Cyprus

Investment Details

• Processing Time: 4-6 months
• Visa-Free Travel: 154 countries
• Application: Remote process
• Interview: Virtual interview required

Program Overview

The Republic of Cyprus joined the European Union on May 1st,  2004 and joined the Eurozone on January 1st, 2008.

Soon after independence in 1960, the Republic of Cyprus became a member of the United Nations, the Commonwealth, the Non-Aligned Movement and the Council of Europe. Cyprus subsequently became a member of other international organizations, including the Organization for Security and Cooperation in Europe, and the World Bank.

Cyprus falls is in the Mediterranean Sea, a short distance from Lebanon, Turkey and Iran. The country enjoys an idyllic Mediterranean lifestyle, beautiful beaches, 340 days of sunshine a year and welcoming friendly people in a relaxed environment.

Cyprus offers a high standard of living, modern transport, and infrastructure, excellent academic institutions, access to quality medical services, a stable government and a robust legal framework which is based on British law and fully harmonized with EU directives.

Not only does Cyprus have the lowest and most favorable tax rates in Europe, it also has many tax exemptions for non-residents.  Non-residents are only liable to pay taxes in Cyprus for income generated in the country. Moreover, there is no withholding tax on interest income derived in Cyprus or dividends earned in the country.  Cyprus has signed a Double taxation treaty with 43 countries to ensure that taxable income derived in Cyprus is credited from the country of tax residence of the individual.

Cyprus is a favored business destination for international companies for its strategically geographical location between Europe, Middle East and Africa. Cyprus is considered a great hub for offshore banking not only for companies registered in Cyprus but for those which are registered in other tax jurisdictions such as UK, BVI, Seychelles, Belize, etc. The Cypriot banking system has a good understanding of International Trust law and the use of nominee services for those who wish to have anonymity, privacy and desire the highest level of confidentiality. The Central Bank of Cyprus permits all major currencies to be held and traded in Cyprus.

Cypriot second passport and citizenship program is the only European citizenship program that could grant you and your family a second passport in 6 months. It is also one of the world’s most reputable and well-established Citizenship by Investment Program.

EU Membership and International Affiliations

Cyprus became part of the European Union on May 1, 2004, and adopted the Euro on January 1, 2008. After gaining independence in 1960, Cyprus joined the United Nations, the Commonwealth, the Non-Aligned Movement, and the Council of Europe. Over time, it has also become a member of organizations such as the Organization for Security and Cooperation in Europe and the World Bank.

Quality of Life

Cyprus is known for its high quality of life, featuring modern transportation, excellent schools, quality healthcare, a stable government, and a robust legal system based on British law and aligned with EU standards.

Tax Benefits

Cyprus offers some of the lowest and most favorable tax rates in Europe, including many exemptions for non-residents. Non-residents are taxed only on income earned within Cyprus. Additionally, there is no withholding tax on interest income or dividends. The country has signed double taxation treaties with 43 countries, ensuring that income taxed in Cyprus is credited in the individual’s country of residence.

Business Hub

Cyprus’s strategic location between Europe, the Middle East, and Africa makes it an attractive business destination. It’s a popular hub for offshore banking, serving companies registered in Cyprus and other jurisdictions like the UK, British Virgin Islands, Seychelles, and Belize. The Cypriot banking system is well-versed in International Trust law and nominee services, ensuring confidentiality. The Central Bank of Cyprus allows the holding and trading of major currencies.

Citizenship by Investment Program

Cyprus offers a citizenship program that grants a second passport within six months. It is one of the most reputable Citizenship by Investment Programs globally.

Program Benefits:

• Fast-track EU citizenship in 6 months.
• No physical residence requirement during or after the application process.
• No language requirements.
• Dual nationality allowed.
• Low tax rates and free trade within the EU.
• Right to live, work, and study in Europe.
• Ability to own property in any EU member state.
• Low crime rate, excellent education, and top-notch healthcare.
• Strategic location with access to the Mediterranean Sea.

Cyprus Investment Program (CIP)

Investment Options:

Option 1:

• Invest in real estate, land development, or infrastructure projects. If the real estate has been used for Cyprus citizenship before, an additional fee investment also is required.

Option 2:

• Invest in businesses based in Cyprus that employ at least 5 Cypriot or EU citizens.

Option 3:

• Invest in Alternative Investment Funds regulated by Cyprus Securities.

Options 2 & 3 also require purchasing a residential property.

Need More Details? Ask Carib Team or view Governmental Website.

Exit Strategy

Investors can sell their investment after 5 years, retaining a residential property permanently. 

Family and Dependent Eligibility:

1- Spouse and Minor Children

The investor’s spouse and children under 18 can apply for citizenship along with the investor.

2- Adult Children

Financially dependent adult children up to age 28, attending higher education, can apply for citizenship after the investor acquires Cypriot citizenship.

3- Investor’s Parents

The investor’s parents can apply for citizenship after the investor is granted Cypriot citizenship, provided they own a permanent residence in Cyprus

Simplified Application Process

1. Choose an investment in Cyprus.
2. Complete the investment and personal documents.
3. Visit Cyprus to submit the citizenship and residency card applications, and pay government fees.
4. Receive the residency card within 1-2 weeks.
5. Wait up to 6 months for the citizenship application to be processed.
6. Apply for the naturalization certificate and Cypriot passport after 6 months from receiving the residency card.
7. Start the application process for children and/or parents once the investor obtains Cypriot citizenship.
8. Dependent children under 18 receive citizenship immediately; those over 18 and parents receive residency cards and can apply for citizenship after 6 months.

Extra Costs

Each application requires a compulsory donation.

Property VAT

VAT rates for properties can be 0%, 5%, or 19% depending on the project. If no VAT is applied, a transfer fee is required when issuing the title deed. This can change based on the type and build of the project.

Note: Fees are subject to change as per the Government of Cyprus.