Ever since Cyprus joined the European Union as a full member in 2004, its appeal to international investors has grown dramatically. Reasons include political stability, harmonization with EU standards, and of course the political and economic integration into the wider European region. Indeed, Cyprus has emerged as a valuable link between East and West, and a stepping stone to Europe as a whole.
To further boost foreign investment on the island, two former Ministers, the Cyprus Republic’s Minister of Interior, Mr Neoclis Silikiotis, and Minister of Finance, Mr Kikis Kazamias, announced a new incentive scheme that would allow non-EU investors to apply for Cyprus citizenship. The proposal was recently approved by the Council of Ministers as a means of attracting serious investors and injecting the local economy with foreign wealth which would benefit the country as a whole. The new incentive is based primarily on one condition: 8-figure wealth.
What are the exact criteria?
According to the new regulations, foreign entrepreneurs, aged 30 and over, with a clean record and self-owned private property in Cyprus with a value exceeding €1 million at current market prices, are eligible applicants, provided that they fulfil one of the following 5 conditions – effective as from 11 July 2007:
1. Direct investments in Cyprus of at least €10 million, which include privately acquired property, investments in business enterprises, shareholdings and bonds registered and issued in Cyprus.
2. The establishment of one or more Cyprus registered companies controlled by the applicants themselves with a total average annual turnover of at least €10 million for 3 years prior to the submission of the application, and/or at least 1/3 of the company’s employed staff to be Cypriots.
3. Personal deposits in local Cyprus banks, or personal company deposits or securities (where the applicants themselves are shareholders) in Cyprus with a value of at least €15 million. In such cases it is understood that the deposits must be blocked in a Cyprus bank for at least 5 years. It is worth noting that the citizenship granted under these conditions can be revoked if these conditions are breached.
4. A combination of the above assets with a total value of €15 million.
5. One or more companies with headquarters in Cyprus which were established 3 years prior to the submission of citizenship application, and which have contributed an average of at least €500.000 a year to the Cyprus economy in the form of either income tax/VAT or as compensation for locally provided professional services (legal, accounting, audition, banking and others).
What are the benefits of Cyprus citizenship?
To begin with, Cyprus citizenship goes hand in hand with being a committed European. And, according to the Treaty of Lisbon, Title II, Article 8, 2007:
'In all its activities, the Union shall observe the principle of the equality of its citizens, who shall receive equal attention from its institutions, bodies, offices and agencies. Every national of a Member State shall be a citizen of the Union. Citizenship of the Union shall be additional to national citizenship and shall not replace it.'
Furthermore, EU citizenship gives citizens the concrete rights that benefit everyone. EU citizenship contributes to bringing the peoples of Europe closer together, while EU integration supports peace and understanding across the continent. The principle of European citizenship encourages people to move around the EU, whether to study or find work.
Where can you find promising investment opportunities?
Serious investors who are keen to take advantage of the new scheme will quickly recognize the potential of investment opportunities provided by P&C Chartoupallos Constructions Ltd in Cyprus. This established and reputable company currently focuses on the development of luxurious waterfront properties in the unspoiled areas on the southern coast of Cyprus. Although the property market as a whole may be saturated, high-end seafront properties are actually in very short supply. Given that coastal properties are limited by nature, while the demand is always there and rising, such investments are practically guaranteed to deliver significant returns, even in the short-term and certainly in the long-term.
P&C Chartoupallos offers investors the option to either invest in their current luxurious residential project – Vivo Mare, at Cape Greco (see: www.vivomare.com) – or to participate in joint ventures to develop one of several other stretches of land which the company has already acquired for future commercial and residential projects.
For further information and enquiries, please contact us at our email info@vivomare.com
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