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Be a Cypriot with the guidance of our Cyprus Immigration Lawyers

Michalaki, Pitsillidou Law Firm > English Articles  > Be a Cypriot with the guidance of our Cyprus Immigration Lawyers

Be a Cypriot with the guidance of our Cyprus Immigration Lawyers

Be a Cypriot – Our Cyprus Immigration Lawyers and Legal Consultants can assist you in the procedure  

Cyprus, with its warm and stable climate and convenient geographical position, is considered a very attractive location for residence. Also, the investment landscape in Cyprus is desirable due to the islands well qualified labour force and a reliable transport and telecommunications system.

Cyprus having some of the most beautiful beaches in the Mediterranean, 57 of which carry the eco-label Blue Flag, Cyprus is also the home of many historical monuments such as the Kourion Archaeological Site and the Neolithic Settlement of Choirokoitia, which are included in Unesco’s World Heritage List.

Cyprus furthermore has a modern, free market serviced-based economy, with an effective and transparent regulatory and legal framework, giving international investors and domestic businesses confidence to invest grow and prosper.

Our team of International and Cyprus immigration Lawyers, are qualified lawyers and legal consultants and can assist our clients from A-Z in order to get the Cyprus Citizenship and the Cyprus passport.

Requirements

There are eight potential routes, based on extraordinary economic contribution, under which an applicant is required to actively invest in the Cyprus economy. The Council of Ministers revised the existing program on March 19th, 2014, enabling foreign nationals to gain citizenship if they meet certain criteria set out by the Ministry of Interior.

  1. The first option requires an applicant to purchase state bonds of at least Euros 5 million.
  2. The second option requires an applicant to invest at least Euros 5 million in financial assets of Cypriot entities (e. bonds, securities or debentures and issued in the republic of Cyprus)
  3. The third option requires an applicant to invest at least Euros 5 million in real estate or other developments (residential , commercial or infrastructure projects)
  4. The fourth option requires the applicant to acquire, incorporate or participate in companies residing and operating within Cyprus, investing into such companies an amount of at least Euros 5 million. Such companies must have physical presence in Cyprus and employ at least five Cypriot nationals. It is noted that this criteria also provides for compulsory conversion of deposits into shares.
  5. The fifth option would require the candidate or a company or trust of which he is the main beneficiary to have had deposits of up to Euros 5 million in a local bank for at least the last three years.
  6. The sixth option would involve making combination of investments or donations under the above five option again of at least Euros 5 million.
  7. If any candidate had their deposits in Bank of Cyprus or Laiki Bank cut by at least Euros 3 million since March 15 2013, then they would also be eligible for Cyprus naturalisation. If the money was cut by less than Euros 3 million, candidates could potentially combine it with many other options.
  8. The latest additional option is for a submission of group applications under any or a combination of the first four option for Euros 2,5 million investment by each applicant in a collective investment scheme, the total amount of which exceeds Euros 12,5 million.

The investment in categories 1-4 can be performed through different sellers or providers (a physical or a legal person).

In all cases, the applicant must have a clean criminal record. Also the name of the applicant must not be included in the list of persons on whose name there is a freezing of confiscation order for the property within the boundaries of the European Union.

In addition, every applicant must be the owner of a permanent residence in Cyprus, with a market value of a least Euros 500,000 plus vat. It is understood that the members of the same family, who submit different applications as investors, can buy collectively a residence /house, provided that the total amount of the residence/house covers the amount of Euros 500,000 for each applicant.

Our team Cyprus Immigration Lawyers can assist you through the entire procedure and speed up in this way the whole process.

For more information and guidance get in touch with our lawyers or email iMPK Global Business Law Firm – Cyprus Lawyers, at info@impklawyers.com .Tel. +357 99345000 – Fax +357 25 660097

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