High net worth individuals eligible for Cyprus citizenship

The Cyprus Government continues to consider high net worth investors making substantial investments in Cyprus under special circumstances for granting passport or citizenship.
In this respect, the Ministry of Interior has recently approved new criteria regarding the eligibility of foreign high net worth individuals in connection with the acquisition of Cyprus citizenship.
Other than a minimum age (30 years old) and a clear police record, the criteria relate solely to financial status of the applicants.
The criteria set out in the relevant guidelines are as follows:

(i)   Acquisition and permanent residence in Cyprus in a property valued over than €1 million;
(ii)  Investments worth over €10 million, which may include immovable property, companies/ businesses, shares and securities issued and registered in Cyprus and other;
(iii) Complete control over company/companies incorporated in Cyprus with a total revenue of at least €10.000.000 per year average since the last 3 years of their incorporation date and/or at least 1/3 of the employees to be Cypriots.
(iv) Personal deposits and/or deposits of private companies or trusts (where the applicant is shareholder or beneficiary, accordingly) in Cyprus based banks and other financial institutions Banks of a minimum amount of €15 million. In such case, the funds must remain reserved to a Cyprus based bank or financial institution for at least five years. If at any time during periodic inspections a breach of the above is identified, the citizenship may be recalled.
(v)  In conjunction to the above, an overall net worth asset value not less than €15 million.

(vi) Shareholder or beneficiary in one or more companies incorporated in Cyprus where their management is based in Cyprus and since the last three years of their incorporation date to have contributed to the Cyprus economy in terms of payments of inland revenue tax, V.A.T. or as corporate services expenses of at least €500.000 average annually.


Tuesday, October 18, 2011

Source: Harris Kyriakides LLC 

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