cypriot citizenship: Europe has long established itself as the most sought after region in terms of high net worth immigration, accounting for over half of the total number of global citizenship applications, with the Caribbean in second place, followed by North America in third. Also noteworthy, are recent studies conducted by global immigration experts, ranking the Cypriot Citizenship by investment scheme among the “top ten best in the world”. Cyprus has recently been ranked the 5th best relocation destination in the world, by an international lifestyle review (source: 2014 report prepared by Knight Frank, a leading independent, global real estate consultancy firm), offering some of the most extensive advantages for entrepreneurs, families and retired couples looking for a lifestyle change. Coupled with highly attractive tax incentives, Cyprus has become one of the most popular European destinations for obtaining Citizenship or a Permanent Residency Permit. There are three ways to acquire Cypriot Citizenship other than by birth, namely: a) By marriage. b) Naturalization by legally residing in Cyprus over several consecutive years. c) Naturalization by investment in the Cypriot economy. a) Registration as a result of Marriage Following 3 years of marriage and harmonious co-habitation with a Cypriot spouse, a foreign national who has entered and legally resided in Cyprus, can apply for Cypriot Citizenship. b) Acquisition of Cyprus Citizenship by Naturalization A foreign national who has been legally residing in Cyprus for 7 consecutive years, and is of full age and capacity, is eligible to apply for the Cypriot Citizenship by Naturalization. Foreign nationals who are either parents or children of Cypriot citizens can apply for Citizenship if they have been residing in Cyprus for 5 consecutive years. A number of supporting documentation must accompany the application for Citizenship and the applicant must be available for an interview in which he/she must demonstrate a basic knowledge of the Greek language. It is a condition for granting Citizenship, that for one year prior to the Citizenship application, the applicant continuously and legally resided in Cyprus. The examination of the application and the granting of the Cypriot Citizenship by Naturalization could take up to 5 years to be completed. c) Acquisition of Cypriot Citizenship by Investment – “Fast Track” Pursuant to a Council of Ministers’ decision, non-Cypriot investors can acquire the Cypriot Citizenship by Naturalization (by Exception on the basis of Civil Registry Laws 2002 -2013 as amended). This is the frequently referred to as Cypriot Citizenship by Investment. The Cyprus government has formulated a ‘fast-track’ Citizenship scheme aimed at high net worth individuals, investors and entrepreneurs. This allows an investor having successfully completed the application stage, to hold a Cypriot passport and enjoy all the benefits of a Cyprus National. The applicant is required to meet only one of the following key financial criteria: 1. Deposits in Cyprus Banks amounting to a minimum of €5 million (personal deposits or deposits of privately owned companies of which the investor is the ultimate beneficial owner) fixed for a three-year period. The list of eligible banks includes local banks and subsidiaries of foreign banks operating in Cyprus but excludes branches; or 2. Direct investments of a minimum of €5 million, as follows: 2.1 Purchase of Cyprus Government Bonds with a minimum maturity of three years; 2.2 Investment in bonds or debentures registered and issued by Cyprus companies or businesses or organizations, with a minimum maturity of three years; 2.3 Investment in real estate development projects including housing or commercial development projects, tourist industry developments or other infrastructure projects (excluding undeveloped land); 2.4 Purchase, incorporation or participation in Cyprus businesses and companies that are based and operate in Cyprus. Such companies are required to have a physical presence in Cyprus and to employ at least five Cypriot citizens. This criterion includes share participation in banks; or 3. Combination of all criteria listed in points 1 and 2 above; or 4. Collective Real Estate Purchase Scheme of a total investment value of €2.5 million for investors who can prove participation in a collective real estate investment scheme worth at least €12.5 million; or 5. Impaired Deposits in Popular (Laiki) Bank where the applicant has had deposits impaired to a minimum of €3 million. In case of impaired deposits of less than €3 million, the applicant can proceed to make additional investments from the other criteria outlined above, to reach the minimum investment requirement of €5 million; In addition to satisfying one of the above financial criteria, the applicant must fulfill all of the following conditions: a) Purchase and maintain a privately owned residence in Cyprus, the value of which must be at least €500,000, excluding VAT. b) Have a clean criminal record from the country of origin and/or the police of the Republic of Cyprus. c) Confirm that the applicant’s name is not included in the list of persons whose property is ordered to be frozen by the EU. d) Visit Cyprus at least once. e) Be 30 years old and over. In support of an application for Citizenship (M127), the applicant must additionally submit the following documents: Sale and Purchase Agreement of the residential property the applicant acquired, duly submitted to the Department of Land Registry, along with proof of the payment effected and titles; Sale and Purchase Agreement of shares in a Cyprus registered company which the applicant acquired, along with proof of the payment for these shares and a certificate of Shareholders issued by the Registrar of Companies; Title to the shares in the Cyprus registered company which the applicant invested in; Proof of ownership and purchase by the applicant of the relevant Cypriot financial instruments; Confirmation from Cypriot banks with regards to the personal and/or corporate deposits along with all relevant supporting documents proving the applicant is the shareholder/beneficiary of the corporate account; Audited accounts of the Cyprus registered company in which the applicant is a shareholder/beneficiary for the preceding three years before the applicant submits an application for citizenship; Confirmation from the Social Insurance Department that the social insurance contributions for the employees of a company have been paid; Confirmation from Popular (Laiki) Bank regarding the applicant’s deposits, the losses incurred and timing of this along with all relevant supporting documents proving the applicant is the shareholder/beneficiary of the corporate account
Posted on: Sat, 01 Nov 2014 10:33:56 +0000
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