Cyprus Second Passport
Cyprus is a popular jurisdiction for foreign investors as it provides a stable economic environment in addition to being an EU member state. As of 2009, the Cypriot government introduced a new law that applied to Non-EU citizens to acquire an immigration permit given that they invest for a minimum total of EUR 300, 000 in real estate.
For more information on how to acquire a Cyprus second passport and begin the process, please Contact Us.
Obtain a Cyprus Second Passport
There are various methods of acquiring a Cyprus second passport. According to the new criteria the Cypriot citizenship may be granted in exceptional cases to an alien/foreign businessman, aged 30 years and older with no criminal records, who owns property in Cyprus, the value of which exceeds EUR 1 million in current market prices. The applicant must also meet one of the following five conditions, as delisted below;
Direct investment
Investing directly in Cyprus of a minimum amount of EUR 10 million.
Entrepreneurial activities
Establishing a Cyprus company/companies that aggregate a total annual turnover exceeding EUR 10 million in the year before the citizenship application. Additionally, 1/3 of employees must be Cypriot citizens
Bank deposits
Applicant should deposit a minimum of EUR 15 million in a Cypriot bank or a privately owned company (self-owned) over a period of 5 years.
Combination of Direct Investments, Entrepreneurial Activities and Bank Deposits
Applicant must demonstrate through a combination of the above outlined investments that they have a minimum of EUR 15 million to invest.
Company formation – having an operational company/companies, managed in Cyprus for minimum of 3 years, paying at least EUR 500, 000 in income tax, VAT or payment of business services and fees to lawyers, accountants etc.
These methods enable individuals to invest a substantial amount in Cyprus to acquire a Cyprus second passport. The process is complex, thus it is advised to seek the assistance of a professional consultancy firm in order to complete the relevant steps in compliance with the regulations.
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