www.pwc.com.cy Cyprus Citizenship for Investors August 2017
Legal Basis On the basis of the relevant Council of Ministers Decision (dated 13/09/2016), non-cypriot Investors can acquire the Cyprus Citizenship by Naturalization (by exception on the basis of the Civil Registry Laws 2002-2015). Key Benefits 01 Freedom of Movement Travel, reside, study and work within the EU 03 Free movement of Capital, Goods and Services Second personal and/or business base 02 Investor and all family members can obtain the Cyprus Citizenship (i.e. spouse, children under 18 years of age and adult dependant children aged 18-27 years old) 04 Parents of the main applicant can obtain the Cyprus Citizenship with an additional residential property of a minimum of 500.000 Economic Criteria and other required conditions Investment type Investment of 2M (excl. VAT) Residential property of 500.000* (excl. VAT) Total Investment (excl. VAT) A.1 Investment in real estate, land development and infrastructure projects - Residential properties* 2M - Commercial properties / Land development / Developments in the tourism sector / Combination A.2 Investment in financial assets of Cypriot companies / organizations A.3 Investment in Alternative Investment Funds or financial assets of Cypriot companies / organizations that are licensed by CySec A.4 Combination of the aforementioned investments - including investments in special Government Bonds of the Republic of Cyprus up to 500.000 *At least one residential property must be of at least 500.000(excl. VAT); the said property must be kept for life.
Terms and Conditions The parents of the investor can apply for the Cyprus Citizenship following the purchase of a permanent residence of minimum 500.000 Clean Criminal Record for adult applicants (main applicant, spouse, adult children and parents) who are also not included in the list of persons whose property is ordered to be frozen within the EU All above mentioned investments need to be kept for at least three years from the date of Naturalisation All investments need to be concluded with fresh funds from abroad A high-ranking senior manager may apply, if he/she receives such a remuneration that generates for the Republic tax revenue of at least 100.000 for a three year period, and he/she buys a permanent residence of 500.000. An investment as per the economic criteria must be completed in the employing company in Cyprus Key Information Prior to acquiring the Cyprus Citizenship, all adult applicants must be residence permit holders Main applicant and his/her spouse apply jointly. Upon approval, children s and parents applications follow The approval of Citizenship under the relevant Decision is granted by the Cyprus Council of Ministers The application package is submitted to the Ministry of Interior. The Ministry of Finance assesses the economic criteria The Council of Ministers has complete discretionary power regarding these decisions The applicant does not become a tax resident in Cyprus, unless he/she spends more than 183 days in any one calendar year
Our A-Z personalised support Advise on the required economic criteria and conditions as well as the required steps (approval process) and application requirements Examine specific circumstances of the applicant to establish the most effective way to meet the criteria Assist with identifying options for investment Undertake legal overview of purchase agreement and/or of relevant documents Undertake Real Estate due diligence Assist with examining tax implications arising from the investment Run a pre-clearance check with the responsible Ministries Assist with setting up vehicles to hold the investments (including an Alternative Investment Fund) Assist with the execution of all investments Assist with the preparation of required documents and the application pack in line with the required quality standards On-going monitoring of the application and briefing of the investor, including personal interventions where required Personal support to the investor and his/her family in obtaining the Cyprus Passport and Identity Card
What we bring to our clients 100% success track record Objective and independent advice Solid expertise in the area from the largest dedicated team on the island that includes Lawyers, Real Estate Specialists, Immigration Consultants, Tax Specialists, International Compliance Experts Pre-vetting of cases with Competent Authorities Solid working relationships with Competent Authorities In-depth knowledge of the process and all the requirements
Talk to us Theo C Parperis Partner Head of Tax & Legal theo.parperis@cy.pwc.com Tony Hadjiloucas Partner In charge of Private Wealth Services tony.hadjiloucas@cy.pwc.com Philippos C Soseilos Partner Advisory philippos.soseilos@cy.pwc.com Phryni Yiakoumetti Director Immigration & Mobility Services phryni.yiakoumetti@cy.pwc.com PricewaterhouseCoopers Ltd PwC Central, 43 Demostheni Severi Avenue, CY-1080 Nicosia, Cyprus P O Box 21612, CY-1591 Nicosia, Cyprus Tel:+357-22 555 000, Fax:+357-22 555 001 City House, 6 Karaiskakis Street, CY-3032 Limassol, Cyprus P O Box 53034, CY-3300 Limassol, Cyprus Tel:+357-25 555 000, Fax:+357-25 555 001 The above are in accordance with the Council of Ministers relevant Decision and any other official documents issued by the Competent Authorities. This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors. 2017 PricewaterhouseCoopers Ltd. All rights reserved. PwC refers to the Cyprus member firm, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/ structure for further details.