Amendments to the Cyprus Investment Programme
On February 13, 2019, the Council of Ministers of Cyprus introduced new criteria and terms based on which, non- Cypriot investors and members of their families may submit applications to part take in the Programme. The new criteria came into effect on May 15, 2019 onwards.
Cyprus is considered the sunniest European place with at least 330 days of sunshine a year. Cyprus is the country of choice for millions of tourists every year, all attracted by rich and various culture, exciting coastline and mild Mediterranean climate. Cyprus is dynamic and developing. That’s why it has a wide reputation as a country for international business. The main keys for its popularity are high-standard services, geographical location and convenient tax regime. Therefore, Cyprus is a profitable destination for investment.
What are the benefits of Cyprus Investment Programme?
- Taxation benefits. Cyprus is one of the countries with the lowest corporate tax rate. Cyprus has signed the Agreement with several countries for the avoidance of double taxation as well.
- High living standard. Cyprus offers a high level of life including high quality of healthcare and education (Cyprus has two reputable public universities).
The Cyprus Investment Programme is one of the most attractive in Europe. This program offers diverse options to investors wishing to get Cyprus Citizenship.
- A.1.Donation to the Research and Innovation Foundation and the Cyprus Land Development Corporation: 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. In addition, the applicant must have donated at least €75.000 to the Cyprus Land Development Corporation for the housing of housing schemes.
- A.2. Land Development, Infrastructure, Real Estate. The applicant has to make an investment of €2 million for buying or construction of immovable property (commercial or residential). The investment should be made in a building land which have plan for its development.
- A.3. Purchase, Establishment or Participation in Cypriot Businesses or Companies. An investment of €2 million in the purchase, incorporation, participation in businesses or companies that are based and operating in Cyprus. The companies should employ at least five Cypriot or European citizens, have physical location in Cyprus.
- A.4. Alternative Investment Funds (AIFs) or Registered Alternative Investment Funds (RAIF) or financial assets of Cypriot businesses or Cypriot organizations licensed by CYSEC. An investment of €2 million into units in AIFs or RAIFS, founded, licensed and administrated in the Republic of Cyprus, in companies or organizations that have demonstrated substantial economic activity in Cyprus, which are regulated by the Cyprus Securities and Exchange Commission. Moreover, it is permitted for 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 meets the criteria of the Programme shall be retained for at least five (5) years.
- A.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 €2.000.000, 00 million.
What are the main requirements?
- Clean criminal record
- Schengen visa
- Permanent private residence in Cyprus
- Residence permit from the Republic of Cyprus for a period of at least six (6) months.
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