1. CYPRUS CITIZENSHIP BY INVESTMENT
Presented by Phani Schiza Antoniou
of Globalserve Consultants ltd
at ‘Changing Fiscal and Banking International Environment’ Seminar
Moscow October 2017

2. CYPRUS EU CITIZENSHIP
Cyprus is one of the most popular destinations for non EU-nationals who wish to become European citizens.
Cyprus has attracted many citizens from around the world who applied and successfully obtained the Cyprus citizenship.
Cyprus is currently one of the very few countries within the European Union which by law offers directly the Cypriot and subsequently the European citizenship and passport in a short time period and the Cyprus naturalization by investment scheme is considered the most straightforward route to becoming a European citizen.

3. WHY TO OBTAIN A CYPRUS PASSPORT
Immediate citizenship and subsequent passport that currently provides the right to immediately travel or reside and work anywhere within the European Union.
Fast track application and efficient procedure to obtain the citizenship (3 months).
Does not require you to uproot your family, or physically move to Cyprus before or after obtaining the passport.
Visa-free access to all EU countries and Canada for citizens of Cyprus.
High quality of life, good climate, enjoyable environment with good infrastructure, high level of business services, easily accessible, with English and Russian widely spoken
Favorable taxation laws and incentives. Although the worldwide income is taxed in Cyprus, there is full tax exemption on dividends, interest and rents for the next 17 years for the non domicile;

4. THE REVISED CRITERIA- A1
A.1 Investment in real estate, land development and infrastructure projects:
The applicant must made an investment of at least €2,0 million for the purchase or construction of buildings (residential or commercial purposes) or for the construction of other land development projects or other infrastructure projects.
Investment in land under development is included in this criterion, provided that an investment plan for the development of the purchased land will be included in the application.

5. THE REVISED CRITERIA- A1
Requirements :
Contract of sale
Title Deeds of Proof or Registration of the contract with the Lands and Surveys Department
Proofs of payment of the agreed purchase price
Copy of the wire transfer to a Cypriot commercial banking institution in the name of the seller or the seller’s company
Investment plan for the development of the purchased land, if the investment involves the purchase of land under development

6. THE REVISED CRITERIA- A2
Α.2 Investment in financial assets of Cypriot companies or Cypriot organizations:
The applicant should have made a purchase or should have participated in companies or organizations established and operating in the Republic of Cyprus with investment costs of at least €2,0 million.
Conditions:
The invested funds must be channeled towards the financing of the investment objectives of these companies exclusively in Cyprus, based on a specific investment plan.
Company must have proven physical presence in Cyprus (offices in Cyprus) with significant activity and turnover.
Employ at least five (5) Cypriot or citizens of European Union member-states who have legally and continuously resided in Cyprus during the five years preceding the application submission date with proven record on paying social insurance contributions .

7. THE REVISED CRITERIA- A2
Requirements :
Contract of Sale
Proof of payment of the agreed purchase price
Certificate of shareholders by the Registrar of Companies
Copy of the wire transfer to a Cypriot commercial banking institution in the name of the company or organization
Specific investment plan
Copies of the employment contracts of the Cypriot or EU citizens employed by the company in which the applicant has invested
Confirmation by the social insurance department as to the insurable income of the Cypriot or EU citizens employed in the company
Copy of Social Insurance Contributions for every Cypriot or EU employee
Registration Certificate or Permanent Registration Certificate of Union Citizen for employees that are European citizens

8. THE REVISED CRITERIA- A3
A.3 Investment in Alternative Investment Funds or financial assets of Cypriot companies or Cypriot organizations that are licensed by Cyprus Securities and Exchange Commission :
Bought units of at least €2,0 million from alternative investment funds (AIF) established in the Republic of Cyprus, licensed and supervised by the CySEC and whose investments are made exclusively in the Republic of Cyprus, in investments that meet the criteria of this Scheme or in areas approved by the Minister of Finance.
Also included bonds, securities and debt securities from Cyprus businesses licensed by CySEC and which have proven physical presence and substantial economic activity in the Republic of Cyprus, and have as a purpose the financing of the investment plan, fall under this criterion.

9. THE REVISED CRITERIA- A3
Requirements :
Title/Titles and other relevant documents of the financial assets/units purchased
Copy of the wire transfer to a Cypriot commercial banking institution in the name of the company or the organization
Specific investment plan
Confirmation by the CySEC

10. THE REVISED CRITERIA- A4
A.4 Combination of the aforementioned investments:
Combination of the above investments, provided that the total investment will amount up to at least €2,0 million.
Within this criterion the applicant may purchase special government bonds of the Republic of Cyprus, up to € , which will be issued by the Public Debt Management Office of the Ministry of Finance, on condition that the investor will retain these bonds for a three year period.
Requirements:
Proof from the Public Debt Management Office for the purchase of special government bonds
Copy of the wire transfer into a bank account of the Treasury of the Republic of Cyprus.

11. THE REVISED CRITERIA- General Requirements
Clean Criminal Record: The applicants must have a clean criminal record in their country of origin and county of residence (if different) and not to be a sanctioned person in the EU.
Residence in the Republic of Cyprus
The applicant is required to have a permanent privately-owned residence in the Republic of Cyprus, the value of which must exceed the amount of € V.A.T. at current prices
*If the market value of the residence exceeds € , part of the additional amount can be used to complete the amount of the investment
Hold a residence permit in Cyprus
Filing of the citizenship application and residence permit application can take place simultaneously. A simplified procedure of obtaining a residence permit is introduced where an application for residence permit is filed exclusively for the purposes of the citizenship application.

12. THE REVISED CRITERIA- Special Provisions
If the applicant wishes to invest in both real estate and in another option of the criteria above, the overall investment should be at least €2,500,000.
if the investor wishes to apply based on the criterion A.1, investment in residential real estate (not for commercial purpose) in Cyprus there is no any further obligation and the overall investments should be €2,000,000.
The investment in residential real estate must be retained for a minimum period of 3 years, after which point the overall investment in real estate can be reduced to a minimum of € in residential property (excluding V.A.T that was paid on initial acquisition)
The necessary investments must be made during the three years preceding the date of the application.

13. THE REVISED CRITERIA- Special Provisions
The investments must be retained for a period of at least three (3)years from the date of the naturalization.
The funds for the financing of the investment should come from abroad and the applicant should be able to prove this  
Family Members: Cyprus grants the Cypriot citizenship also to:
The spouse or partner of the investor
To the financially depended adult children of the investor up to the age of 28 provided that they are student and present their college registration
The minor children of the investor (under 18)

14. THE REVISED CRITERIA- Special Provisions
A non-Cypriot citizen can apply:
Personally
Through a company in which he/she participates as a shareholder (in proportion to his holding percentage)
Through investments done by his/her spouse or jointly with the spouse
As a high-ranking senior manager of a company/companies that meets one of the economic criteria (A) (provided that he/she receives such a remuneration that generates for the Republic tax revenues of at least € over a three year period.

15. SUBMISSION OF DOCUMENTS
Clean Criminal Record (from country of origin and country of residence if different)
Residence in the Republic of Cyprus
a. Contract of Sale
b. Title Deeds or Proof of Registration of the contract with the Lands and Surveys Department
c. Proof of payment of the agreed purchase price
d. Copy of the wire transfer to a Cypriot commercial banking institution in the name of the seller or the seller’s company
e. An evaluation certificate from an independent registered land surveyor, if required by the Ministry of Interior or the Ministry of Finance.

16. SUBMISSION OF DOCUMENTS
Personal Documents
a. Birth Certificate
b. True copy of passport (notarised andapostiled )
c. Marriage Certificate/Civil partnership certificate
d. Two passport size photographs
e. Curriculum Vitae
f. Copy of Residence Permit in the Republic of Cyprus
g. Copies of advertisements in a daily newspaper two consecutive posts
h. Application of a High Ranking Executive
Copy of the employment contract
 Receipt from the Department of Inland Revenue

17. SUBMISSION OF DOCUMENTS
4. Financial Documents
a. Certificate of Registration of the company/companies by the Registrar of Companies
b. Certificate of shareholders by the Registrar of Companies or Certificates evidencing that the applicant is the beneficial owner of the company/companies
c. Audited accounts of the company (or companies) for the last three years preceding the year of the application

18. CYPRUS CITIZENSHIP BENEFITS AND ADVANTAGES
No language competence requirements
Favorable tax regime
Dual/multiple citizenship permitted
You may liquidate your qualifying investment after only 3 years.
No restrictions in nationalities
Access to modern medical facilities and healthcare systems
A renowned international business and commercial center operating between three continents

19. WHAT WE CAN DO
Professional advise for the acquisition of Cypriot Citizenship
Can assist with the search of the properties
Can make the legal due diligence of the properties
Preparation and drafting of all documents including the relevant contracts and the required report
Assisting with the collection of all relevant documents
Submission of the application to the immigration
Monitoring the status of the application and follow up

20. for your attention! Questions ????
Thank you
for your attention! Questions ????
Phani Schiza Antoniou