Page 62 - Annual Magazine 2017

CITIZENSHIP | GOOD TO KNOW
CYPRUS

CITIZENSHIP
O

Access to the European Union for Foreign Investors

Οn March 7, 2016 the Cyprus’ President The Applicant may choose a combination of
announced the Republic’s successful exit from the above. In such case the Applicant would
its 3-year economic adjustment programme, be entitled to purchase special government
resulting in Cyprus regaining access to the bonds of up to €500.000.
international capital markets, and seeing its
unemployment rate falling and real estate A high-ranking senior manager who receives
industry booming again. remuneration that generates tax obligations
of at least €100,000 over a three year period
The IMF has congratulated Cyprus for its is also eligible to apply, provided that the
impressive turnaround of the economy to a taxes have already been paid.
positive growth last year, confirming that the
country is back on a path of sustainable growth. The general conditions for making an
Cyprus remains a dynamic international Application are: (i) a clean criminal record,
business centre that provides top quality (ii) a permanent privately-owned residence
professional services. Cyprus’ success-story is in Cyprus worth of at least €500.000 plus
the result of hard-work from all stakeholders, VAT and (iii) a residence permit (or an
in particular those bringing foreign investors immigration permit which may be requested
to the island. simultaneously with the Application for
naturalization).
An important pillar of this is the Cyprus
Citizenship by Investment Scheme which
offers Applicants the possibility to become
Cypriot/EU nationals through a quick and Cyprus remains
efficient Application process. a dynamic

The key benefits of acquiring the Cypriot international
citizenship are the free movement of people,
goods, services and capital within the EU and business centre
the ability to purchase property in other EU
Member States. that provides top

Any person who meets certain financial criteria, quality professional
either personally or through Cypriot legal
entities, or investments done by or with his/her services.
spouse, may apply for Cypriot citizenship. All
family members of the investor may be eligible
to apply. The criteria include investment of
at least €2.000.000 in immovable properties, At a time when the United Kingdom decided
development and infrastructure projects or to abandon the European Union, becoming a
in financial assets of Cypriot legal entities Cypriot and EU national is a simple solution
or in Alternative Investment Funds licensed for British and other foreign investors who
by CySEC, the economic activities of which wish to gain unrestricted access to the second
BENEFITS should be in Cyprus. largest economy in the world.
One of the key benefits
of acquiring the Cypriot
citizenship is the free Chrysses Demetriades & Co LLC
movement of people, Chrysses Demetriades & Co LLC is a limited lawyers company consisting of 54 advocates and consultants
goods, services and advising on all aspects of law, including corporate, shipping, immigration and property law. The firm was
capital within the EU established in 1948 and its headquarters are at 13 Karaiskakis str., Limassol, T: 25 800000.
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