basis of the criteria A.2-A.5.



Α.2 Investment in real estate, land development and infrastructure projects:

The applicant must have made an investment of at least €2,0 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 projects.


It is noted that 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 3 application. It is understood that investment in land that is situated in a building zone of zero development, is excluded.


Α.3 Purchase or Establishment or Participation in Cypriot Companies or Businesses:

The applicant must have invested at least €2,0 million for the purchase or participation in companies or organizations established and operating in the Republic of Cyprus with investment costs of. The invested funds shall be channeled towards the financing of the investment objectives of these companies exclusively in Cyprus, based on a specific investment plan. Moreover, investments in the shipping sector are eligible on the basis of measurable criteria that will be determined jointly by the Ministry of Finance and the Shipping Deputy Ministry.


The applications shall be evaluated to verify that the companies or organizations have proven physical presence in Cyprus, with significant activity and turnover and employ at least 5 (five) Cypriot citizens 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.


Α.4 Investment in Alternative Investment Funds or Registered Alternative Investment Funds or financial assets of Cypriot companies or Cypriot organizations that are licensed by Cyprus Securities and Exchange Commission :

The applicant should have bought units of at least €2,0 million from alternative investment funds (AIF) or Registered Alternative Investment Funds (RAIF) established in the Republic of Cyprus, licensed/registered and supervised by the Cyprus Securities and Exchange Commission (CySec) and whose investments are made exclusively in the Republic of Cyprus, in investments that meet the criteria of this Programme or in areas approved by the Minister of Finance. It is permitted for these AIFs or RAIFs to invest in secondary market stock-market values of the Cyprus Stock Exchange an amount that does not exceed the €200.000.


In order to confirm that the investments that meet the criteria of the current Programme will be retained for at least 5 (five) years, the manager or the auditor of the Fund shall inform in writing and on an annual basis, the Ministry of Finance with reference to the value of the initial investment.


The purchase of financial assets of Cypriot companies or organizations of at least €2,0 million, such as bonds, bills and securities, issued with the approval of the CySec, by companies that have proven physical presence and substantial economic activity in the Republic of Cyprus, and have as a purpose the financing of the investment plans of these companies or organizations exclusively in Cyprus, based on an investment plan, fall under this criterion. 4

It is noted that the purchase by an AIF or RAIF of units of other AIFs or RAIFs is not considered eligible.


Α.5 Combination of the aforementioned investments:

The applicant may proceed with a combination of the above investments, provided that the total investment will amount up to at least €2,0 million.


In all cases listed the applicant must possess a permanent privately-owned residence in the Republic of Cyprus, the purchase price of which must be at least €500.000, plus V.A.T.


The applicant should have made the necessary investments during the three years preceding the date of the application and must retain the said investments for a period of at least five years as from the date of the naturalization. It is understood that the investor may replace the investment during the said five-year period, provided that he/she has obtained beforehand an approval by the Ministry of Finance.


For terms and conditions, initial advice, complete details about the process, and how our firm can help you please contact us at info@aristidou.com. Our law firm is an approved and licensed service provider for the Cyprus Investment Program (CIP).



Tax benefits



MAIN ADVANTAGES OF THE CYPRUS INVESTMENT PROGRAM AND GAINING THE CYPRIOT CITIZENSHIP





1. The applicant does not require to live in Cyprus during or after the application.


2. The application process take approximately 6 months and there is no language requirement, medical test or interview.


3. Travel freely, live, work or study in any of the 28 countries of the EU, as well as Switzerland, Norway, Iceland and Liechtenstein.


4. Offer your services either as an individual or as a company to the whole of the EU without any problems or obstacles.​





5. Free movement of capital within the 28 member states of the EU


6. Take advantage of the attractive Cyprus tax regime which is considered by tax professionals as one of the most favourable within the EU.


7. Visa-Free travel to over 171 countries


8. Citizenship can be passed to future generations by descent


9. No need to renounce the previous nationality as dual citizenship is allowed



For terms and conditions, initial advice, complete details about the process, and how our firm can help you please contact us at info@aristidou.com. Our law firm is an approved and licensed service provider for the Cyprus Investment Program (CIP).





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