CITIZENSHIP & RESIDENCE PLANNING L.PAPAPHILIPPOU & CO LLC

CITIZENSHIP & RESIDENCE PLANNING L.PAPAPHILIPPOU & CO LLC

CITIZENSHIP BY INVESTMENT

What is citizenship by investment? A process whereby a country, by way of exception, grants citizenship to eligible applicants that make a certain significant investment into its local economy. Citizenship in return for economic investment. Why is second citizenship important? Lifts travelling restrictions & formalities Flexible and efficient foundation for tax structuring and planning Can be passed on to a next generation.

Cyprus (EU): Citizenship by investment scheme Sound legal right to EU citizenship to the applicant and his dependents as of right Cypriot (EU) passport issued within 4 to 6 months No need to give up an existing passport (more than one passport is legal in Cyprus) No residency requirements No language test requirements No family planning laws Common law jurisdiction Quality of life, education and access to medical facilities

Any third country national who:- Eligible applicants has a clean criminal record; provides all necessary documentation (i.e. birth certificate, marriage certificate, passport pictures); buys a residence in Cyprus worth at least 500,000; makes a specified investment in Cyprus.

How EU citizenship may be acquired by investing in Cyprus? INVESTMENT AMOUNT HOW INVESTED INVESTMENT IN CYPRUS Investment & Donation Bank deposit Direct investments Combined investments Entrepreneurial activities Special class 2.5 million 5 million 5 million 5 million Variable amount 3 million 2 million for the purchase of shares and/or bonds in a state-owned investment company to be incorporated; and, 500.000 donated (i.e. non-refundable) to the Research and Technology Fund. OR Entire amount deposited in a three (3) year fixed-term bank account with a bank in the Republic of Cyprus, same being either in the name of:- - the applicant (personal account); or - a company or a trust (corporate account), of which the applicant is the ultimate beneficial owner of. OR Entire amount spent by the applicant for:- - purchase of immovable properties (private residences, offices, shops, hotels or establishments of similar nature excluding underveloped land); and/or, - acquisition of businesses or companies based and engaged in activities in Cyprus; and/or, - purchase of shares of companies registered in the Republic of Cyprus - purchase of financial assets - participation in a company or a consortium of companies that has undertaken a public project. OR Accumulated & combined use of any of the abovesaid investment mediums. OR Paid by local companies belonging to the applicant in the public purse annually by way of taxes, fees for local professional services etc. over a period of three years. The amount will depend on the number of local employees engaged by the local company. OR Confined to a special class of persons whose bank deposits in Cyprus Popular Bank and Bank of Cyprus were affected by the Government Decree of 15.3.2013.

Reduced direct investment thresholds Special collective real estate purchase schemes with a property portfolio of at least 10 billion in the Republic of Cyprus can offer to participants who join their scheme by 30 th June 2014 a reduction of 60% under the heading of direct investments. Participants to the special collective real estate purchase scheme will acquire a Cyprus (EU) passport by a direct investment of only 2 million whilst non-participants will have to invest by way of direct investment 5 million. Special collective real estate purchase schemes participants vs Ordinary direct investment or non-participants to a special collective real estate purchase schemes 2 million 5 million

PERMANENT RESIDENCE PERMIT

What is a permanent residence permit? Official authorisation recognising to its holder a legal right to permanently reside in the country issuing the permit subject to certain conditions. Why apply for a permanent residence permit in Cyprus? Expedited processing: Permit issued no more than two (2) months from the date of submission of the complete application Lifts travelling restrictions and visa requirements from a number of European countries Subject to certain residency requirements, it may lead to the acquisition of a Cyprus (EU) passport.

Eligible applicants Any third country national (and his/her spouse)who:- has a clean criminal record and otherwise not considered a threat to public safety/order declares the intention not to be employed in Cyprus wires from abroad and maintains a fixed term deposit account in Cyprus of 30,000 for at least three (3) years proves a secured annual income of at least 30,000 generated from sources abroad (plus 5,000 per dependent person) buys a residence in Cyprus sold for the first time market value of at least 300,000

Permit and residency requirements To maintain the permanent residence permit visit Cyprus once every two years To convert the permanent residence permit into a Cypriot (EU) passport stay in Cyprus for seven (7) years, out of which the last 12 months preceding the Cypriot (EU) passport application must be continuous

CITIZENSHIP BY INVESTMENT PERMANENT RESIDENCE PERMIT property portfolio expedited issuance acquisition of entry rights in the EU permanent residence rights in Cyprus (EU) Cyprus (EU) passport issued within 4 6 months no residency requirements apply no restrictions on employment pitched to HNWI Cyprus (EU) passport may be acquired subject to residence criteria after 7 years residency requirements apply employment restrictions apply until Cyprus (EU) passport issued pitched to wealthy individuals with secured income generated abroad

THANK YOU 17 Ifigeneias street, 2007 Strovolos, Nicosia, Cyprus Tel : (00357) 22 27 1000 Fax : (00357) 22 27 1111 Website : www.papaphilippou.eu