We have had a surge of interest in th Cyprus Investment Programme since the Council of Ministers announced new regulations to the CIP on 13 February 2019. These changes are due to be implemented in May 2019 hence there is ‘ticking clock’ for various interested applicants to submit their applications before the deadline.
We set out below some of the sample real estate investment structures possible with the Cyprus Investment Programme, one of the most favourable citizenship programmes in Europe.
REAL ESTATE INVESTMENT OPTIONS
The investment required under the “Cyprus Investment Programme” can be structured in an array of different forms. AXESA can support you with the Citizenship investment planning holistically, from start to finish in collaboration with leading real estate experts, developers and Cyprus lawyers:
- Acquisition of both a new luxury Cyprus residential property valued at EUR 1.5 Million (excluding VAT), plus a smaller residential property (e.g. Apartment) for EUR 500,000 (excluding VAT). Upon completion of the investment period, currently 3 years but this is due to increase to 5 years by 15 May 2019, the EUR 1.5 Million real estate asset(s) can be sold;
- Purchase of a single new luxury Cyprus residential property valued at EUR 2 Million. Upon completion of the investment period, currently 3 years but this is due to increase to 5 years by 15 May 2019, the EUR 2 Million real estate asset(s) can be sold and simultaneously a new residential property with a value of EUR 500,000 (excluding VAT) should be bought and held in perpetuity;
- Investment in a portfolio of real estate for a total value of EUR 2 Million (excluding VAT). Should the client wish to exit upon completion of the investment holding period (5 years) we will provide a solid exit solution in our Citizenship planning service. At the end of the period, a new residential property with a value of EUR 500,000 (excluding VAT) should be bought and held in perpetuity.
ADDITIONAL CHANGES TO THE CIP
In addition, the applicant must also make a compulsory donation of EUR 75,000 to the Foundation for Research and Innovation as well as a compulsory donation of EUR 75,000 to the Cyprus Land Development.
The Research and Innovation donation can be waved if th investor instead invests in innovative business or in a social company (duly certified). Moreover, if the investor participates in a Cypriot Business/Company operating in the primary, secondary, research, technology, health, renewable energy or education for a sum of EUR 400,000, the latter donation requirement is waived.
Government bonds are no longer deemed an acceptable investment within the Cyprus Investment Programme.
The applicant must have a Schengen visa in order to be able to apply for naturalization.
An applicant who has applied for the acquisition of citizenship in any other Member State of the European Union and has been rejected will not be entitled to apply under the Cyprus Investment Programme.
If you would like to schedule a confidential consultation please drop us a line at firstname.lastname@example.org for a no-obligations FREE 60 minute assessment of your requirements.