WHAT YOU NEED TO KNOW
The Cyprus Government are keen to encourage overseas investors to bring their business and their families to the island. In order to make the move even more attractive, in recent years there have been some advanta- geous amendments to the Cyprus Investment Programme. These changes certainly make investing in Cyprus, and relocating here a good proposition, and the process has been streamlined to ensure a smooth and easy move. With the creation of the Committee for Supervision and the Registry of Service Providers for the Cyprus Investment Programme, applications can only be submitted by those service providers that are listed on the official registry.
IMPROVEMENTS TO THE PROGRAMME
The Cyprus Government are keen to encourage overseas investors to bring their business and their families to the island. In order to make the move even more attractive, in recent years there have been some advanta- geous amendments to the Cyprus Investment Programme. These changes certainly make investing in Cyprus, and relocating here a good proposition, and the process has been streamlined to ensure a smooth and easy move. With the creation of the Committee for Supervision and the Registry of Service Providers for the Cyprus Investment Programme, applications may now only be submitted by those service providers that are listed on the official registry.
THE BENEFITS OF RESIDING WITHIN THE EU
Of course, with a move to Cyprus, you’re also entitled to some amazing benefits that come with being an EU citizen. You will have the opportunity to travel freely throughout all the 28 EU member countries, plus Iceland, Norway, Switzerland and Liechtenstein. You are able to live there, as well as study or work in these countries. As an EU national, your children will also be able to take advantage of lower tuition fees in EU countries. For businesses, offering your services throughout the UK becomes easier, as does transferring money, investing and purchasing properties.
INVESTING IN INFRASTRUCTURE, LAND DEVELOPMENT AND
REAL ESTATE IN MORE DETAIL
To be eligible for the programme, an investment of a minimum of €2 million is required. This covers a wide range of projects from infrastructure to residential and commercial projects and tourism. Investing in undeveloped land is also included, provided you submit your application with an investment plan for the land. If building is not permitted in the area where you have purchased land, then an application will not be valid in this case.
CRITERIA FOR ELIGIBILITY
The criteria for eligibility for the programme includes the main applicant and their spouse, all children of 17 years old or younger and older children between the ages of 17 and 28 as long as they are studying at a university for a first degree or a master’s degree. In addition, the parents of the main applicant may also be included in the application on the proviso that they make an additional investment of at least €500,000 into residential property.
The applicant must have a clean criminal record and must not have their assets frozen within the boundaries of the EU. Applicants must also own a permanent residence in the Republic of Cyprus and this must have been purchased for a minimum of €500,000 plus VAT. However, if several family members are applying as investors, they can purchase residences as a collective, as long as the total value of all properties purchased by the family adds up to €500,000 plus VAT for each applicant. The only exception to this, is if the main investment is in a housing project. In this case, as long as the applicant keeps possession of one unit of housing worth a minimum of €500,000 plus VAT, a further property purchase is not required
HOW TO APPLY
To submit your application you will need the application form M127 and several accompanying documents as follows
- A Certificate of Clean Criminal Record from your country of residence. If you originate from a country other than that you reside in, you will also need a certificate from your country of origin
- Documents relating to your residence in Cyprus. These are to include your contract of sale, title deeds or proof of registration with the Lands and Surveys Department, a proof of payment for your property, a copy of the wire transfer to the Cypriot bank in the seller’s name or the name of a business belonging to the seller. If the Ministry of Interior, or the Ministry of Finance require it, you may also need to submit a land surveyors evaluation certificate
- Information regarding your investment to include a certificate of registration, certificate of shareholders and 3 years of audited accounts prior to the year of application. If the investment is being made either jointly with a spouse, or solely by the spouse of an applicant, then a marriage certificate will be required. If the applicant is a senior manager of high rank, then you will also need to submit a Department of Inland Revenue receipt and a copy of your employment contract.