New improved scheme for granting a cyprus passport
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New improved scheme for granting a cyprus passport

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New improved scheme for granting a cyprus passport

New improved scheme for granting a cyprus passport

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  • 1. New Improved Scheme for Granting a Cyprus Passport CA Advocates (Pourgoura & Aspri LLC) Cyprus
  • 2. The Cyprus Jurisdiction: Still Attractive? Agenda:  Cyprus in Brief  Cyprus Jurisdiction – A general overview  Why choose Cyprus?  A new improved scheme for granting a Cyprus passport  Being a Cyprus Citizen.
  • 3. Cyprus in Brief Location Time Zone Population Eastern Mediterranean UTC+2 and UTC+3 during the summer (2011 est.) 856.857 Nicosia (in government controlled area)Capital Airports Larnaka and Paphos Greek and Turkish (English language is widely spoken) Language Presidential Democratic System Political System International Dialing Code +357
  • 4. Cyprus Jurisdiction – A General Overview  Cyprus, officially the Republic of Cyprus, is an island in the Eastern Mediterranean, east of Greece, south of Turkey, west of Syria and north of Egypt. It is the third largest island in the Mediterranean Sea and one of its most popular tourist destinations.  Cyprus is an independent and sovereign Republic based on the presidential system. Therefore, the executive power is exercised both by the President of the Republic and the Council of Ministers. The Legislative and the Judiciary authority are distinctively exercised by the House of Representatives and the High Court respectively.
  • 5. Cyprus Jurisdiction – A General Overview (cont…)  Political sector is stable and fast-developed. In 2004 Cyprus became a member of the European Union while on 2008 Cyprus joined the Euro zone.  The Cyprus economy profile is based mainly on the service sector. Tourism is the most significant revenue source followed by the banking and financial services, real estate and maritime sector. The provision of high quality services along with a highly educated labor force, excellent infrastructures and the existence of a free-market economy are good incentives for many entrepreneurs who wish to invest their money or set up a company in Cyprus.  Cyprus legislation is fully harmonized with the European Union and has a wide network of double tax treaties with more than 50 countries.
  • 6. Why Choose Cyprus? a. Strategic Location Europe's Middle Eastern Outpost b. Member State of the European Union c. Member of the United Nations, the Council of Europe, the World Trade Organisation, the World Bank, the Commonwealth and the International Monetary Fund. d. Advanced telecommunications and infrastructures. e. An emerging energy spot.
  • 7. New improved scheme for granting a Cyprus passport. A new improved scheme for granting a Cyprus passport is in place after the approval of the Cyprus Council of Ministers on 24 May 2013, where now a foreign investor is eligible to apply for a Cyprus passport if at least one of the six criteria are fulfilled: 1. Investments and Donations to state funds 2. Direct Investments 3. Bank Deposits 4. Combination of Investments 5. Entrepreneurial Activities 6. Cyprus compensation scheme for lost investments
  • 8. New improved scheme for granting a Cyprus passport. (cont…) 1. Investments and Donations to state funds  The applicant must have investments and donations in Cyprus of at least € 2.5 million, as follows:  (A) An amount of € 2 million invested in the Growth & Investment Fund (i.e. purchase of shares or bonds) and  (B) An amount of € 0,5 million donated in the Research & Technology Fund; Documentation Required  Receipt for the investor’s donation to the Research and Technology Fund;  Receipt from the Treasury of the Republic of Cyprus for the purchase of shares and/or bonds from the state’s Investments Company under formation.
  • 9. New improved scheme for granting a Cyprus passport. (cont…) 2. Direct Investments  The applicant should proceed with direct investments in Cyprus amounting to a minimum of €5 million.  Direct investments include, among others, the purchase of immovable property, businesses companies shares of companies, financial assets, participation in a company/consortium which was awarded the execution of a public project.  These investments must remain committed for a period of not less than 3 years;
  • 10. New improved scheme for granting a Cyprus passport. (cont…) Documentation Required 1. Purchase of Real Estate:  Contract of Sale stamped by the Cyprus stamp duty commissioner;  Title Deeds;  Confirmation upon submission of the contract to the Land and Surveys Department;  Receipts of payment for the purchase of the Real Estate. 2. Purchase of Financial assets:  Title and other documentation relevant to the financial assets.
  • 11. New improved scheme for granting a Cyprus passport. (cont…) Documentation Required 3. Purchase of a Company/Business:  Contract of Sale stamped by the Cyprus stamp duty commissioner ;  Certificate of Shareholders from the Registrar of Companies in Cyprus;  Receipts of payment for the purchase of the Company/Business. 4. Purchase of Shares:  Share Certificates.
  • 12. New improved scheme for granting a Cyprus passport. (cont…) 3. Bank Deposits  The applicant must have personal deposits in Cypriot banks or through private companies or trusts (in which he is the ultimate beneficiary himself) in the Republic of at least € 5 million in a fixed deposit of not less than 3 years; Documentation Required  Confirmation by a Cypriot Bank regarding the three year fixed term deposits of the applicant or the companies of which s/he is the ultimate beneficial owner, or of the trust in which s/he is the beneficiary;  Regarding the deposits of companies in which the applicant is the ultimate beneficial owner, a Certificate of Incorporation by the Registrar of Companies and any other relevant supporting documentation shall be adduced.
  • 13. New improved scheme for granting a Cyprus passport. (cont…) 4. Combination of Investments  A combination of investments and donations to state funds (1), direct investment (2) and deposits in Cyprus banks (3). The applicant must have a combined investment of at least € 5 million. Required Documentation  In the case where investments are made in combination, the required documentation is the one referred above for each condition.
  • 14. New improved scheme for granting a Cyprus passport. (cont…) 5. Entrepreneurial Activities  The applicant should be the beneficial owner of a company the management of which is in Cyprus provided that the Company paid at least € 500.000 annually in State funds and for the purchase of corporate services for the 3 years preceding the submission of the application.  Alternatively, if the Company (or companies) of which the applicant is beneficial owner operates in Cyprus, has its headquarters in Cyprus and employs at least five Cypriot citizens, then the minimum amount which must have been paid annually as explained hereinabove is decreased to € 350.000 for the three years preceeding the submission of the application.
  • 15. New improved scheme for granting a Cyprus passport. (cont…) Documentation Required  Certificate of Incorporation of the Company issued by the Cyprus Registrar of Companies;  Certificate of Shareholders issued by the Cyprus Registrar of Companies or any other relevant documentation proving the identity of the ultimate beneficial owner of the Company;  Confirmation for the amounts paid for the Company’s business activities. The confirmation shall be provided by the service providers;  Audited financial account statements for the last three years preceding the year of application;  Confirmation by the Department of Social Insurance for the insurable income of the employees of the applicant’s company.
  • 16. New improved scheme for granting a Cyprus passport. (cont…) 6. Cyprus compensation scheme for lost investments  In the event that an individual suffered a haircut for an amount of less than €3 million then it is still possible to utilize the new scheme explained hereinabove if he makes an investment which is equal to the remainder amount (up to €3 million) under options (1) or (2) above. Documentation Required  Confirmation regarding the amount and the date of applicant’s deposit reduction;  In the case where the reduction impaired a company’s deposit in which the ultimate beneficial owner is the applicant, the Certificate of Incorporation of the company issued by the Cyprus Registrar of Companies shall be adduced.
  • 17. New improved scheme for granting a Cyprus passport. (cont…) Additional Documentation Required  Application Form M127 duly completed and executed before a Cyprus court registry or a consular officer;  Birth Certificate;  Clean criminal record issued by the country of permanent residence of the applicant;  Marriage Certificate if any;  Other numerous documentation.
  • 18. New improved scheme for granting a Cyprus passport. (cont…) Conditions for being eligible to apply for a passport:  The applicant must have a clean criminal record and his name must not appear in any list of individuals whose property within the EU has been placed under restrictions.  In all cases 1-6 hereinabove, there is an additional criterion which must be met and this is the purchase by the applicant of a residence within the Republic of Cyprus of purchasing cost of at least € 500.000, plus VAT.  In case where any one of the above mentioned conditions has not been fully complied, the authorisation for granting a Cyprus passport may be annulled.
  • 19. Being a Cyprus Citizen Benefits:  The Cyprus passport grants you all the advantages of being a European national, including among others, the right to free movement and residing within the European Union.  The whole family, including one lawful wife and children up to 28 years of age which are financially depended on their parents are entitled to be added to the investor's application without having to increase the amounts invested.  The procedure is quick, the application is processed within 2-3 months.
  • 20. THANK YOU!