Citizenship Criteria

AXESA advise affluent individual who can demonstrate an impeccable track record and a clear source of funds on Citizenship solutions.

We work closely with an array of clients and their trusted advisors throughout South East Asia, the Middle East and Latin America predominantly.  Our network of clients and associates include; family offices, trustees, lawyers, immigration agents and wealth managers.

In order to be eligible to apply for the “Cyprus Investment Programme” there are specific criteria which must be met by all applicants.

There have been changes to the legislation which will be implemented on the 15 May 2019 further impacting the criteria required to invest in Cyprus and obtain Cyprus Citizenship.

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Eligibility

The Ministry of Interior (MoI) of Cyprus requires the local licensed service provider to submit a complete file on the applicant and their eligible family dependents. The criteria are set out below:

  • Each applicant must submit a clean criminal record from their country of origin and/or residence and must not be subject to any EU sanctions or lists of persons whose property is ordered to be frozen.
  • Main applicant and spouse i.e. husband and wife can apply.
  • Children up to and including the age of 17 may be included.
  • “Adult children” between the ages of 18 to 28 can also be included if the application is reviewed by the Council of Ministers prior to their 29th birthday; and if they are currently enrolled in a (first) bachelor’s or master’s degree.
  • Parents of the applicant can be included provided there is an additional investment of EUR 500,000 (plus VAT as applicable), is made in residential property in Cyprus.
  • As of 15 May 2019, applicants must not have been rejected citizenship in any EU Member State previously.
  • As of 15 May 2019, the applicant must be the holder of a valid Schengen visa (i.e. have received approval from neighbouring EU Member States).

INVESTMENT OPTIONS

The Cyprus Citizenship applicant must invest a minimum of EUR 2,000,000 (increased from EUR 2,000,000 to EUR 2,500,000 for re-sale properties) – effective 15 May 2019 in one of the available investment options (real estate being the most common) for a period of 5 years (increased from 3 years – effective from 15 May 2019).

The application can take 6 to 9 months for all relevant screening and due diligence to be undertaken by the respective independent due diligence authorities and government. Subject to approval and all conditions being met and witheld the Cyprus Citizenship is granted indefinitely.

Upon termination of the 5-year investment period, the applicant can sell his/her investment portfolio ensuring that a residential property of EUR 500,000 value is kept in perpetuity.

As of 15 May 2019, the applicant must donate EUR 75,000 to Cyprus Research & Innovation fund and donate EUR 75,000 to the Cyprus Land Registry. This donation is a contribution to the integrated housing policy, specifically for the purpose of implementing affordable housing projects and the implementation of other housing plans / measures nationally.

OPTION ONE: REAL ESTATE INVESTMENT

  • The investment must be held for a period of five years.
  • A EUR 2,000,000 (plus VAT of 0%, 5%, or 19%) investment in new real estate in Cyprus.
  • Should the client wish to exit/sell upon completion of the investment holding period (5 years) we will devise a solid exit solution with the support of local lawyers as part of our Citizenship planning service. At the end of the investment holding period, a residential property with a value of EUR 500,000 (excluding VAT) should be bought/held in perpetuity.
  • As of 15 May 2019, the applicant must donate EUR 75,000 to the Cyprus Research & Innovation fund and EUR 75,000 to the Cyprus Land Registry. The mandatory donation is waived if the client has invested under the criterion “Purchase or Establishment or Participation in Cypriot Companies or Businesses” for a value of at least EUR 400,000 to a company operating in either a primary or secondary sector of the economy or in one of the fields of research and technology, education, health, and renewable energy.

READ MORE ABOUT REAL ESTATE INVESTMENT STRUCTURES

OPTION TWO: DIVERSIFIED INVESTMENTS

  • The investment must be held for a period of five years.
  • 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) may be retained/purchased and held in perpetuity.
  •  As of 15 May 2019, the applicant must donate EUR 75,000 to the Cyprus Research & Innovation fund and EUR 75,000 to the Cyprus Land Registry. The mandatory donation is waived if the client has invested under the criterion “Purchase or Establishment or Participation in Cypriot Companies or Businesses” for a value of at least EUR 400,000 to a company operating in either a primary or secondary sector of the economy or in one of the fields of research and technology, education, health, and renewable energy.
  • A EUR 2,500,000 (plus VAT of 0%, 5%, or 19% as applicable) investment in a combination of the following:
  • Investment in a portfolio of real estate. The property must have a planning permission issued by the Department of Town Planning and Housing in accordance with the Town and Planning Act (Ν. 90/1972), a completion certificate signed by the architect. In projects under development, 5% of the value of investment must be held in a designated account or the equivalent bank guarantee from the seller of the property to the buyer (Performance Bank Guarantee). Furthermore, a bank waiver must be issued from the banking institution in cases where the asset is a mortgaged property, confirming the waiver of any rights upon receipt of payment for the relevant mortgage;
  • Creation, acquisition or participation in a Cyprus company or business where the applicant is a shareholder, with activities in Cyprus, and employing 5 Cypriot or EU nationals who have been resident in Cyprus for a duration of 5 years prior to the filing of the citizenship application;
  • Alternative Investment Fund (AIF) or financial assets of a Cyprus entity licensed by the Cyprus Securities and Exchange Commission (CySEC), with activities in Cyprus;
  • Investments in the Shipping industry;
  • Investment in Registered Alternative Investment Funds in eligible investments as well as the opportunity to invest up to EUR 200,000 in the Cyprus Stock Exchange’s secondary market.

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Our Commitment

Cyprus Investment Citizenship

AXESA is committed to upholding the integrity of the Investment Migration industry and works with reputable local market leaders in Cyprus from real estate developers to local lawyers to deliver a truly personalised experience.