Investment Properties in Cyprus

31 May 2019

Investment Cyprus Properties May 2019
Investment Cyprus Properties May 2019
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The Republic of Cyprus is increasingly attracting the interest of a large number of foreigners from all continents of the world to invest in the island! With a population of merely 1 million, Cyprus has become known for the high quality of life and the myriad of business opportunities and growth it offers.

Why invest in Cyprus

There are numerous benefits one can gain, both in a personal and a professional level, by starting a new life in Cyprus. Most importantly, the island is well known for its warm, sunny weather, combining a pleasant environment to work in and the perfect place for vacation. Being an island, it offers lots of seaside attractions and activities and you can reach the beach fairly easy and fast, as the distances are not so great.

Furthermore, the place has one of the lowest crime rates in Europe, making it perfect for raising a family, and the general population is characterized by hospitality, friendliness, and openheartedness. Although the island is small, there is enormous social development as it has an amazing educational system covering various fields. The official language is Greek and, due to being a British colony, the English language is widely used in schools; it is used especially for business purposes. There is also a good health system, with hospitals in every city offering free medical care for everyone.

Cyprus is rapidly overcoming the challenging economic crisis it was undergoing a few years back and the change is impressive. A large number of successful businesses found a home there, investing in one of the backbone areas of professional opportunities, such as tourism, shipping, real estate, and energy, as well as other younger but fast-growing industries, including funds, innovation, and films.

The geographic location of the island establishes it as an extremely convenient point for trading and foreign affairs, as it interlaces three continents, Europe, Asia, and Africa. 

Acquiring the Cypriot Citizenship

If the above-mentioned benefits appeal to you, then you should consider obtaining a Cypriot Citizenship and settle down in this beautiful place. In addition to all the above, obtaining a European/Cypriot Citizenship, you have the ability to travel to any other European country with no limitations, with the potential of working and living there as well. In addition, there is the opportunity to study at any university in a European country and enjoy free national health care.

Cyprus Investment Programme 

As of May 2019, there have been several changes on the regulations of Property Investments for the purposes of obtaining the Cypriot Citizenship, regulated by the Civil Registry Laws 2002 - 2015 and particularly the Scheme for Naturalisation of Investors in Cyprus by Exception.

The amendments specify that the minimum investment requirement for residential properties must reach the amount of €2,000,000, while the number of investments in other sectors must reach the amount of €2,500,000. Furthermore, regarding applications which include a resale property used for a previous application by another applicant, the amount of the investment must again add up to €2,500,000.

The specific investments of the applicants must now be maintained for five years from the date of naturalization, instead of three. In regards to real estate investments, they can only qualify in case there is a planning permit. During the five years period, the investor has the ability to change the investment after the approval of such change by the Ministry of Finance. Generally, applicants must be in possession of a residence permit in Cyprus for at least six months prior to the naturalization as a Cypriot citizen.

Moreover, it is now mandatory to donate contributions of €75,000 to the Research and Innovation Foundation, as well as to the Cyprus Land Development Corporation the same amount, in order to have affordable housing. During the application period, due diligence and background checks shall be carried out by a specialized foreign firm for each application.

The Cyprus Council of Ministers has imposed a limitation of 700 applications per year for this procedure. In case an applicant was rejected when applied for the acquisition of a Citizenship in any other Member State of the European Union, then this person will not be entitled to acquire the Cypriot Citizenship within the framework of the Cyprus Investment Programme.

Conditions for Applying

There is a number of requirements each applicant must have in order to be able to obtain Citizenship:

Clean Criminal Record: Applicants must have a clean criminal record and their name must not be included in the list of persons whose assets, within Europe, have been frozen as the results of sanctions.

Schengen Visa: It is necessary for all applicants to have a Schengen visa, excluding third-country nationals, and their families, who do not require an entry visa for traveling in Member States of the EU.

Residence in Cyprus: Applicants must be in possession of a permanent privately-owned residence in Cyprus, with the purchase price above €500,000.

Residence Permit in Cyprus: Prior to the naturalization process, the applicant must have a residence permit for at least 6 months.
In case there is no permit, the applicant can apply for an immigration permit (based on the Regulation 6(2) of the Aliens and Immigration Law) simultaneously with the naturalization application.

Starting up a new business in Cyprus beholds many benefits and now the procedures and requirements as simple and straightforward. On the other side, this island is the perfect place to have a quiet, stress-free life.

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