Cyprus Investment Program (CIP)

On the 15th of May 2019 the Cyprus Council of Ministers implemented new legislation around the Cyprus Investment Program, this Program allows foreign Nationals who meet certain criteria to apply for Citizenship should certain criteria be met. This Citizenship can be attained by main applicant, dependents and is transferable to future generations,

Cyprus is a member of the EU and its strategic location makes it an ideal location for trade as well as financial sectors. Cyprus continues to be a highly desirable tourist location as well as sort after residential option. Cyprus bodes an outstanding transportation system and highly efficient tax structure. These structures together with the strong financial sector forms part of why Cyprus continues to be strong pull for Foreign Direct Investment.

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Cyprus Investment Program (CIP)

On the 15th of May 2019 the Cyprus Council of Ministers implemented new legislation around the Cyprus Investment Program, this Program allows foreign Nationals who meet certain criteria to apply for Citizenship should certain criteria be met. This Citizenship can be attained by main applicant, dependents and is transferable to future generations,

Cyprus is a member of the EU and its strategic location makes it an ideal location for trade as well as financial sectors. Cyprus continues to be a highly desirable tourist location as well as sort after residential option. Cyprus bodes an outstanding transportation system and highly efficient tax structure. These structures together with the strong financial sector forms part of why Cyprus continues to be strong pull for Foreign Direct Investment.

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Eligibility Criteria

  • Main applicant must be over the age of 18
  • Applicant must have a clean criminal record
  • Applicants must not be included in the list who have freezing or confiscations order of property within the boundaries of the EU.
  • Strict Due Diligence must be obtained at both application and decision stages
  • Any applicant who has applied for EU Citizenship in another EU Member State and has been refused will not be eligible to apply for the CIP
  • All applicants must be in possession of a valid Schengen Visa prior to applying

Dependants

  • Spouse of the main applicant
  • Children under the age of 18
  • Children between the ages of 18 and 28 who are full time students and financially dependent on the main applicant
  • Parents of the main applicant may also be included provided the purchase an additional residence to the value of EUR 500,000.

Process and Timeframe

immVest International will strive to ensure that the best option is arrived at prior to engaging. We will then perform an initial due diligence both internally and with our Country specific Delivery Office. Our Client Agreement will then be signed, and relevant Professional Fees will then be payable. Our immVest International Processing office together with our Country specific Delivery Office will begin full preparation on the application prior to submission and visitation (if required).

Step 1: 2 days

The applicant reaches investment option and completes required due diligence

Client Agreement is prepared and returned and immVest Professional fees are then paid.

The applicant will then receive the Citizenship application package from immVest

Step 2: 2 weeks

immVest International will then complete required forms and documentation with the applicant

Applicant will then review qualifying investment option (ie property)

Sign agreement to secure qualifying investment option, applicant will then sign escrow agreement to hold the required funds at the investment stage

Stage 3: 1 week

(a visit to Cyprus may also be applicable prior to this in order to view property)

immVest will then prepare application citizenship application pack in its entirety and ensure all is in order once again prior to submission

The required investment must then be activated

Step 4: 1 day

Citizenship application pack will then be submitted to the Cyprus authorities by immVest International

Step 5: 1 day

Applicant will now be required to visit Cyprus in order to submit biometrics and submit immigration permit application. immVest International will then collect the immigration permit on the applicant’s behalf.

Step 6: 6 months

The Cyprus Ministry of Interior and Minister of finance will now perform further due diligence

Once due diligence is completed the Citizenship application is then sent to the Cabinet of Ministers for final approval

Once approval is granted the applicant’s Citizenship Approval Letter will be granted

Step 7: 10 days

For the applicant’s Citizenship Certificate to be granted they must have held a valid immigration permit for a minimum period of 6 months, most of this process would have been recognised after step 5 once immigration permit has been granted.

Step 8: 1 day

Applicant will then be required to visit Cyprus once again in order to swear an oath of allegiance to the republic. The Passport will then usually be issued on the same afternoon, the Identity Card will then be issued within a week, immVest will have the Identity Card
delivered.

The following steps are in line with the main applicant’s dependent applications, dependent applications are only able to engage once the main applicant has received successful Citizenship.

Step 1: 1 week

immVest will prepare application packages for dependants and once complete will submit this to the relevant Cyprus authorities

Step 2: 1 day

All adult dependents will then be required to visit Cyprus in order to submit biometric data and submit Immigration Permit applications.

Step 3: 24 weeks

The Cyprus authorities then perform further due diligence on adult dependents

This is then sent to the Cabinet of ministers for approval

Once finalized Citizenship letters will then be granted to adult dependants

Minor dependents will then be granted within 4 weeks

Minor dependents can then visit Cyprus with parents in order to collect Passports, the Identity Cards will then be issued within a week which will be delivered by immVest

Step 4: 10 days

All adult dependents must have held valid immigration permits for a minimum period of 6 months prior to being issued Citizenship Certificates, the majority of this timeline would have been recognised during step 3 after the immigration permits had been granted in step 2

Step 5: 1 day

Adult dependants will then be required to visit Cyprus to swear an Oath of Allegiance to the Republic. Passports will then usually be issued on the same day and Identity Cards within a week which will be delivered by immVest International.

Investment Required

All applicants must fulfil both the contribution and one of the below investment options.

Fulfil both the below contributions:

  • Donation of EUR 75,000 to the Research and Innovation Fund or another certified innovation enterprise
  • Donation of EUR 75,000 to the Cyprus Land Development Corporation

Select one of the following options:

  • Real estate, developments, and infrastructure projects: The applicant must commit at least EUR 2 million to the purchase or construction of real estate.
  • Purchase or establishment of or participation in Cypriot businesses and companies: The applicant must commit at least EUR 2 million to the purchase or creation of or participation in businesses or companies that are based and operating in the republic. These businesses or companies should have a demonstrable and tangible presence in Cyprus and employ at least five Cypriot or EU citizens.
  • Participation in alternative investment funds or the purchase of financial assets of Cypriot enterprises or organizations licensed by the Securities and Exchange Commission: The applicant must purchase units amounting to at least EUR 2 million from alternative investment funds. This criterion also covers the purchase of financial assets of Cypriot businesses or organizations for at least EUR 2 million, in the form of bonds, securities, and debt securities.
  • Combination of the above options: The applicant may choose a combination of the above options, provided that the total amounts to at least EUR 2 million.

Benefits

  • Citizenship can be passed down to future generations
  • Completion is very fast and can be done within 6 months
  • Dependants can gain benefits directly from the main applicant
  • A sound high returning yielding asset-based investment
  • Freedom of movement, ability to work and settle anywhere within the EU
  • High grade of visa free access including the UK, Singapore, Canada and Hong Kong

Let's Connect

Our team of experts is available to discuss any queries you may have and guide you through this process. Get in touch with us to set up a meeting at your convenience.