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Cyprus Citizenship Program

Cyprus Company Formation and Cyprus Citizenship Packages

€99 - Cyprus Company Formation | €9.950 - Cyprus Citizenship

We are Cyprus Company Formation specialist consultants and Cyprus Citizenship and Residence specialists. We provide ALL the Cyprus company formation and company registration and management services as well as Cyprus Residency and Citizenship Services in order to obtain Cyprus Company Tax and Cyprus Residence and Citizenship Advantages.

We have an experienced team of Company Formation and Citizenship professionals who are part of the FBS Kotsomitis Global Network. Your Trusted Partner in Cyprus for ALL your Cyprus Company Formation and Cyprus Citizenship Needs.

We can help you with the following:

Citizenship (or Residency Application)

Compilation of Application Forms, Personal Questionnaires and all forms necessary;

Review / Drafting of all licensing and other documentation;

Acting as accredited agent / point of liaison with the Cyprus Immigration Authorities;

Liaison with real estate agents, insurance brokers, stock brokers necessary for complying with conditions of the Citizenship or Residence Scheme;

Application for oath of allegiance and certification of naturalization and issuance of passport/s

Consultancy (Support to Real Estate Investment / Acquisition)

Identifying and assessing reasonably priced real estate for purchase and liaising with all Real Estate Professionals or Authorities AND avoiding the traps of searching for Real Estate in a foreign country without independent local advisors and representatives.

Personal and Company Tax Consulting and Cyprus Company Formation Services

So you maximize the Cyprus Tax and Other Advantages to the full.

Cyprus Citizenship

Cyprus’ core development strategy is to attract foreign direct investment. In line with this policy, the Cyprus government has formulated a new “fast track” Citizenship in order to encourage non-EU and EU individuals to invest in a promising economy.
The Cypriot Citizenship is not only a prospective investment, but also can be passport for every non-EU citizen to expand his/her business in Europe. The new scheme has generally become very flexible and the Ministry of Interior has provided different incentives in order to make the gaining of the citizenship more feasible.
The Government scheme is named Scheme for the Naturalisation of Investors in Cyprus by Exception based on subsection (2) of the section 111A of the Registry Laws of 2002-2015.

Who may apply for the Cypriot Citizenship?

Eligible persons to the scheme are non-Cypriots who meet any of the financial criterial listed below. Applicant (s) can meet the financial criteria either individually or after a company formation into which he or she will participate as shareholder (s), the percentage of their shareholding will be calculated as a proportion of the investment. The financial criterial can be met jointly with her or his spouse or over investments made by the legal partner of the applicant.
An eligible person can also be a senior manager at the top-range of a company which meets any of the financial criteria if they have the right to a remuneration which generates tax revenues of at least €100.000 more than three years, paid or prepaid.

What are the major conditions for acquiring the Cyprus Citizenship?

The financial criteria that an eligible person needs to meet are any of the following:

1. Real estate investments

The applicant needs to invest at least €2,0 million in infrastructure projects and / or land developments (commercial, residential or in the tourism sector developments) or any other projects relating to the island’s infrastructure.

Purchase of land under development can qualify as a criterion, if the related plans for the development will be attached to the application. Investment in land that is situated in a zero-development building zone, is excluded.

2. Financial asset investment

The applicant needs to invest or participate in organizations or companies registered and functioning in the Republic of Cyprus with a minimum amount of €2,0 million. The capital injected should be used for the financing objectives of these companies / organisations solely in Cyprus, based on an investment business plan.

The applications shall be assessed to confirm that the companies or organisations have established physical presence in Cyprus with substantial activity and revenues and that at least five (5) Cypriots or citizens of European Union member-states are employed by the companies / organisations. In case the same business, organisation or company is used for the application of more than one investor simultaneously or almost simultaneously, then the minimum number of employees will be increased accordingly. The employees need to have legally and continuously residence in Cyprus during the five years preceding the application submission date. 

3. Investment in Alternative Investment Funds or financial assets of Cypriot companies or Cypriot organisations that are licensed by CySec

The applicant needs to buy units of at least €2,0 million from Alternative Investment Funds (AIF) established in the Republic of Cyprus whose investments are made exclusively in the Republic of Cyprus, in investments that meet the criteria of this Scheme or in areas approved by the Minister of Finance. The above-mentioned funds need to be licensed and supervised by CySec (Cyprus Securities and Exchange Commission).

The units purchased in an Alternative Investment Fund need to be kept for at least three years to confirm that the investments meet the criteria of the current Scheme. The manager or the auditor of the Fund shall inform in writing and on an annual basis, the Ministries of Finance and Interior regarding the value of the initial investment.
Under this criterion falls also the investment in financial instruments of organizations or companies in Cyprus of at least €2,0 million, such as bills and securities, bonds, issued with the approval of the CySec, by companies that have verified physical presence and significant economic activity in the Republic of Cyprus and have as a purpose the financing of the investment plans of these companies or organisations exclusively in Cyprus, based on an investment plan.

The purchase by an AIF of units of other AIFs is not considered eligible.

4. Combination of the investments

In case the total investment amounts to a minimum €2,0 million, the applicant may proceed with a combination of the above investments.

In case the applicant opts for this criterion, an investment up to €500.000 in special government bonds of the Republic of Cyprus which will be issued by the Public Debt Management Office of the Ministry of Finance and will be retained for at least a three-year period. The characteristics and the terms of these special bonds will be determined by the General and Special Issue Terms of the Government Bonds of the Republic of Cyprus. Investments in government bonds through the secondary market are not considered eligible.

What are the main conditions to be able to apply for the Cypriot Citizenship?

Some very important terms and conditions of the scheme are the following:

1. Clean criminal Contact/Record

Clean criminal contact needs to be presented by the applicant and he must not be included on the list of people whose assets is ordered by the EU to be frozen.

2. Residence Permit

An applicant / investor must possess a Cypriot residence permit, prior to the naturalisation. In case the investor does not have a residence permit the application for acquiring one can be submitted simultaneously with the application for the naturalisation.

3. Residence in the Republic of Cyprus

The investor must also possess a residence in Cyprus of at least €500.000 (plus VAT) on top of the above-mentioned investments, which will be used for his/her own purposes and be held permanently. In case the applicant invests only into residential properties, as per the financial criterion one and a unit worth at least €500.000 (plus VAT) and the applicant retains the possession of that unit for life, this requirement is not applicable.

4. Investment in Government Bonds

There is a restriction in the investment of government bonds of up to €500.000.

5. Residing in Cyprus

After someone acquires the Cyprus citizenship there is no obligation of be physically in Cyprus at all times.

However, if someone wishes to take advantage of the recent amendment of the law which exempts the taxation on dividends, royalties and interest on worldwide income then the investor needs to stay in Cyprus for at least 184 days.

Which documents need to be submitted?

For the evaluation of the application the form (M127) as well as the following documents must be submitted:

1. Clean Criminal contact/ Record

Clean criminal Record / contact Certificate from the country of residence and the country of origin (if different)

2.Residence in the Republic of Cyprus:

(a) Sale / purchase Contract

(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.

3. Criteria regarding the investment (when applicable):

(a) Company’s (ies’) Certificate of Registration by the Registrar of Companies.

(b) Shareholders’ Certificate by the Registrar of Companies or certificates evidencing that the applicant is the beneficiary owner of the company / companies.

(c) Company’s (or companies) audited financial statements for the last three years preceding the year of the application.

(d) An employment contract is required in case the applicant is a high-ranking senior manager, with the receipt from the Department of Inland Revenue to be submitted.

(e) If the investment is made by the spouse of the applicant or jointly, a marriage certificate is required.

Furthermore, depending on the case, the following are required:

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

(a) Sale/ purchase agreement

(b) Proof of registration of the contract with the Lands and surveys Department or Title deeds.

(c) Evidences of payment of the agreed purchase price.

(d) Proof of the transfer of the funds from abroad (such as 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) Business / Investment Plan for the development of purchased land, in case the investment involves the purchase of land under development.

2. Purchase or Establishment or participation in Cypriot Companies or Businesses

(a) Sale/ purchase agreement 

(b) Evidence of the settlement of the agreed purchase price.

(c) Shareholders Certificate issued by the Registrar of Companies. 

(d) Proof of the transfer of the funds from abroad (such as copy of the wire transfer) to a Cypriot commercial banking institution in the name of the company or the organisation.

(e) Business / investment plan which needs to be specific

(f) Proof of employment of the Cypriot or European Union citizens employed by the company in which the applicant has invested (such as copies of the employment contracts).

(g) Social Insurance Department Confirmation for 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.  

3. Investment in Alternative Investment Funds or financial assets of Cypriot companies or Cypriot organisations 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 organisation.

(c) Specific investment plan

(d) Confirmation by the CySec

4. Investment in Government Bonds:

(a) Evidence from the Public Debt Management Office for the purchase of special government bonds.

(b) Proof of the transfer of the funds from abroad (such as copy of the wire transfer) into a bank account of the Treasury of the Republic of Cyprus.

  • Any other document that might be requested either by the Ministry of Interior, or by the Ministry of Finance.
  • None of the above affects the absolute discretion of the Cabinet of Ministers on taking a decision. 

What are the criteria and conditions for family members (spouse and children) of the investor to gain Cyprus citizenship?

1. Family members of the investor/ Financially dependent persons:

  • The Cyprus Citizenship can be acquired by the investor’s spouse / partner with a simultaneous application.
  • The investor’s dependent minors up to 18 years of age can apply for the citizenship as well, however their application needs to be submitted after the investor acquires the Cypriot Citizenship and with the consent of the other parent.
  • The financially dependent adult children of the applicant also have the right to apply for citizenship if they belong to one of the following two categories:
  • Students up to 28 years old
  • Children with a significant mental / physical disability that disallows employment.
  • The parents for the investor may also be able to acquire the Cyprus citizenship following the investor’s citizenship approval, with the condition of the ownership of a private residence of at least €500.000 (plus VAT). The investor and his / her parents purchase a single property with the minimum value of €1m (plus VAT) 

2. Application for the spouse of the investor

  • Application Form M127 fully completed and signed before a Registrar of a Cypriot court or a consular officer.
  • Marriage Certificate
  • Copy of the investor’s Certificate of Naturalization (if the application is not submitted simultaneously with the investor)
  • Copies of advertisement in daily newspaper – two consecutive posts
  • Copy of the investor’s Cypriot passport (if the application is not submitted simultaneously with the investor)
  • Two photographs - passport size
  • Birth Certificate
  • CV
  • Passport Copy
  • The applicant has to present a Certificate of Clean Criminal record from his country of residence.

Notes:

  1. The Ministry of Interior needs to receive the application.
  2. In order for the spouse of the investor to be able to acquire the Cypriot citizenship simultaneously with  the investor, the application can be submitted along with the application of the investor
  3. The application form (M127), in original, and all original documents required need to be submitted to the Ministry of Interior. In addition, a photocopy of the application and all the documents should also be submitted. 
  4. Any document issued by a foreign authority need to be translated to either English or Greek and authenticated duly (with an «APOSTILE» stamp if they are issued by countries that have signed The Hague Convention, or else they need to be sealed by the Ministry of Foreign Affairs of the issuing country and the diplomatic mission of the Republic of Cyprus in the issuing country).

3. The adult children of the investor (eighteen years old or above)

  • Application Form M127 fully completed and signed before a Registrar of a Cypriot court or a consular officer.
  • Copies of advertisement in daily newspaper – two consecutive posts
  • Photocopy of the Certificate of Naturalization of the investor
  • Two photographs - passport size
  • Photocopy of the investor’s Cypriot passport
  • CV
  • Birth Certificate
  • Copy of the undergraduate degree (if the applicant studies for a master’s degree)
  • Copy of the applicant’s passport
  • The applicant has to present a Certificate of Clean Criminal Record from his country of residence
  • Certificate of Marriage (where applicable)
  • Certificate of attendance at a Higher Education Institute (original) OR
  • An attestation of the disability, such as Medical Certificate (in Original)

Notes:

  • The Ministry of Interior receives the application after the investor has acquired the Cypriot citizenship
  • The application form (M127) in original and all original documents required need to be submitted to the Ministry of Interior. In addition, a photocopy of the application and all the documents should also be submitted. 
  • Any document issued by a foreign authority need to be translated to either English or Greek and authenticated duly (with an «APOSTILE» stamp if they are issued by countries that have signed The Hague Convention, or else they need to be sealed by the Ministry of Foreign Affairs of the issuing country and the diplomatic mission of the Republic of Cyprus in the issuing country).

4. The investor’s minor children (under the age of eighteen)

  • Fully completed Application Form (M126) and signed before a Registrar of a Cypriot court or a consular officer by the parent.
  • Copy of the investor’s Certificate of Naturalization
  • Child’s Birth Certificate
  • Copies of the child’s and parent’s passport
  • The applicant has to present a Certificate of Clean Criminal Record from his country of residence
  • Certificate of Marriage for the parents
  • The non-Cypriot parent needs to provide a written consent
  • Two photographs - passport size
  • €80 fees
  • Fully completed Application Form (M126) and signed before a Registrar of a Cypriot court or a consular officer by the parent.

Note:

  1. The application is submitted after the investor has acquired the Cypriot citizenship to the Civil Registry and Migration Department where it is also processed.
  2. Any document issued by a foreign authority need to be translated to either English or Greek and authenticated duly (with an «APOSTILE» stamp if they are issued by countries that have signed The Hague Convention, else they need to be sealed by the Ministry of Foreign Affairs of the issuing country and the diplomatic mission of the Republic of Cyprus in the issuing country)

What are the fees payable for each application?

For the investor, the amount of €2.000 is paid on submission of the application and if the application is approved, the amount of €5.000 is paid as a fee for the issuance of the Naturalization Certificate.

For the investor’s spouse, the amount of €2.000 is paid on submission of the application and if the application is approved, the amount of €5.000 is paid as a fee for the issuance of the Naturalization Certificate.

For the investor’s adult child, the amount of €2.000 is paid on submission of the application and if the application is approved, the amount of €5.000 is paid as a fee for the issuance of the Naturalization Certificate.

For the investor’s minor child, the amount of €80 is paid on submission of the application.

Cyprus Citizenship Fees payable for each application
Applicant
Application Submission Fee Certificate Issuance Fee Total
Investor
€2.000 €5.000 €7.000
Investor’s Spouse
€2.000 €5.000 €7.000
Investor’s Adult Child
€2.000 €5.000 €7.000
Investor’s Minor Child
€80 - €80

What is the time frame for the examination of an application?

Three to six months

Kindly note: None of the above affects the absolute discretion of the Council of Ministers in taking a decision


Contact one of our officers to initiate the incorporation of a Cyprus registered company and start reaping the full benefits of an onshore, low-tax, EU jurisdiction. Simply fill in the contact box below or contact us by email on enquiries@fbscyprus.com
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