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 and Citizenship 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 the Cyprus Investment Program and other Investor related Permanent Residence Programs of Cyprus.
Our team offers investor focused solutions, offering expertise in global investor immigration, relocation, second 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 traveling, 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 that enhance our clients' global business activities and quality of life.
Cyprus Investment Program
One of the main objectives of the economic policy of the Republic of Cyprus is to further encourage Foreign Direct Investment and to attract high net worth individuals to settle and do business in Cyprus. Key factors that make Cyprus an attractive destination for investment, is the highly specialized human capital, the reliable legislative and regulatory framework, the stable tax system and the safety and stability conditions prevailing in the country.
Within this framework and taking into account the strong investor interest, the Government of Cyprus has established and revised the "Cyprus Investment Programme” on the basis of subsection (2) of section 111A of the Civil Registry Laws of 2002-2017, with specific incentives, terms and conditions and control procedures in order to prevent abuse.
Who can apply
On the basis of the Program, 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 – in proportion to his shareholding percentage, o
- 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:
- Investment in real estate, land development and infrastructure projects of at least €2m or
- Investment in financial assets of Cypriot companies or organisations of at least €2m or
- Investment in Alternative Investment Funds or financial assets of Cypriot companies/ organisations that are licenced by the Cyprus Securities and Exchange Commission of at least €2m or
Combination of the above criteria, 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 for 6 months. If the applicant does not already hold a residence permit, he/she may apply simultaneously with the application for naturalization.
- 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.