Cyprus Citizenship by Investment

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Cyprus Citizenship by Investment Revised Scheme for Naturalisation of Investors in Cyprus by Exception January 2018 Cyprus Citizenship by Investment The Ministry of Interior on the 13/9/2016, having

investment now set at 2.000.000. In addition, the investor should own a residential property of at least 500.000, plus VAT, per the terms and conditions of the scheme.

1 Cyprus Citizenship by Investment Revised Scheme for Naturalisation of Investors in Cyprus by Exception January 2018 Cyprus Citizenship by Investment The Ministry of Interior on the 13/9/2016, having as a primary target to encourage foreign investments announced the implementation of a revised favourable scheme for the Cyprus Citizenship by Investment, with the minimum necessary amount of investment now set at In addition, the investor should own a residential property of at least , plus VAT, per the terms and conditions of the scheme. The new scheme introduced investment criteria on Alternative Investment Funds and rescinded the previous criteria concerning investment in government bonds and deposits in Cypriot banks. The revised plan was implemented on 1 st of November 2016 and is ongoing.

Financial Criteria A. New Financial Criteria A.1 Investment in Immovable Property, Real Estate Developments and Infrastructure Projects. The applicant should make an investment of at least 2.000.

2 Financial Criteria A. New Financial Criteria A.1 Investment in Immovable Property, Real Estate Developments and Infrastructure Projects. The applicant should make an investment of at least for the purchase or construction of immovable property or infrastructure projects such as residential or commercial, or tourism infrastructure or otherwise. A.2 Purchase or Incorporation or Participation in Cypriot businesses and companies. The applicant should purchase, incorporate or participate in businesses or companies registered and operating in the Cyprus Republic with investment cost at least The said investment funds, should be used for funding the financial objects of those business and companies exclusively and solely in Cyprus, on the basis of their investment plan. A.3 Investment in Alternative Investment Funds or Financial Assets of Cypriot businesses or Cypriot companies licensed by the Cyprus Securities and Exchange Commission. The applicant should purchase units with investment cost at least of Alternative Investment Funds established and operating in the Cyprus Republic, licensed and supervised by the Cyprus Securities and Exchange Commission provided that such investments are made exclusively in the Cyprus Republic or in sectors approved by the Minister of Finance. Under the said criterion also falls the acquisition of financial assets in Cypriot businesses or organisations of at least , such as bonds, bills and securities issued, after the approval of the Cyprus Securities and Exchange Commission, by companies that have proved physical presence and substantial economic activity in the Republic of Cyprus, provided that they are maintained for a period of 3 years. A.4 Combination of the above criteria: The applicant may make a combination of the above A1, A2 and A3 financial criteria, provided that the total investment will amount to at least Under this criterion, the investor may invest in government bonds of the Cyprus Republic for the amount up to , which will be issued by the Public Debt Management Office of the Ministry of Finance, under the condition that the applicant will maintain the said bonds for a period of at least 3 years.

Granting of Cypriot Citizenship to the spouse or a partner* of the investor, to the parents of the investor and to the financially dependent adult children of the investor as well, without any

3 Granting of Cypriot Citizenship to the spouse or a partner* of the investor, to the parents of the investor and to the financially dependent adult children of the investor as well, without any further investment. Applications for citizenship by a partner* or spouse of the investor may be submitted along with the investor s application, to facilitate the simultaneous issue of the citizenship to both. MINOR CHILDREN: Citizenship Application for children under 18 years old, can be submitted after the investor acquires the Cypriot Citizenship and provided that the other parent consents to the grant of the citizenship, without any further investment. ADULT CHILDREN: Adult family members of the investor must hold a residence permit in Cyprus, prior to their naturalisation as Cypriot citizens. If not, they can apply for the immigration permit simultaneously with the application for naturalisation. In such case, no other conditions apply, other than those of the current scheme. The right to apply for Citizenship without any further investment is granted to the financially dependent adult children of the investor, if they belong in one of the following two categories: a. Students up to 28-years old that are attending an institution of higher education aiming to obtain a diploma or an undergraduate or master s degree, excluding trainee students of a professional qualification like barristers or accountants. b. Children with severe physical or mental disability that renders them unable to work. Family members who apply separately as investors, have to meet the investment criteria. However, they can collectively acquire a residence, provided the value of the home-property covers the amount of , per each applicant. If the purchase value of the home-property exceeds , the excess amount can be used for purposes of supplementing the total amount of the investment made, per criteria of Part A. It is noted that all the above apply to adult members of the family of the investor, who will apply for naturalization. B. Terms and Conditions *The term Partner is interpreted in accordance with the provisions of the Civil Partnership Law 184(I)/ The applicant must have a Clean Criminal Record. 2. The applicant should own a residential property in Cyprus of at least , plus VAT. 3. The applicant must hold a Cyprus residence permit before the naturalization as a Cypriot citizen. Note: There is no restriction whatsoever after acquiring the Cyprus Citizenship for any residency period limitations.

How we can help you We undertake and offer an A-Z service regarding all necessary administrative work required by foreign investors who may be interested in

order to satisfy the criteria. Our Services Assistance in identifying investment opportunities and due diligence on the investment, through relevant professionals.

attending matters with The Land Registration Office on your behalf.

4 How we can help you We undertake and offer an A-Z service regarding all necessary administrative work required by foreign investors who may be interested in obtaining citizenship (naturalization) through this specific scheme, including identification of appropriate real estate and other investment opportunities in order to satisfy the criteria. Our Services Assistance in identifying investment opportunities and due diligence on the investment, through relevant professionals. Assistance in finding a residence, through professional real estate agents, assisting in the purchase, checking property, drafting or reviewing agreements, attending matters with The Land Registration Office on your behalf. Advice and assistance on the relevant application process, including acting as your liaison with the Cypriot authorities, drafting the required application documents, submitting the application to the relevant Cypriot authorities and monitoring the status of your application.

5 Contacts WE LISTEN WE ADVISE - WE DELIVER. Get in touch with us. We are here to assist you! NICOSIA OFFICE: 9 Lampousa Street, 1095 Nicosia, Cyprus P.O.Box 25307, 1308 Nicosia, Cyprus Tel: Fax: LIMASSOL OFFICE: 28 Agias Zonis Street, 3 rd Floor 3027 Limassol, Cyprus Tel: Fax: info@pyrgouvakis.com TO CONTACT OUR PARTNERS DIRECTLY: Melina Pyrgou: m.pyrgou@pyrgouvakis.com Demetris Vakis: d.vakis@pyrgouvakis.com Despo Andreou: d.andreou@pyrgouvakis.com Pyrgou Vakis LLC. All rights reserved. In this document, Pyrgou Vakis refers to Pyrgou Vakis LLC, registered in Cyprus under registration no

In addition, the applicant must fulfill the Terms and Conditions set out in Part B.

In addition, the applicant must fulfill the Terms and Conditions set out in Part B. COUNCIL OF MINISTERS DECISION dated 13.09.2016 published in the official gazette of the Republic of Cyprus on 16.09.2016 REVISED SCHEME FOR GRANTING CYPRUS CITIZENSHIP TO INVESTORS IN CYPRUS BY EXCEPTION