Investments – a way to nationality in Cyprus
Since the entry of Cyprus into the European Union in 2004 its attractiveness for foreign investors considerably increased. Among basic reasons – political stability, harmonization with standards of the EU and, certainly, political and economic integration in extensive European space. Really, Cyprus turned into an invaluable link between the East and the West and gate to Europe in general.
For the purpose of the further investment attraction two former ministers, the Minister of Internal Affairs of the Republic of Cyprus Neoklis Silikiotis and the Minister of Finance Kikis Kazamias, announced the beginning of the new preferential program which will allow investors to submit the application for obtaining the Cyprian citizenship from the countries which are not entering the EU. Recently this offer was approved by Council of ministers as the instrument of involvement of large investors and inflow to local economy of foreign states that will bring benefit to the country in general. The new preferential program is based, first of all, on one main condition: 8-unit state.
Main criteria
According to rules, to foreign entrepreneurs 30 years, with spotless reputation and own real estate in Cyprus worth more than 1 million euros at the current market prices are more senior, since July 11, 2007 the right to submit the application on condition of accomplishment of one of 5 conditions is granted:
1. Direct investments in Cyprus at the rate from 10 million euros which include the private real estate, the investments into the enterprises, stocks and bonds registered and released in Cyprus.
2. Organization of one or several Cyprian companies under control of applicants with an average aggregate annual turnover in the amount not less than 10 million euros within 3 years preceding filing of application, at the same time not less than 1/3 employees of the company shall be citizens of Cyprus.
3. Personal deposits in local Cyprian banks either deposits or securities in the property of the company (provided that shareholders are applicants) of not less than 15 million euros. In this case means shall be blocked in the Cyprian bank by term not less than for 5 years. It must be kept in mind that the citizenship granted on these bases can be withdrawn in case of violation of these conditions.
4. A combination of the assets with a total cost of 15 million euros stated above.
5. One or several companies with the headquarters in Cyprus which work 3 years preceding filing of application on obtaining nationality and which annual contribution to the Cyprian economy is not less than 500.000 euros in a type of tax from profit, the VAT or payment of the professional services received in the country (legal, accounting, auditor, bank and so forth).
Benefits of the Cyprian citizenship.
The Cyprian citizenship means the full European. And therefore, according to the Treaty of Lisbon of 2007, Part II, Article 8:
'In any activity the European Union observes the principle of equality of the citizens to which complete attention of all its organizations, organizations, bodies and agencies is paid. Each citizen of the member country is a citizen of the European Union. The nationality of the European Union supplements nationality of the country, but does not replace it'.
Besides, the nationality of the EU gives to citizens the concrete rights which are profitable to everyone. Nationality of the EU – a step to rapprochement of the people of Europe, and the European integration is a pledge of the world and understanding on all continent. The principle of the European nationality stimulates movement of people across Europe – for education or in job searches.
Where it is possible to find promising opportunities for investments?
The serious investors seeking to derive benefit from the new program will not be slow to see investment potential in offers of our company in Cyprus. This company which settled and having high reputation concentrated the efforts on construction of the luxury real estate on the seashore, in the middle of the primitive nature of the southern coast of Cyprus now. Despite the general stagnation which endures the real estate market, the seaside real estate of the highest category actually – a big rarity. Considering the offer of the real estate limited by the nature on the coast, against the background of constantly growing demand, similar investments practically with guarantee promise high payback, even in short-term, and especially in the long term.
See also
