CGV

CHRISTODOULOS G.VASSILIADES & CO. LLC Advocates - Legal Consultants

CYPRUS EU CITIZENSHIP BY INVESTMENT

30 years of excellence 1984 -2014 CYPRUS - EU CITIZENSHIP BY INVESTMENT

WHY CYPRUS?

EU & EUROPEAN MONETARY UNIOIN MEMBER STATE QUALITY OF LIFE

• Cyprus became a full EU member state in May 2004 • One of the lowest crime rates in Europe; and joined the EU Monetary Union in 2008; • More than 90% of the population of Cyprus speak • Visa free travel to 84 countries; English to a high standard;

• Freedom to live, work and travel anywhere in the EU; • Sunny days range from 300 to 340 a year;

• EU citizens have the right to attend school/universities • In winter the average temperature is 15 C in the within any EU country for free or with reduced tuition daytime and in summer 30 C ; rates, as applicable; • Population is less than 1 million people; • EU citizens have the right to protection by the diplomatic or consular authorities of any EU country in a third • No large industrial enterprises subsequently, the country ( country outside the EU) where your home air is not polluted; EU country is not represented by a consular; • Strict environmental controls meaning that the air • EU citizens can access all first-class EU health care is clean and beaches are crystal clear; systems; • Cyprus has the cleanest beaches in Europe with the • Cyprus allows dual citizenship. highest number of blue flag beaches per costal line in the World; BUSINESS & TAXATION • Legal system is based largely on the common law of England and Wales; • Cyprus has one of the lowest corporate tax rates in Europe of 12,5%; EDUCATION • The Cyprus tax system is in full compliance with EU and OECD requirements; • Many private English schools providing complete cycle of primary and secondary education in all major • Cyprus is established as a reputable international cities of Cyprus; commerce center, the ideal bridge between East and West; • The public school are of a very high standard;

• 0% Inheritance Tax; • Most schools have ties with top British Universities; Tax incentives for purchasing or developing real estate • • A number of UK Universities have been established in Cyprus offering a 100% UK education program. • 0% withholding tax on any type of payments made anywhere in the world

INVESTMENT OPPORTUNITES

• Natural gas deposits have recently been discovered in the sea making Cyprus one of the most attractive places for investment;

• Information & Communication Technologies expansion is continuing;

• Shipping - largest third- party ship management center in the EU and second-largest in the world with two deep sea ports;

• Infrastructure - two multi-purpose deep sea ports, two international airports and modern road network connecting all cities.

• Modern free - market economy with favorable business climate. LIST OF COUNTRIES FOR WHICH NO VISA IS REQUIRED FOR CYPRIOT NATIONALS

CYPRIOTS HAVE VISA - FREE OR VISA ON ARRIVAL ACCESS TO THE FOLLOWING COUNTRIES:

ALBANIA KENYA SOLOMON ISLANDS ANDORRA KIRIBATI SOUTH AFRICA ANGUILLA KOREA, REPUBLIC OF (SOUTH) SWAZILAND ANTIGUA AND BARBUDA KUWAIT SWITZERLAND ARGENTINA KYRGYZSTAN TAJIKISTAN ARMENIA LAOS TANZANIA ARUBA LEBANON THAILAND BAHAMAS LESOTHO TIMOR- LESTE BANGLADESH LIECHTENSTEIN TOGO BARBADOS MADAGASCAR TONGA BELIZE MACAO S.A.R TRINIDAD AND TOBAGO BERMUDA MALAWI TURKEY BOLIVIA MALAYSIA TUVALU BOSNIA & HERZEGOVINA MALDIVES UGANDA BOTSWANA MARTINIQUE UKRAINE BRAZIL MARSHALL ISLANDS UNITED ARAB EMIRATES BRUNEI DARUSSALAM MAURITANIA URUGUAY CAMBODIA MAURITIUS VANUATU CANADA MAYOTTE VENEZUELA CAPE VERDE MEXICO VIRGIN ISLANDS, BRITISH CAYMAN ISLANDS MICRONESIA WALLIS AND FUTUNA CHILE MOLDOVA ZAMBIA COLOMBIA MONACO ZIMBABWE COMOROS MONGOLIA COSTA RICA MONTENEGRO DJIBOUTI MONTSERRAT EUROPEAN UNION DOMINICA MOROCCO MEMBER COUNTRIES DOMINICAN REPUBLIC MOZAMBIQUE ECUADOR NAURU AUSTRIA EGYPT NEPAL BELGIUM EL SALVADOR NEW CALEDONIA BULGARIA FALKLAND ISLANDS NEW ZEALAND CROATIA FAROE ISLANDS NICARAGUA CZECH REPUBLIC FIJI NIUE DENMARK FRENCH GUIANA NORWAY ESTONIA FRENCH POLYNESIA OMAN FINLAND FYR OF MACEDONIA PALAU FRANCE GAMBIA PANAMA GERMANY GEORGIA PAPUA NEW GUINEA GREECE GIBRALTAR PARAGUAY HUNGARY GREENLAND PERU IRELAND GRENADA PHILIPPINES ITALY GUADEPOUPE PITCAIRN LATVIA GUATEMALA REUNION LITHUANIA GUINEA-BISSAU SAINT HELENA LUXEMBOURG HAITI SAINT KITTS AND NEVIS MALTA HOLY SEE (VATICAN CITY) SAINT LUCIA NETHERLANDS HONDURAS SAINT MARTIN (FRENCH PART) POLAND HONG KONG S.A.R SAINT PIERRE AND MIQUELON PORTUGAL ICELAND SAINT VINCENT AND THE GRENADINES ROMANIA INDONESIA SAMOA SLOVAKIA ISRAEL SAN MARINO SLOVENIA JAMAICA SERBIA SPAIN JAPAN SEYCHELLES SWEDEN JORDAN SINGAPORE UNITED KINGDOM

NOTE: Once the Cypriot passport is acquired, an application for an American Visa, type B1/B2 can be obtained, which has a validity period of 10 years. BENEFITS OF THE PROGRAM - ONE OF A KIND?

• All nationalities are eligible to apply;

• Investment as low as €2.5 million (as per the collective scheme);

• Fast-track procedure allowing for direct gaining of citizenship within three months;

• No physical residence requirement before, during or after the approval of the citizenship application;

• No language requirements;

• No medical tests;

• No interview;

• No obligation to dispose of current nationality;

• Citizenship granted to the spouse of the investor and to the financially dependent adult children up to the age of 28 and are in full time higher education;

• The investment must be retained for a period of 3 years after which the investor is free to dispose of it however, the investor must hold a privately-owned residence in the Republic of Cyprus of at least €500,000 lifelong;

• Citizenship is passed on by descent subsequently offering a legacy to future generations of the investor and family;

• Cyprus passport holders can quickly and cost effectively obtain visas for USA for 10 years.

APPLICATION CRITERIA

• The investor must satisfy the investment threshold:

• Starting at €2.5 million for the collective investment, or;

• Minimum of €5 million for the single application.

• Must have a valid passport (must provide copies of all pages of the passport);

• Birth certificate for applicant, spouse and children (if applicable);

• Marriage certificate (if applicable);

• Divorce certificate (if applicable);

• Change of name certificate (if applicable);

• Detailed biography (CV);

• Two passport size photos;

• Clear criminal record for applicant, spouse and adult children; All documents must be officially translated into English. All documents must be Apostille. The documents • Providing documents supporting the source and cannot be older than 3 months on the date of the origin of the declared funds for investment; submission of the application. INVESTMENT OPTIONS

Type Requirement Amount Period

1. Government Retail Bonds The applicant must have purchased state bonds of the €5 mil 3 years Republic of Cyprus of at least €5 million.

2. Investment in real estate, The applicant must make an investment of at least €5 €5 mil 3 years land development or million for the purchase or construction of buildings or infrastructure projects for the construction of other land development projects (residential or commercial developments, developments in the tourism sector or other infrastructure projects.

3. Investment in financial The applicant must have purchased financial assets of €5 mil 3 years assets of Cypriot Cypriot companies or Cypriot organizations (bonds/ companies or Cypriot securities/ debentures, registered and issued in the organizations Republic of Cyprus) of at least €5 million.

4. Purchase or creation or The applicant must have made an investment of at least €5 mil 3 years participation in Cypriot €5 million in the purchase, creation or participation in businesses or companies businesses or companies, that are based and operating in the Republic.These businesses or companies should evidently have a tangible presence (headquarters) in Cyprus and employ at least 5 Cypriot citizens.

5. Deposits The applicant must have personal fixed term deposits €5 mil 3 years in Cypriot banks in Cypriot banks or deposits of privately owned companies or trusts (in which he/she is the beneficial owner) in the Republic of Cyprus.

6. Combination of the The investor is required to have a combination of the €5 mil 3 years above mentioned criteria abovementioned criteria 1-5 to supplement the amount of €5 million.

7. Persons whose deposits The applicant has incurred impairment in deposits with the Popular Bank amounting to a total of at least €3 million. In the case Public Company Ltd have where the applicant has incurred an impairment in been impaired due to the his/her deposits under €3 million he/she may apply, measures implemented having made an additional investment though the criteria after the 15th March 2013. 1-6 to supplement the amount of €5 million.

8. Major collective The Council of Ministers shall have the right on special €2.5 mil 3 years investments occasions to reduce the above criteria 1-4, to €2.5 million for investors, who demonstrably participate in a special collective investment scheme, provided that the total value of the investment is at least €12.5 million.

STEPS AND PROCESS

Step 1 Applicant must gather all necessary documents required for the application. All documents must be officially translated into English and certified by Apostille (If in a country which has signed the Hague Convention 1961) or alternatively stamped by the Ministry of Foreign Affairs and relevant Cyprus Embassy.

Step 2 If property is to be purchased prepare the Contract of Sale for residential property. Transfer money into a secured account of the Developer and obtain receipt of payment.

Step 3 Lodge the application at the Ministry of Interior and payment of € 2,000 per adult application

Step 4 Citizenship approval from the Ministry of Interior within 3 months period. Once approved the fee of € 5,000 per application to be paid.

Step 5 Applicant ( and spouse) must visit Cyprus within 3 months from the approval to affirm their faith to the Republic of Cyprus in the District Court and to collect their passport/s and issue their identity card/s.

Step 6 Upon issuance of parent’s passport the children are being naturalized. CONTACT US

LEDRA HOUSE, 15 Agiou Pavlou Str., Agios Andreas, 1105 Nicosia, Cyprus Tel.: + 357 22 55 66 77 CGV Fax: + 357 22 55 66 88 Email: [email protected] www.vasslaw.com