WHY CYPRUS
Easy of doing business.
International business center.
Corporate tax rate for companies is 12,5%
No restrictions on the movement of capital, goods and services.
Ease of doing business: Cyprus was ranked 39th in the World Bank’s doing Business Report 2017 out of 190 countries worldwide.
Cyprus has Double Tax Treaties with 47 countries. Most international transactions are exempt from VAT.
Cyprus has a well-educated and trained labor force with fluency in English, Russian, Arabic and Chinese language. The local language is Greek.
Freedom of movement.
Travel to 157 countries worldwide.
Cyprus is in the top five of safest countries in the World with less than 5 million population according to the Value Penguin Survey in 2015.
The Knight Frank Lifestyle Report ranked Cyprus as the 5th best place among major European countries and other competing destinations.
The sunniest country in Europe with over 340 days of sun yearly.
Cyprus offers very good healthcare services and a range of reputable public and private schools.
No requirement to physically reside in Cyprus before the application or after the obtaining of the citizenship.
And most of all,
Citizenship is granted to the investor and the rest of the family and financially dependent children over 18 and under the age of 28 years
CYPRUS GROWTH AND INVESTMENT SECTORS
Cyprus is a renowned International Shipping Centre and home to some of the world’s leading names in the global shipping industry, such as the Italian MSC Mediterranean Shipping Company, the German-owned Bernhard Schulte Ship management and the Russian Unicom Management Services
Cyprus maintains a wide range of competitive advantages through a high-quality maritime cluster, offering efficient and quality services, including:
• The latest EU-approved Tonnage Tax System (TTS) with no direct link to corporate tax
• Competitive ship registration costs and fees
• No crew/officer nationality restrictions
• 28 Merchant Shipping Bilateral Agreements
• Signatory to all international maritime conventions on safety, security and pollution prevention
• Full protection for financiers and mortgagees
• White List of Paris and Tokyo MoUs
TOURISM
Tourism has traditionally been a major source of income and a driver of economic growth in Cyprus, with a significant contribution to the country’s GDP. Being one of Cyprus’ most resilient and strong economic sectors, tourism continuously experiences substantial growth, translated into a number of more than 2.5m tourists visiting Cyprus every year. Cyprus is well known for the hospitality of its people, it’s delicious gastronomy, its rich culture and extraordinary natural beauty. With its golden sandy beaches and clear blue waters, as well as its pleasant Mediterranean climate with year-round sunshine, Cyprus has been a popular tourist destination for decades. The island’s famous beaches have been awarded with 57 Blue Flags in 2015, ranking the island first in the EU for the tenth consecutive year, including three records:
• most Blue Flags per capita in the world
• most dense concentration of Blue Flag Beaches
• most Blue Flag beaches per coastline
Cyprus tourism industry has gained several prestigious awards, including the Sustainable Destinations Global Top 100, VISION on Sustainable Tourism and Totem Tourism and Green Destination titles presented to Limassol and Paphos in 2014. But there is much more to Cyprus than just sun and sea. Cosmopolitan and culturally rich, Cyprus offers a variety of tourism options that cater to all tastes and desires, whether it be sports, historical and cultural attractions, luxury resorts, wine routes, nature trails and ecotourism in traditional villages. The island has all the prerequisites to further develop this industry and offers great potential for investments in niche areas such as Health & Wellness, Sports, Luxury and Lifestyle
REAL ESTATE AND INFRASTRUCTURE PROJECTS
Acquiring property in Cyprus, either as an investment or as a second home, has always been a popular choice among foreign investors. A combination of high quality of life, year-round sunshine and natural beauty, ease of doing business and investment incentives offer investors an attractive experience in terms of both living and doing business. Property sales have increased significantly in 2016, with the construction industry intensifying its activities island-wide. Cyprus continues to offer unique options for beautiful holiday homes and represents a popular destination for permanent residency and retirement.
At the same time, a wide range of prestigious Large-Scale Development opportunities are available, ranging from residential and commercial developments to luxury tourist attractions, such as marinas, golf courses, tourist resorts.
ENERGY
The discovery of hydrocarbons in Cyprus’ Exclusive Economic Zone (EEZ) has created new and exciting prospects for Cyprus to become an energy hub in the Eastern Mediterranean. Prospects in the energy sector are all the more promising thanks to the island’s geostrategic location, connecting Europe and the Black Sea with markets in the Middle East and Asia and its role as a pole of stability and security in the region of the Eastern Mediterranean. Recent developments have attracted worldwide interest and significant investments from leading international energy giants, such as Noble Energy, Delek, Total, ENI and KOGAS, ExxonMobil as well as renowned international providers operating in the oil and gas auxiliary services sector. Comprehensive strategies are being developed to exploit the country’s wealth not only for local needs but also for export purposes.
INVESTMENT CRITERIA
Investments can be made either personally by the investor, either by his/ her spouse or jointly with the spouse or even through a company in which they are participating as shareholders or as ultimate beneficial owners.
Investment in real estate, land development and infrastructure projects.
-Residential properties. *
-Commercial properties / Land development /Development in tourism sector Combination of the above.
Investment in financial assets of Cypriot companies/organizations.
These companies must have proven physical presence in Cyprus with activities, turnover and employ at least five (5) EU or Cypriot citizens.
Investment in Alternative
Investment Funds or financial assets of Cypriot companies.
Licensed by CYPRUS SECURITIES AND EXCHANGE COMMISSION.
Combination of the above.
This combination may also include investment in government bonds of up to €500,000, issued by the Public Debt Management Office of the Ministry of Finance. Bonds must be retained for 3 years.
RESIDENTIAL CRITERIA
The applicant need to also own a residence in Cyprus.
In all criteria, the applicant must possess a permanent privately-owned residence in Cyprus of at least €500,000 (+VAT).
OTHER CRITERIA
Criteria of high ranking senior manager for naturalization application.
The company that employs the manager must have concluded in Cyprus an investment that meets one of the financial criteria of the scheme. Then the manager may apply for Naturalization, provided that he/ she receive a remuneration that generates paid tax revenues of at least €100,000 in total over three years and provided that this tax has already been paid or prepaid. Finally, the high-ranking senior manager needs to hold in Cyprus a permanent privately-owned residence of at least €500,000 purchase value.
IMPORTANT NOTES AND TERMS
Clean Criminal Record for adult applicants (main applicant, spouse, adult children and parents) who are also not included in the list of persons whose property is ordered to be frozen within the EU.
In any investment cases, the applicant must possess a permanent privately-owned residence in the Republic of Cyprus, the purchase of which must be at least €500.000 plus V.A.T
Members of the family who apply separately as investors, can collectively acquire a residence, provides that the total value of the property covers the amount of €500.000 per applicant.
All above-mentioned investments need to be kept for at least three years from the date of naturalization.
All investments need to be concluded with fresh funds from abroad.
Prior to acquiring the Cyprus Citizenship, all adult applicants must be residence permit holders for at least six (6) months. In case the applicant does not hold a residence permit he may apply simultaneously with the application of naturalization.
Main applicant and his/her spouse apply jointly. Upon approval, children’s and parents’ applications follow.
Cyprus tax residency will be granted to applicant as soon as he/she spends more than 183 days in Cyprus territory in any one calendar year.
It is noted that if the applicant has invested in housing.
THE PROCEDURE
DOCUMENTS NEEDED FOR APPLICATION
Basic Submission documents.
For the evaluation of the applications the form (M127), as well as the following documents, must be submitted:
1. Clean Criminal Record: Certificate of Clean Criminal Record from the country of origin and the country of residence (if different).
2. Residence in the Republic of Cyprus:
(a) Contract of Sale.
(b) Title Deeds or Proof of Registration of the contract with the Lands and Surveys Department.
(c) Proof of payment of the agreed purchase price.
(d) Copy of the wire transfer to a Cypriot commercial banking institution in the name of the seller or the seller’s company.
(e) An evaluation certificate from an independent registered land surveyor, if required by the Ministry of Interior or the Ministry of Finance.
Criteria regarding the investment (when applicable).
(a) Certificate of Registration of the company/ companies by the Registrar of Companies.
(b) Certificate of shareholders by the Registrar of Companies or certificates evidencing that the applicant is the beneficiary owner of the company/ companies.
(c) Audited accounts of the company (or companies) for the last three years preceding the year of the application.
(d) If the applicant is a high-ranking senior manager, the submission of the employment contract and the receipt from the Department of Inland Revenue are additionally required.
(e) If the investment is made by the spouse of the applicant or jointly, a marriage certificate is required.
Purchase or Establishment or Participation in Cypriot Companies or Businesses.
(a) Contract of sale.
(b) Proof of payment of the agreed purchase price.
(c) Certificate of shareholders by the Registrar of Companies.
(d) Copy of the wire transfer to a Cypriot commercial banking institution in the name of the company or the organization.
(e) Specific investment plan.
(f) Copies of the employment contracts of the Cypriot or European Union citizens employed by the company in which the applicant has invested.
(g) Confirmation from the Social Insurance Department as to the insurable income of the Cypriot or European Union citizens employed in the company.
(h) Copy of the Social Insurance Contributions for every Cypriot or European Union citizen employee.
(i) Registration Certificate (MEU1) or Permanent Registration Certificate of Union Citizen (MEU3) for employees that are European Union citizens.
DOCUMENTS REQUIRED DEPENDING ON EACH INVESTMENT CASE.
Investment in real estate, land development and infrastructure projects.
(a) Contract of sale.
(b) Title Deeds or Proof of Registration of the contract with the Lands and Surveys Department.
(c) Proofs of payment of the agreed purchase price.
(d) Copy of the wire transfer to a Cypriot commercial banking institution in the name of the seller or the seller’s company.
(e) An evaluation certificate from an independent registered land surveyor, if required by the Ministry of Interior or the Ministry of Finance.
(f) Investment Plan for the development of the purchased land, if the investment involves the purchase of land under development.
Investment in Alternative Investment Funds or financial assets of Cypriot companies or Cypriot organizations that are licensed by CySec.
(a) Title/Titles and other relevant documents of the financial assets/units purchased.
(b) Copy of the wire transfer to a Cypriot commercial banking institution in the name of the company or the organization.
(c) Specific investment plan.
(d) Confirmation by the CySec.
Investment in government bonds.
(a) Proof from the Public Debt Management Office for the purchase of special government bonds.
(b) Copy of the wire transfer into a bank account of the Treasury of the Republic of Cyprus.
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