Cyprus Investment Programme

investment

Investment Programme

Cyprus Investment Programme enables you and your dependants to live, study and work anywhere in the European Union.

A minimum investment of €2 million + applicable VAT (if any)
The minimum investment must include one property classed as a permanent residency at the value of at least €500,000 + applicable VAT (if any)
This can be a single residential property or combined with other residential or commercial properties
The investment must be retained for a 5 year period (excluding permanent residential property at the value of €500,000).
The 5 year period commences from the date of issue of the applicants naturalisation certificate.
Compulsory donation of €200,000 must be made to the certified foundation(s) and organisation(s) of the Republic and Cyprus.
The applicant and his/her family members should not be included in high-risk categories which includes:
Persons whose assets have been frozen within the boundaries of the EU
Politically exposed persons (PEPs) which hold political positions or those who have been holding a political position in the last 12 months prior to the application. (This is provided that they did not occupy significant political positions such as but no limited to; heads of states or governments, ministers or their deputies, ambassadors, mayors of cities, etc.)
Persons who have been sentenced for a serious offence or whom are subject to criminal investigation as specified in the Regulation
Persons being sought across Europe by EUROPOL or internationally by INTERPOL.
Additionally, a valid police clearance certificate is required, which must be less than six months old.

STRAIGHTFORWARD PROCESS

An approximate 6 month simple and straightforward process

RESIDENTIAL OBLIGATIONS

No physical residence required, however a valid Schengen visa is required for the submission of the application

COMMUNICATION

No language requirements

DUAL CITIZENSHIP

Dual citizenship is permitted

FREEHOLD

The right to own freehold land in any European country

ALL-ENCOMPASSING

Citizenship is granted to the applicant, his/her spouse, all financial dependents, including students up to the age of 28.
The family members of the applicant are able to submit their citizenship application at the same time as the main applicant, or at a later stage if they so wish.

TO COINCIDE

The parents and the parents in law of the applicant can be included in the application provided they are too owners of a residential property in Cyprus at the value of € 500,000.

UNRESTRICTED FOR LIFE

Unrestricted right to live, work and study in all EU countries including Iceland, Switzerland and Norway

Finance Options

Mortgages

Mortgages are widely available in Cyprus and the terms are similar to those in the UK. However, you may require some help from our experts with the process of applying for your mortgage. We will gladly give independent advice and assistance with your mortgage application from a Cypriot bank.
Mortgages in Cyprus are authorized by most commercial banks, they are able to offer mortgage facilities to locals as well as foreign nationals. Loans are based on the purchaser providing a minimum deposit of 30%.

Repayment mortgages can be acquired in any foreign currency, eg. U.S. dollars, British pounds, Euros and Swiss francs, or in Cypriot Pounds.
A Euro mortgage avoids capital loss through currency exchange should you rent out your property, provided you keep to the local currency. It is important to research who you will be renting your property to, what currency they will be paying in and plan your mortgage accordingly.
For a loan in foreign currency, the maximum period of the loan is 15 years.
Loan payments can be made in monthly or quarterly installments.
Loan value is normally up to 70% of the property valuation. However sometimes 80-85% can be negotiated if the property is newly built.
Life insurance will be required when taking out any mortgage in Cyprus.
Cypriot Eurozone interest rates are currently around 4%.
Should you not have a 30% deposit available for your down payment, you may apply for a loan to cover it by using an equity release option on your existing home.

Documents normally required by Cypriot banks include:

Personal identification, including copy of your passport.
Employment contract and P60s, or business accounts from your accountant
Documentation regarding existing debts, regular outgoings and details of any other mortgages in operation.
Bank reference from your current bank.
Completed personal income declaration form.
Original of Purchase Agreement.
Copy of your bank statements for the last three months
Copy of receipts for deposit payments made to the vendor for the property

Other requirements

You must open and activate a bank account in the same bank you obtain your mortgage from.
Acquisition Permit from the District Authorities to allow the mortgage to be released by the bank.
It often makes financial sense to buy property as a company. For legal, tax and inheritance law reasons you are recommended to review this option.
Properyshowrooms.com will gladly give you expert advice as to whether this is a suitable option for your particular circumstances.

Off-Plan Financing

It is always worth considering the off-plan finance options offered by developers as these are sometimes preferential to the terms of a standard bank mortgage. Initial deposit and other payment terms can vary according to the construction phase of the project and rates are often competitive.
As always, before making a commitment to a property investment in Cyprus, we recommend you discuss your strategy with a lawyer, a reputable property agent with experience in the area and even a financial advisor.