The Cyprus Investment Programme offers non-Cypriot citizens the opportunity to invest in Cyprus and gain many benefits for themselves, primarily, Cypriot and therefore European Union, citizenship. The application for the Cyprus Investment Programme must be made after a residency permit has been granted, and held for a minimum of six months. After this period, the Cyprus resident may then apply for the Cyprus Investment Programme. However, it is worth noting that the applicant does not actually have to live in Cyprus, they simply must have legal residency.
The options and criteria for investment with the Cyprus Investment Programme
To fulfil the criteria for an application for the programme, the applicant must make an investment within Cyprus of a minimum of 2 million euros within the three year period prior to the application. In addition, a donation of 200,000 euros is required. This investment must be kept for at least five years after citizenship has been granted via the investment programme.
The type of investment is quite far reaching with several options. It can be an investment in real estate, land development, an investment into an infrastructure project on the island an investment into a company that is already established, or an investment into alternative funds. The investment can also be in a combination of these areas. If the investor opts to put their money into residential property, there are a few more details that should be noted. For residential property investment, one of the properties with a value of a minimum of 500,000 euros must be maintained as a permanent residence of the investor themselves. In addition, if a property purchased for the Cyprus Investment Programme has itself already been bought for this purpose by a previous owner, then the minimum level of investment increases to 2.5 million euros.
What are the advantages of the Cyprus Investment Programme?
There are many benefits that come with acceptance on the Cyprus Investment Programme. With a successful application, the applicant, their spouse and dependant children automatically have the opportunity to live and work anywhere within the EU. There is also the advantage of visa-free travel to over 150 countries, making travelling much easier for both tourists and business travellers. Another benefit of the scheme, is that if you wish to seek residency for your parents, they can be added to your application for a smaller investment of just 500,000 euros, and they must own a permanent residence in Cyprus. This can even be done after the initial application has been completed, so your parents could join you at any point in the future.
Help with every step of the process Savva & Associates are highly experienced in all aspects of Immigration Services in Cyprus. We can make the process as simple and straightforward as possible for you. From ensuring you can meet the criteria, to helping you find the right property for your investment, from dealing with the relevant ministries to drafting documents and setting up any necessary meetings. For more information, don’t hesitate to get in touch.