Cyprus Citizenship By Investment Program 2020: Ultimate Guide For Nigerians

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Looking to obtain a top-tier European passport by investment in 2020? The Cyprus Citizenship By Investment Program offers High Net Worth Individuals, their families and even their in-laws the ability to obtain EU citizenship with ease. Own the freedom to live, work and study anywhere in the EU with one of the world’s most powerful passports in under 6 months. Enjoy visa-free travel to over 173 countries around the world, along with a second home base on the sun-drenched island of Cyprus. Find out more about the program requirements and the incredible benefits of Cyprus citizenship, or contact us now for a confidential consultation.

The Cyprus Citizenship Program at a glance

 

For those who have reached the pinnacle of achievement, the Cypriot passport is the second citizenship option of choice. The program is one of the world’s leading and most exclusive economic citizenship programs, with only around 500 foreign applicants receiving Cypriot citizenship each year. 

Minimum €2 million property + €200,000 donation = Cypriot Citizenship By Investment

The Cypriot Program presently offers the route to EU citizenship – 6 months only – and it is presently the only direct economic citizenship program in Europe. A minimum property of €2 million (exclusive of VAT, if applicable) is required, with investors being able to invest in either a single residential property, or in a number of properties to the value of €2 million.

Where a resale property is acquired from an existing economic citizen seeking to scale down their investment after 5 years, the minimum investment requirement is €2.5 million. The initial minimum property investment has to be maintained for a period of 5 years, after which the minimum property investment requirement drops to only €500,000 in order for applicants to maintain their citizenship status.

(Where a primary applicant’s in-laws wish to obtain citizenship in Cyprus, an additional residential property investment to the value of €500,000 has to be made and maintained continually also.)

In addition, applicants are required to make a government donation of €200,000:

The donation amount was recently increased by €50,000 as part of a recent comprehensive overhaul of the program’s requirements.

NOTE: The Cyprus Citizenship Program has recently received bad press from a leading news outlet, however industry insiders have labelled the coverage as disingenuous and suspiciously timed.

Benefits of Cyprus Citizenship

  1. FAST APPLICATION PROCESS: Obtain direct Cypriot (EU) citizenship in only 6 months, thanks to a fast, streamlined application process.

  1. EXCELLENT GLOBAL MOBILITY: Settle anywhere in the EU or UK, and enjoy visa-free travel to over 173 destinations including Canada, Singapore, Japan and the UAE.

  1. FULL FAMILY ELIGIBILITY: Minor children, adult children under 28, parents and parents in law are all eligible to be included under the primary investor’s citizenship application.

  1. DIRECT EU CITIZENSHIP: Unlike as in Malta, applicants can obtain Cypriot (EU) citizenship without having to hold residence status for a period of time. 

  1. NO MINIMUM STAYS: Apart from a single visit required for biometrics and passport collection, new Cypriot economic citizens are not required to spend a minimum number of days per year in Cyprus.

  1. UK SETTLEMENT ALLOWED: Settle in the UK with ease: simply prove EU identity, UK residency and a clean criminal record, with a clear path to Indefinite Leave to Remain (ILR) and eventual British citizenship.

  1. ATTRACTIVE TAXATION: Cyprus has one of the lowest personal income and company taxation rates in Europe for income earned in Cyprus. Pay 0% dividend, royalty and inheritance taxes as a non-domiciled resident. Furthermore, no taxes are applicable on personal income earned outside Cyprus.

  1. ULTIMATE PLAN B: Gain ultimate peace of mind about your family’s future with a second home in a safe and stable European country. 

  1. MEDITERRANEAN LIFESTYLE: Enjoy a sun-drenched lifestyle all year round in one of the world’s most sought after island holiday destinations.

  1. LEAVE A GLOBAL LEGACY: Cypriot citizenship is valid for life, and can be passed on to future generations.

Program investment options 2020

 

  1. Cyprus offers citizenship investors a range of options, within two primary investment paths:

    1. €2 MILLION REAL ESTATE INVESTMENT + €200,000 DONATION = €2.2 million: Invest in property from €2 million as outlined above. Maintain the initial investment for 5 years (€500,000+ thereafter).

    1. €2.5 MILLION BLENDED INVESTMENT + €200,000 DONATION = €2.7 million: Choose from a combination of any of the below with a combined value of €2.5 million:

    1. Create, acquire or participate in a Cyprus incorporated company.

    2. Invest in property, including residential, infrastructure, commercial property and land (providing the land has a development plan in place).

    3. Make an eligible investment in the shipping investment sector.

    4. Invest in Alternative Investment Funds (AIFs) or a Cyprus entity with financial CySEC regulated financial assets and activities in Cyprus.

Cyprus Passport: Visa free countries 2020

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As of September 2020, the bearer of a Cypriot passport enjoys visa-free travel, or visa upon arrival access to over 173 countries around the world, including Israel, Saint Lucia, Serbia Argentina, Japan, Singapore, South Korea, South Africa, Bosnia & Herzegovina, Switzerland, Canada, Malaysia, Ukraine, Chile, Malta, the United Kingdom, Colombia, Uruguay, Costa Rica, Mexico, Croatia, Monaco, Montenegro, Morocco, New Zealand, Hong Kong, Panama, Macao, Peru, Grenada, the Philippines and Ireland.

Key program requirements

 

  1. MINIMUM AGE REQUIREMENT: Applicants must be at least 18 years or older at the date of application.

  1. MAKE AN ELIGIBLE INVESTMENT: A minimum eligible investment of at least €2 million is required.

  1. CLEAN SOURCE OF FUNDS: Applicants must be able to prove that their source of funds is legitimate

  1. BIOMETRIC DATA SUBMISSION: A single visit to Cyprus is required to allow for biometrics capture and passport collection.

  1. CLEAN CRIMINAL RECORD: Applicants must have a clean criminal record and must be of impeccable international standing.

  2. PASS COMPREHENSIVE DUE DILIGENCE: Extensive Anti Money Laundering (AML) and Know Your Customer checks will be undertaken during the application process. Applicants are not allowed to be Politically Exposed Persons (PEPs), and may not be featured on any international watch lists.