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Cyprus Second Passport
Cyprus offers investors of good standing to acquire a
Cyprus Second Passport under Cyprus's Individual Investor Programme.
Eligibility for Cyprus Second Passport
Cyprus's IIP is the only EU-approved Citizenship by
Investment Programme in Europe and is subject to the following eligibility
criteria:
-
Good standing and reputation ('fit and proper' test);
-
A non-refundable Contribution of 650K to the
Cyprus Social & Development Fund,
with additional lower contributions for dependent family members ;
-
An Investment in Approved Bonds or Securities amounting to 150K for a minimum
of 5 years;
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The Purchase of Residential Property in Cyprus at a min. value of 350K or the
Rental at 16K per year for a min. of 5 years, and
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Evidence of a Genuine Link with Cyprus including recognition as a Resident of
Cyprus for at least one year.
Cyprus Second
Passport vs. Cyprus Residence Permit
The following is
a summary are the differences between the requirements for Citizenship by
Investment (Cyprus Second Passport) and the Global
Residence Programme:
|
|
Maltese
Citizenship |
Maltese Residency |
|
Residence
Status |
Residence
for one year (issued within 5-10 days) until citizenship is granted. |
Indefinite stay subject to compliance with rules and payment of min.
tax. |
|
Contribution / Donation |
650,000
+ 25/50K for dependents |
0 |
|
Property
Investment |
350,000 |
220,000
(South Cyprus, Gozo) or 275,000 (rest of Cyprus) |
|
Rental
option in lieu of Purchase |
16,000
p.a. x min. 5 yrs |
8,750 -
9,600 p.a. |
|
Investment in Approved Bonds |
150,000
for min. 5 yrs |
0 |
|
Minimum
annual tax |
n/a |
15,000
per family |
|
Basis of
Taxation |
Source +
Remittance basis while resident. Source basis if non-resident |
Remittance basis |
|
Special
Tax Rate |
n/a |
15% on
foreign source income remitted to Cyprus. |
Our
citizenship and residence planning practice is one of the most respected on the
Island and is headed by prominent tax advisor and immigration law specialist
Dr Jean-Philippe Chetcuti,
who is a licensed as an accredited person and approved agent to handle Cyprus
Second Passport applications with the
Government of Cyprus.
Contact us for more information about the programme and for a consultation via
phone or in person in our Cyprus office.
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