Citizenship Planning Services
In response to the increased demand for providing services to foreign HNWI and UHNWI, L Papaphilippou & Co LLC has formed a dedicated immigration team in the firm, comprised of experienced and specialized lawyers in foreign direct investments, immigration, financing and real estate transactions, securing first class services and results on Citizenship by Investment and Permanent Residence Programs.
Our team offers investor focused solutions, offering expertise in global investor immigration, relocation, alternative citizenship, and strategic consulting. There is no one-size-fits-all strategy or pre-packaged solution. Instead, we work diligently and thoroughly to build the best possible solutions to meet our clients’ long-term goals.
Carefully considering the needs of the clients to create an investment solution that is both viable and tailor-made. These include second passport needs, tax optimisation, visa-free travelling, personal and family estate and wealth planning, benefits of an additional residence, wealth accumulation, domicile benefits and exit taxes.
We provide residency and citizenship solutions that offer financial protection and mobility in order to enhance our clients their global business activities and quality of life.
Citizenship by Investment
As a part of its policies aiming to attract foreign investors in Cyprus, the Council of Ministers, on the 13th of September 2016, revised the "Scheme for Naturalization of non-Cypriot investors by exception” (“Scheme”) and established the new financial criteria based on which non–Cypriot entrepreneurs, investors and HNWI, may acquire the Cypriot Citizenship and consequently the European Citizenship.
The Scheme has been very popular with foreign HNWI individuals attracting over €4.5 billion of foreign investment for the Republic of Cyprus. Its straightforward nature, the easy, simple and fast procedures as well as the variety of options of investment available to an investor, make the Scheme the best of its kind.
- Investment opportunities starting as low as €2.0M with a three (3) year exit strategy, are available to an applicant;
- Citizenship for life for applicant, spouse and financially dependent children up to the age of 28 passed down through generations;
- Dual citizenship is allowed without the requirement to notify national authorities of the home country of an applicant;
- Visa free travel to over 150 countries including the European Union, the United Kingdom, Switzerland, Liechtenstein, Hong Kong and UAE;
- Cyprus offers an excellent environment and conditions to raise a family with low crime rate.
Who can apply
On the basis of the Scheme, a non-Cypriot citizen who meets one of the below mentioned Economic Criteria either:
- personally, or through a company/ companies in which he/ she participates as a shareholder, or
- through investments done by his/her spouse or jointly with the spouse, or
- even as a high-ranking senior manager of a company that meets one of the Economic Criteria, provided that he/she receives such a remuneration that generates for the Republic tax revenues of at least €100,000 over a three-year period and provided that this tax has already been paid or prepaid.
The applicant must proceed with an investment of at least €2 million in the following:
- Investment in real estate, land development and infrastructure projects (residential or commercial or development in the tourism sector). 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.
- Investment in Cypriot companies or organizations established and operating in Cyprus. The said companies or organizations, must have physical presence in Cyprus, with significant activity and turnover and employ at least 5 Cypriot or EU citizens.
- Investment in Alternative Investment Funds or financial assets of Cypriot companies/organizations that are licensed by the Cyprus Securities and Exchange Commission. The investment made must be directed exclusively in Cyprus.
- Combination of the above-mentioned criteria provided that the total investment will be least €2 million which can also include investment in government bonds of up to €500.000.
- The applicant must have a clean criminal record and his/her name must not be included in the list of persons whose assets have been frozen as a result of sanctions.
- The applicant must possess a permanent privately-owned residence in the Republic of Cyprus, the purchase price of which must be at least €500.000 (plus VAT). Additionally, it is noted that if the applicant has invested in housing unit/units on the basis of the above mention criterion A.1, the purchase of another permanent residence in Cyprus will not be required, if at least one of these housing units is worth at least €500,000 (plus VAT), provided that the applicant retains the possession of the residence for life.
- The applicant prior to his/her naturalization as a Cypriot citizen must hold a residence permit in Cyprus. If the applicant does not already hold a residence permit, he/she may apply simultaneously with the application for naturalization.
- The application is examined and approved within approximately three (3) months and the passport can be obtained after 6 months have passed from the date of issuance of the residency card.
- The spouse or partner of the investor can obtain the Cypriot nationality simultaneously with the applicant.
- The minor children of the investor have the right to acquire the citizenship according to the provisions of section 110 (3) of the Civil Registry Law after the naturalization of the applicant.
- The adult children of the investor can acquire the Cypriot nationality provided that they qualify under the below categories:
- Students up to the age of 28
- Children with severe mental or physical disability
- The parents of an applicant can also qualify for the Cypriot nationality, with an additional investment of €500.000 (Plus VAT) in residential property. The applicant and his/her parents can acquire together one residential property of total value €1 million.
- The investor can sell all the investment, he/she may wish after three years have passed from the date of approval of the naturalization. The only condition is that the residential property must continue to be in the possession of the investor for life.
- There is no requirement for an investor to reside in Cyprus after the acquisition of the Cypriot Citizenship.