The “Cyprus Investment Programme” (CIP) allows the successful applicant and his/her family * to hold a Cypriot passport and enjoy all the benefits of a dual citizenship. In terms of the CIP application process and timeline, it is approximately 7 to 10 months from start to end at present.
Advisory (2 to 3 Weeks)
Initially we advise on the specific criteria required and offer a confidential and comprehensive assessment on the applicant’s circumstances.
Coordinate meetings with the relevant Real Estate Developers (for Option 1 Investment) or Fund Managers (for Option 2 Investment) of the proposed target investments being considered under the Cyprus Investment Programme.
Investment (2 to 6 Weeks)
For either option the following rule applies : upon termination of the 5-year investment period, the applicant can sell his/her investment portfolio ensuring that a permanent residential property of EUR 500,000 (exc. VAT) value is kept in perpetuity.
As of 15 May 2019, the applicant must donate EUR 75,000 to the Cyprus Research & Innovation fund and donate EUR 75,000 to the Cyprus Land Registry. Click here learn more about CIP Application Fees.
A CIP applicant must invest a minimum of EUR 2,000,000 (excluding VAT) in new real estate (residential/commercial) and hold the investment for a period of 5 years after which they may exit (usually at gains due to the high demand for real estate in Cyprus) selling EUR 1,500,000 of their portfolio and retaining the permanent residence that must be held in perpetuity .
A CIP applicant must invest a minimum of EUR 2,000,000 (excluding VAT) in any of the below approved investments/a combination thereof, for a period of 5 years after which they may exit selling their portfolio, excluding the permanent residence that must be held in perpetuity.
The mandatory contribution to the Cyprus Research and Innovation fund, also referred to in the CIP Application Fees, is waived if the client has invested at least EUR 400,000 of the EUR 2,000,000 investment required, under the criterion “Purchase or Establishment or Participation in Cypriot Companies or Businesses”, 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.
Approved Investments include;
1. a portfolio of real estate which has due planning permissions, bank waivers etc.
2. purchase/participation in a Cyprus company as shareholder which results in the employment of locals/EU citizens who have been residents of Cyprus for over 5 years;
3. investment in an Alternative Investment Fund (AIF) or financial asset of a Cyprus entity licensed by the Cyprus Securities and Exchange Commission (CySEC), with activities in Cyprus.
Filing (5 to 7 Days)
A CIP application is submitted as well as a Permanent Residence Permit(PRP). The PRP does require the applicant and dependent family members to be physically in Cyprus for the submission of the PRP application. Within 5 days a PRP can be granted enabling holders to enjoy seamless travel throughout most EU member states.
Citizenship Application Review (6 to 8 Months)
After thorough due diligence by local, international and EU offices/agencies the Main Applicant is issued a Certificate of Naturalization, Cyprus Passport and ID Card within 6 to 8 months later.
Dependent Family Members (1 to 3 Months)
After the Main Applicant is issued a Certificate of Naturalization minor children’s applications can be submitted and are approved within 4 weeks. Adult children, spouse and dependent parents/grandparents can now submit their CIP applications and expect an approval within 2-3 months.
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.
To find out more about the Cyprus CIP fees and disbursements please click the button below.
We are readily available for any further information so get in touch today to book a Free 60 Mins Discovery call to discuss the best option suited to you/your client’s needs.