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A Guide to Investment Citizenship in Cyprus

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A Guide to Investment Citizenship in Cyprus A GUIDE TO INVESTMENT CITIZENSHIP IN CYPRUS KORANTINA HOMES EVERYTHING YOU NEED TO KNOW Cyprus is an attractive investment destination Furthermore, the company has some exciting for many reasons. Strategic location, great plans for the future, as an impressive tower, infrastructure, various fields in whichone of the first in Paphos, is currently awaiting someone can invest. The Cyprus government approval and more luxurious villas around understands the importance of foreign the area of the Cap St Georges resort are investments, thus introduced two schemes for expected to be delivered in the near future. granting foreign investors Cypriot Citizenship Obviously, all of these properties are excellent and Immigration Permit. investment options, guaranteed to help you with your application for citizenship of Korantina Homes offers an expansive Permanent Residence Permit. portfolio of property types and styles, primarily in the Paphos region. Our two Here, we give you a comprehensive guide to luxurious flagship resorts, Coral Residences this process and our services. and Cap St Georges Beach Club Resort, our stunning villas and our deluxe apartments fit the requirements you need to obtain the Cypriot citizenship or a Permanent Residence Permit. A DYNAMIC PRESENCE IN REAL ESTATE www.korantinahomes.com INTRODUCING MEET THE CORAL EPITOME RESIDENCES OF LUXURY, Coral Residences is the only private plot that adjoins with CAP ST GEORGES the planned Marina. The project is conveniently located at a walking distance from the famous Coral Bay Avenue, Cap St Georges is a private beach club resort of up to with many restaurants, shops, bars and supermarkets. 150 villas, ranging from 295sqm to 935sqm on the west This project consists of 12 villas and each villa has its own coast of Cyprus. This is a community for likeminded, high- private pool and other features. Besides that, the project achieving individuals who share the same appreciation has 20 fully furnished apartments with one common pool for a lavish lifestyle. and a kids’ pool. A gentle slope towards the sea ensures every house has spectacular views. The Cap St Georges clubhouse enjoys the panoramic views of the island of St Georges, which is the only island on the western shore of Cyprus. Sunsets at St Georges are a marvelous experience and all villas are designed to maximize this. 24/7 services, a safe location, crystal clear waters at your feet and so much more await at the Cap St Georges! A DYNAMIC PRESENCE IN REAL ESTATE www.korantinahomes.com WHO CAN APPLY FOR WHY THE CYPRIOT OBTAIN CITIZENSHIP? CITIZENSHIP? The following criteria need to be met in order for Dual citizenship means that you have citizenship of two someone to be eligible for the Cypriot citizenship: countries, with all of the associated rights and obligations. Dual citizenship of a country with a good international reputation, • Investment in real estate land development and like Cyprus, offers many benefits for high net worth individuals. infrastructure project of at least €2m. • Prior to the naturalization, investor must hold a • Cypriot citizens, just like any European, have the freedom to residence permit in Cyprus. The application for the work, live and travel in Europe. residence permit can be submitted simultaneously • Dual citizenship offers perks such as financial privacy. with the application for a naturalization. • European passports allow travel without visa to more than • In addition to the above investment requirements, an 140 countries. investor must also own a personal privately-owned • European passport holders can obtain visas for other countries residence in Cyprus of at least €500,000 (+VAT). cost-effectively and quickly. • If the investment is made into residential properties, • European passport holders have access to the best healthcare as per first criterion, this requirement is not applicable. institutes and education. If at least one of the units is worth at least €500,000 • European passport holders are safe-guarded politically (+VAT) provides the applicant retains the possession of throughout Europe. the residence for life. Dual citizenship has nothing to do with national loyalty. It is *It should be noted that there is no requirement of residing a simply a legal way to protect yourself, your family and your in Cyprus after acquiring citizenship. assets from unexpected events. A second citizenship and second passport are like insurance. A DYNAMIC PRESENCE IN REAL ESTATE www.korantinahomes.com DOCUMENTS YOU WILL NEED WHO CAN TO PROVIDE: APPLY FOR A • Copy of your passport PERMANENT • Birth certificate • Police clearance certificate RESIDENCE • Marriage certificate (if applicable) • Detailed biography PERMIT? Non-Cypriot citizens who meet the following criteria can apply for the acquisition of Permanent Residence Permit: • Deposit minimum capital of €30,000 into a bankaccount in Cyprus, which will be pledged for a period of at least three years. APPLICATION • Provide evidence of a secure annual income of at least €30,000 (+ €5,000 for every depended person, spouse FEES and children – and €8,000 for every depended parent or parent-in-law). Government fees: • Purchase residential real estate of total market of at least • Submission fee is €2,000 per adult and €80 €300,000 (+VAT). Payment receipts submitted with the per minor child application should amount to at least €200,000 (+VAT). • Approval fee is €5,000 per adult What you need to know about taxes: • VAT may be reduced to 5% on the first property purchase (1st 200m2) instead of 19% • Additional taxes and duties amount to approximately €4,000. PETRA TOU ROMIOU - PAPHOS ROMIOU PETRA TOU A DYNAMIC PRESENCE IN REAL ESTATE www.korantinahomes.com WHAT IS THE PERMANENT RESIDENCE PERMANENT PERMIT? RESIDENCE PERMIT FOR It’s an incentive that applies to non-EU nationals acquiring property for personal occupancy in Cyprus of DEPENDED a value not lower than €300,000 + VAT and falls under the name of Category F Visa. FAMILY MEMBERS The holder of a Category F visa can therefore be exempted from consuming immigration formalities Permanent Residence Permits are also issued for the that apply to non-EU nationals entering Cyprus, and investor’s spouse and financially depended children. this Category F visa allows the holder to stay in Cyprus Children need to be up to 18 years old or between 18 forever. and 25 years old, provided that they are unmarried or students, upon payment of the relevant fee. Moreover the holder can be absent from Cyprus for up to 2 years without any problem. As this residence permit Non-financially dependent children over 18 years old targets retirees and /or high net worth individuals it does can obtain a Permanent Residence Permit provided that not allow its holder to take any form of employment the market value of the acquired real estate attributed paid or unpaid in Cyprus. to each child is at least €300,000 (+VAT). It should be note that the granting of Cypriot Permanent Residency is not solely provided to the applicant but In regards to parents and parents in law, they may also be also to their family. granted a Permit, with the submission of an application and payment of the relevant fee. Furthermore, Cyprus, a member of the EU since 2004, is striving toward implementing the Schengen Agreement, meaning that once the agreement is implemented people holding the status of a Cyprus Citizen can move freely between other Schengen countries. BLUE LAGOON - AKAMAS LAGOON BLUE A DYNAMIC PRESENCE IN REAL ESTATE www.korantinahomes.com EU TRAVELING HUMAN TALENT BENEFITS Human talent probably constitutes Cyprus’ most compelling advantage, complemented by a broad A Cypriot passport makes travel effortless in the range of high quality professional services. As a dynamic European Union and much easier for those wanting to business centre, Cyprus offers an abundance of highly travel wider afield. Holders of a passport issued in an educated and skilled individuals, multilingual in their EU country are entitled to enter, reside, study or work majority, ready to serve the needs of any business. in any country within the European Economic Area (that is, EU countries plus Iceland, Liechtenstein and Norway), Cyprus, indeed, has all the right ingredients to maintain as well as Switzerland – without the need for a visa. In a strong and resilient economy, due to its small size, addition, holders of Cypriot passports can travel visa productive labour force, business friendly and flexible free to more than 140 countries. government. STRATEGIC LEGAL SYSTEM & LOCATION TRANSPARENCY The island is an ideal investment gateway to the Our country’s competitive advantages are significantly European Union, as well as a portal for investment enriched by a robust and transparent legal and regulatory outside the EU, particularly into the Middle East, India framework and an attractive tax regime, which offers a and China. As a member of the wider EU and Eurozone wide range of incentives and advantages both for legal community, Cyprus ensures safety and stability for and natural persons. Cyprus’ legal system, based on investors, while also offering them market access to English Common Law Principles, is widely recognised more than 500 million EU citizens. as a business-friendly and effective system that ensures transparency and reliability in business practices. The local infrastructure is ideally suited for business Offering foreign businesses a familiar and reliable people who need to get things done. Thanks to its framework within which to operate, Cyprus’ legal system modern road network, extensive port facilities and two is also fully compliant with the EU, the Financial Action new international airports, travel and transport in and Task Force on Money Laundering (FATF), OECD, FATCA, beyond Cyprus is fast, efficient and economical. the Financial Stability Forum laws and regulations and EU AML directives. CASTLE - PAPHOS CASTLE A DYNAMIC PRESENCE IN REAL ESTATE www.korantinahomes.com TAX SYSTEM Cyprus offers an attractive and transparent tax regime, INVEST fully compliant with EU, OECD and international laws and regulations.
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