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 Cyprus citizenship scheme among the “top ten best in the world”. A total number of 2,300 persons were granted the Cypriot citizenship in 2012 according to data released by Eurostat.
Cyprus: A Leading Relocation Destination
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.
Recent Changes to Cyprus Citizenship Policy
Certain changes to the Cypriot immigration policy and legal framework now enable non-EU applicants to obtain Cypriot citizenship on an expedited basis. It is widely considered that the Cyprus citizenship scheme is now the most attractive in Europe, since unlike the Maltese scheme it does not require any donation to be made to the local government (in the case of Malta, this is EUR 650,000). Moreover, unlike many other EU countries, including Malta, Cyprus does not require applicants to live on the island prior or during the application, or even after the citizenship has been granted.
Benefits of Cypriot Citizenship for Investors
Successful Cypriot citizenship applicants and their families can enjoy equal treatment with Cyprus and EU nationals with regards to social benefits, education, welfare, and access to EU territories with the Cypriot passport. Citizenship holders do not become tax residents in Cyprus unless they spend more than 183 days on the island in any calendar year.
Savva & Associates (Cyprus) Group has long established itself as a leader in the field of immigration services, and we are well positioned to assist all newcomers to Cyprus.
Please refer to the following detailed citizenship brochureregarding obtaining a Cyprus citizenship, incorporating the very latest amendments and key financial criteria require for a successful application. It is now possible for third country nationals to apply for citizenship on a reduced investment rate of EUR 2,5 million, where they participate in a major collective investment worth at least EUR 12,5 million in total.
We would also like to direct you to our website’s detailed FAQ section regarding citizenship: please click here.
Key Requirements for Cyprus Citizenship by Investment
In addition to satisfying one of the financial criteria pointed out in our brochure, the primary applicant must fulfill all of the following conditions:
- Purchase and maintain a privately owned residence in Cyprus, the value of which must be at least €500,000, excluding VAT.
- Have a clean criminal record from their country of origin and/or the police of the Republic of Cyprus.
- Confirm the applicant’s name is not included in the list of persons whose property is ordered to be frozen by the EU.
- Visit Cyprus at least once.
- Be 30 years old and over.
We would like to emphasize we are among the very few providers in Cyprus with actual experience preparing and filing a successful citizenship application. We are also well positioned to facilitate the provision of additional services to clients filing a citizenship application, including legal review and/or drafting of property acquisition agreements and arranging for property valuations.
Property Investment Support for Applicants
It should also be noted that through our extensive and well developed network of property experts and real estate agents, we are also able to assist our clients with finding the right property matching their criteria, and ensure they are presented with properties that are good value for money. Unfortunately, this is the area where most pitfalls exist.
Our team of highly experienced professionals can advise you further on obtaining Cyprus Citizenship by Investment, on the basis of your particular facts and circumstances. Please feel free to contact Charles Savva at c.savva@savvacyprus.com or Stella C. Koukounis at s.koukounis@sklawcyprus.com to discuss how we can be of assistance to you.
