Michalis Economides, a distinguished approved Barrister of the Cyprus Bar Association and Barrister of the United Kingdom and Wales founded the multi-awarded international law firm.  Chambersfield Economides Kranos has a physical presence in more than nine jurisdictions and undertakes a wide range of internationally complex, integrated, legal, corporate, and consulting services.

The Firm focuses on providing legal and advisory services in civil, political, maritime, commercial, banking, corporate, labor, energy, European, immigration, family, criminal law, liquidation, and issues resolution of commercial disputes and mediation.

The Great Britain-Cyprus Business Association is a business association based in Great Britain that helps to promote both Cypriot and British companies and allows its members and subscribers to view any future potential of cooperation between the two countries. The Association is often organizing business events, roadshows, and private business meetings for networking.

Mr. Michalis Economides stated that he is pleased for the Firm to be part of this distinguished Association and is looking forward to an excellent cooperation ahead.

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In summary, the significant changes are as per below:
• The requirement to maintain a €30,000 deposit in a Cypriot Financial Institution (Bank) has been withdrawn.

• In addition to residential properties, commercial properties (new and resale) are also eligible for applying through the Cyprus Permanent Investment Scheme.
• Applicants can invest in real estate properties, in other types of real estate units (i.e., offices, shops, hotels, etc.), the share capital of a Cyprus Company, and share Cyprus Collective Investment Funds (type A.I.F., AIFLNP, RAIF).

1. LEGAL FRAMEWORK

1.1 According to the provisions of Regulation 6 (2) of the Aliens and Immigration Regulations, the Minister of Interior, having notified the Council of Ministers, has decided to issue an Immigration Permit Permit to third-country applicants in cases where the following conditions are satisfied.

1.2 The applicant must meet one of the investment criteria mentioned in Section 2.1 and Section 3, quality criteria. All the investors’ funds must provide payment proof that they have been transferred to Cyprus from abroad.

2. INVESTMENT CRITERIA

2.1 The applicant must proceed with an investment of at least €300,000 in one of the following investment categories:

(A) Investment in a house/apartment:

Purchase of a NEW residential real estate property (house or apartment) from a developer company of at least €300,000 (plus V.A.T.).

(B) Investment in real estate units (excluding houses/apartments):

Purchase of other types of real estate units such as offices, shops, hotels, or similar developments or a combination of the above with a total value of at least €300,000 (plus V.A.T. when applicable). These properties can also be resale.

(C) Investment in the share capital of a Cyprus Company with activities and personnel in the Republic of Cyprus:

Investment of a total value of €300,000 in the Share Capital of a company registered in the Republic of Cyprus. The company should be based and operates in the Republic of Cyprus with a proven physical presence in Cyprus and should employ at least five (5) persons.

(D) Investment in Shares of Cyprus Collective Investment Funds (type A.I.F., AIFLNP, RAIF):

Investment worth €300,000 in shares of Cyprus Collective Investment Funds.

If for any reason there is an alienation between the investment and the Permanent Residency Permit, then the cancelation procedure of the Permit will be activated, based on the provisions of the Aliens and Immigration Regulations (Regulation 6).

To avoid the Permit’s cancellation, the investor should have a direct replacement investment of the same or greater value that meets the present procedures’ conditions.

2.2 In addition to the investment under Section 2.1, applicants must be able to prove that they have at their disposal a secure annual income of at least €30,000. Suppose the applicants wish to add additional dependents in their application; then their annual income should increase by €5,000 for each dependent family member and €8,000 for each dependent parent (of the same and/or spouse).

In the case of applicants’ investments under category Section 2.1 (A), the income should derive from abroad from employee salaries, pensions, dividends on shares, fixed deposits, rents, etc.

Note: When calculating the applicant’s total income, the applicant’s spouse’s income can also be considered.

In the cases where the applicants choose to invest as Sections 2.1. (B), 2.1. (C) or 2.1. (D), their total income or part of it may also derive from activity sources within the Republic of Cyprus.

3. QUALITY CRITERIA

3.1 The applicant and his / her spouse must submit a certificate of no criminal record from their country of residence or the Republic of Cyprus in the case they already reside in Cyprus. Additionally, in general, applicants must not pose in any way a threat to public order or public security or be under investigation for criminal offenses attested by relevant authorities of the residence country.

3.2 The applicants and their spouse should certify that they do not intend to work in the Republic of Cyprus, with the exception of their employment as Directors in a Company in which they have chosen to invest under the provisions of this policy.

3.3 In cases where the investment does not concern the company’s share capital, the applicant and/or his/her spouse may be shareholders in Companies registered in Cyprus. The dividend income in such companies may not be considered an obstacle to obtaining the Permanent Residency Permit. They may also hold the position of Director in such companies, with the term of not receiving any payment for their duties.

3.4 In cases where the applicants choose to invest as Sections 2.1. (B), 2.1. (C) or 2.1. (D), they must present information about their residence place in the Republic of Cyprus (e.g., a real estate title deed, purchase agreement, tenancy agreement).

4. LEGAL DOCUMENTS

4.1 Investing in a house/apartment or other real estate units:

The applicants should submit, with their application, the title deed or a contract of sale stating their names and/or their spouse’s names. The submitted documents should be the ones that have been officially deposited to the Department of Lands and Surveys for a dwelling or other building, having a total market value of at least €300.000 (V.A.T. is not included therein). Also, the applicants should submit the official receipts for the payment of at least €200.000 (excluding V.A.T.), irrespective of the date of the dwelling delivery. It should be stressed that the total amount of the dwelling value should be settled in an account in a financial institution in Cyprus.

It is understood that when submitting the application, the provided proofs must support that the investment funds derived from abroad, are not a product of domestic borrowing (remittances, foreign card payments receipts, bank certificates), and they are linked to the corresponding investment. The rest of the investment value will have to be repaid to the seller’s account at a Cyprus Financial Institution.

Furthermore, the real estate unit’s purchase is accepted even when it is submitted by a legal entity, in which the applicants and/or their spouse are the sole shareholders or the final beneficiaries. Also, the legal entity should be established in the Republic of Cyprus or another Member State of the European Union or European Economic Area.
Concerning the purchase of a house/apartment, reference to paragraph 2, it is specified that:

(a) The applicants may purchase up to two (2) housing units (apartments or houses), provided that the total market value meets the provisions of Section 4.1. In the case of a couple, the above condition applies to the couple as a whole.

(b) The said purchase should be related to dwellings sold by a development company for the first time to the buyer unless the dwellings’ purchase took place before 07/05/2013. Contracts of Sale associated with the resale of houses and submitted to the Land Registry before 07/05/2013 (the date of submission of the contract of sale should be confirmed by the Department of Land and Surveys) will be accepted for policy purposes.

It is important to note that the properties are not obliged to be purchased from the same developer company.

4.2 Investment in the share capital of a Cyprus Company with business activities and employees in Cyprus:

For the purpose of policy implementation, the applicants are required to make a total investment of €300,000; the company should have a physical presence in the Republic of Cyprus and employment of at least five (5) persons. In this case, the following documents should be submitted:

• Share Purchase Agreement
• Shareholder Certificate and Company Registration Certificate from the Registrar of Companies and Official Recipient
• Business Profile of the company that includes business goals etc.
• Proof of Payment (e.g., bank transfer)
• Employment proofs from the Department of Social Insurance, for the employees of the company

4.3 Investment in shares of the Cyprus Investment Organization of Collective Investments (type A.I.F., AIFLNP, RAIF):

For the purposes of this policy, the applicants are required to submit a total investment of €300,000 in investment shares along with the following documentations:

• Securities or other confirmations for the units purchased
• Proof of Payment (e.g., bank transfer)
• Confirmation from the Cyprus Securities and Exchange Commission for the establishment of the Fund
• Memorandum of the Fund or Investment Plan

5. DEPENDENT APPLICANTS

5.1 The Permanent Residency Permit is issued to the applicant. The Permanent Residency Permit includes the applicant’s dependents, the spouse, and minor children, up to 18 years old.

If the applicant and spouse wish, it is possible to issue two separate Permanent Residency Permits in each of the couple’s names without the second’s obligation to meet the above criteria. In that case, the applicant and spouse should submit a separate application and pay the corresponding fees.

It is essential to mention that if the Permanent Residency Permit granted to the investor is canceled for any reason, then a cancellation activation process will apply to the Permanent Residency Permit all parties included, based on the provisions of Regulation 6 of the Aliens and Immigration Regulations.

5.2 Unmarried children between 18 and 25 years old can submit separate applications for a Permanent Residency Permit by paying the corresponding fee. They are eligible to apply only when they prove that they are students studying abroad in a higher education institution on the date of application and are financially dependent on the applicant. In such a case, the father or mother and/or both parents together must present an additional annual income of €5,000 for each dependent child.

Suppose the children are students of a Higher Education Institution in the Republic of Cyprus, in that case, they must apply for a temporary residence permit in the Republic of Cyprus, as students under the relevant legislation (E.U. Directive).

After completing their studies in Cyprus, they can submit their own application for a Permanent Residency Permit, as mentioned above, with the corresponding fee’s payment, regardless of their age, provided that the parents will present an additional annual income of €5,000.

This Permanent Residency Permit will continue to be valid after reaching the age of 25 even if the child is still not single and/or a student and/or financially dependent on his or her parents. Under this provision, they cannot include their spouse and their minor dependents in the existing Permanent Residency Permit. In addition, if the Permanent Residence Permit of the investor/parent is canceled for any reason, the cancellation process will be activated and on the Permanent Residency Permit of the child, based on the provisions of Regulation 6 of the Aliens and Immigration Regulations.

5.3 A Permanent Residency Permit can also be granted to the applicant’s parents and their spouse by submitting separate applications for each parent and paying the corresponding fee. In that case, the applicant should present an additional annual income of €8,000 for each dependent parent. In this type of Permanent Residency Permit application, parents cannot include their dependents, i.e., spouse and minor children.

In addition, if the Permanent Residence Permit of the investor/child is canceled for any reason, the cancellation process will be activated and on the Permanent Residency Permit of the child, based on the provisions of Regulation 6 of the Aliens and Immigration Regulations.

6. HIGHER INVESTMENT VALUE FOR INCLUDING ADULT CHILDREN

A Permanent Residency Permit may also include adult children of the applicant, who are not financially dependent, if the total value of the applicant investment is of a higher value according to the provisions of Paragraph 2, as set out below:

The market value of the €300,000 investment should be multiplied by the number of adult children who will invoke the same investment to obtain the Permanent Residency Permit. For example, if the applicant wishes to include in his Permanent Residency Permin an adult child, he/she should invest €600,000. If he has two adult children, the investment value should amount to €900,000, etc.

If the investment is according to the provisions of Sections 2.1. (A) and 2.1. (B), of purchasing real estate property units, the applicant, together with the application, should provide payment proof of at least 66% of the property market value.

In such a case, each adult child should prove that they have at their disposal a secured annual income of at least €30,000, which increases by €5,000 for each dependent, as provided in Section 2.2. Also, the investment can be made jointly in the name of the applicant and the adult child or exclusively in the applicant’s name.

7. TIME FRAME

If all the criteria of this policy are met, and there are no reasons concerning either the applicant’s criminal record or reasons of public order and public security, the application will be forwarded for consideration and decision by the Minister of Interior.

It is estimated that the application’s examination period from the completed application submission date will be approximately two (2) months.

8. OTHER INFORMATION

Persons who acquired the Permanent Residency Permit must obtain permanent residence in the Republic of Cyprus within one (1) year from the date of the submitted application approval, while the family members and applicants should not remain outside the Republic of Cyprus for a period of two (2) years. Otherwise, the Permanent Residency Permit ceases to be valid under Regulation 6 (3) and/or maybe revoked under Regulation 6 (4).

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On the basis of subsection (2) of section 111A of the Civil Registry Laws of 2002-2019

One of the main objectives of the economic policy of the Republic of Cyprus is to further encourage Foreign Direct Investment and to attract high net worth individuals to settle and conduct their business in Cyprus. Key factors that make Cyprus an attractive destination for investment, is the highly specialized human capital, the reliable legislative and regulatory framework, the stable tax system and the safety and stability conditions prevailing in the country.

Within this framework and taking into account the strong investor interest, the Government of Cyprus has established and revised the “Cyprus Investment Programme” (Programme) on the basis of subsection (2) of section 111A of the Civil Registry Laws of 2002-2019, with specific incentives, terms and conditions and control procedures in order to prevent abuse.

On the basis of the Programme, a non-Cypriot citizen may apply for the acquisition of the Cypriot citizenship through naturalization by exception, if he/she fulfills the financial criterion A.1 and one of the financial criteria A.2-A.5, either personally or through a company/ companies in which he/she participates as a shareholder – in proportion to his/her holding percentage, or through investments done by his/her spouse or jointly with the spouse or even as a high-ranking senior manager of a company/ companies that fulfills the financial criterion A.1 and one of the financial criteria A.2-A.5.

Moreover, a high-ranking senior manager may apply, provided that he/she receives such a remuneration that generates for the Republic tax revenues of at least €100,000 over a three-year period and provided that this tax has already been paid or prepaid.

The applicant should have made the necessary investments during the (3) three years preceding the date of the application and must retain the said investments for a period of at least (5) five years as from the date of the naturalization. It is understood that the investor may replace the investment during the said five-year period, provided that he/she has obtained beforehand an approval by the Ministry of Finance.

In addition, the applicant must fulfill the Terms and Conditions set out in Part B.

In case where, following a periodic inspection, it has been established that a Criterion, Term or Condition of the Programme has been breached, the granted naturalization may be revoked.

None of the clauses mentioned in the Programme affects the absolute discretion of the Cabinet of Ministers on making a decision.

Α. FINANCIAL CRITERIA

Α.1 Donation to the Research and Innovation Foundation and the Cyprus Land Development

         Corporation:

(a)  The applicant must have donated at least €75.000 to the Research and Innovation Foundation. It is noted that if the applicant wishes to donate an amount higher than the minimum of €75.000, this additional amount can be used for purposes of supplementing the total amount of the investment made on the basis of the criteria A.2-A.5.

Furthermore, the aforementioned obligation is lifted, if the applicant has invested at least €75.000 in a certified innovative enterprise (i.e. an enterprise that had acquired the relevant certificate by the Ministry of Finance) or a certified social enterprise.

In addition, the obligation is lifted, if the applicant has made an investment under the criterion A.3 (Purchase or Establishment or Participation in Cypriot Companies or Businesses) of a total amount equal to the 20% of the required investment amount (i.e. €400.000) of the above-mentioned criterion A.3 in a company whose operations fall within the primary sector of the economy, or the secondary sector of the economy (excluding constructions), or in the sectors of research and development, education, health and renewable energy sources.

(b)  The applicant must have donated at least €75.000 to the Cyprus Land Development Corporation for the financing of housing schemes for affordable housing, but also for the materialization of other housing schemes/measures. It is noted that if the applicant wishes to donate an amount higher than the minimum of €75.000, this additional amount can be used for purposes of supplementing the total amount of the investment made on the basis of the criteria A.2-A.5.

Α.2Investment in real estate, land development and infrastructure projects:

The applicant must have made an investment of at least €2,0 million for the purchase or construction of buildings or for the construction of other land development projects (residential or commercial developments, developments in the tourism sector) or other infrastructure projects.

It is noted that investment in land under development is included in this criterion, provided that an investment plan for the development of the purchased land will be included in the application. It is understood that investment in land that is situated in a building zone of zero development, is excluded.

Α.3 Purchase or Establishment or Participation in Cypriot Companies or Businesses:

The applicant must have invested at least €2,0 million for the purchase or participation in companies or organizations established and operating in the Republic of Cyprus with investment costs of. The invested funds shall be channeled towards the financing of the investment objectives of these companies exclusively in Cyprus, based on a specific investment plan.

Moreover, investments in the shipping sector are eligible on the basis of measurable criteria that will be determined jointly by the Ministry of Finance and the Shipping Deputy Ministry.

The applications shall be evaluated to verify that the companies or organizations have proven physical presence in Cyprus, with significant activity and turnover and employ at least (5) five Cypriot or citizens of European Union member-states. The minimum number of employees shall increase, if more than one applicant invest simultaneously or almost simultaneously in the same business or company.

Α.4 Investment in Alternative Investment Funds or Registered Alternative Investment Funds or financial assets of Cypriot companies or Cypriot organizations that are licensed by Cyprus Securities and Exchange Commission:

The applicant should have bought units of at least €2,0 million from alternative investment funds (AIF) or Registered Alternative Investment Funds (RAIF) established in the Republic of Cyprus, licensed/registered and supervised by the Cyprus Securities and Exchange Commission (CySec) and whose investments are made exclusively in the Republic of Cyprus, in investments that meet the criteria of this Programme or in areas approved by the Minister of Finance. It is permitted for these AIFs or RAIFs to invest in secondary market stock-market values of the Cyprus Stock Exchange an amount that does not exceed the €200.000.

In order to confirm that the investments that meet the criteria of the current Programme will be retained for at least 5 (five) years, the manager or the auditor of the Fund shall inform in writing and on an annual basis, the Ministry of Finance with reference to the value of the initial investment.

The purchase of financial assets of Cypriot companies or organizations of at least €2,0 million, such as bonds, bills and securities, issued with the approval of the CySec, by companies that have proven physical presence and substantial economic activity in the Republic of Cyprus, and have as a purpose the financing of the investment plans of these companies or organizations exclusively in Cyprus, based on an investment plan, fall under this criterion.

It is noted that the purchase by an AIF or RAIF of units of other AIFs or RAIFs is not considered eligible.

Α.5 Combination of the aforementioned investments:

The applicant may proceed with a combination of the above investments, provided that the total investment will amount up to at least €2,0 million.

B.  TERMS AND CONDITIONS

1. Clean Criminal Record:

The applicant must have a clean criminal record. Furthermore, his / her name must not be included in the list of persons whose assets, within the boundaries of the European Union, have been frozen as the result of sanctions.

Moreover, an applicant whose application for citizenship in any other member-state of the European Union had been rejected, is not eligible to apply for the acquisition of the Cypriot citizenship through the Cyprus Investment Programme.

2. Schengen Visa:

The applicant must hold a valid Schengen visa. Third-Country nationals that do not require an entry visa for travelling in European Union member-states, as well as citizens of European Union Member States are excluded from this obligation.

It is noted that all the aforementioned in paragraphs 1 and 2 also apply for the family members of the investor that are eligible to apply for the acquisition of Cypriot citizenship.

3. Residence in the Republic of Cyprus:

In all cases listed in Part A, the applicant must possess a permanent privately-owned residence in the Republic of Cyprus, the purchase price of which must be at least €500.000, plus V.A.T.

It is noted that members of the same family, who apply separately as investors, can collectively acquire a residence, provided that the total value of this home-property covers the amount of €500.000 per each applicant.

In case that the purchase value of the permanent privately owned residence in Cyprus exceeds the amount of €500,000, this additional amount can be used for purposes of supplementing the total amount of the investment made on the basis of the criteria of Part A above.

Additionally, it is noted that if the applicant has invested in housing unit/units on the basis of the aforementioned criterion A.2, the purchase of another permanent residence in Cyprus will not be required, if at least one of these housing units is worth at least €500,000, plus VAT, provided that the applicant retains the possession of the residence for life.

However, if the applicant has invested in housing units that have already being used for the purpose of acquiring the Cypriot citizenship via the Programme, the above provision will be in force provided that the total amount of the investments, including the privately-owned residence, is at least €2,5 million.

4. Residence Permit in Cyprus:

The applicant, prior to his/her naturalization as a Cypriot citizen must hold a residence permit in Cyprus in Cyprus for a period of at least 6 (six) months.

If the applicant does not already hold a residence permit, he/she may apply for an immigration permit on the basis of Regulation 6(2) of the Aliens and Immigration Law, simultaneously with the application for naturalization. The applicant, prior to his/her naturalization as a Cypriot citizen must hold a residence permit in Cyprus for a period of at least 6 (six) months.

If the application for acquiring an immigration permit is made solely for purposes of acquiring the Cypriot citizenship, in accordance with the provisions of this Programme, there are no other conditions than those stated in both Part A and Part B of this Programme.

It is noted that all of the above also apply for the adult members of the family of the investor, who will apply for naturalization.

In case the application for naturalization is rejected for any reason, the immigration permit, obtained in accordance with the provisions of this decision, will be canceled immediately.

C.  SUBMISSION OF DOCUMENTS

For the evaluation of the applications the form (M127) as well as the following documents must be submitted:

1.Clean Criminal Record:

(a) Certificate of Clean Criminal Record from the country of origin and the country of residence (if different).

(b) Due Diligence Report issued through an internationally accepted database ensured through a subscription (e.g. Wolrd Check, LexisNexis Diligence, Regulatory DataCorp Inc. etc.). The report must be dated no later than thirty days from the date of its submission.

(c) Declaration by the applicant concerning any citizenship applications he/she may have submitted in any other member-state or member-states of the European Union.

2. Schengen Visa:

Copy of a valid Schengen Visa

3. Residence in the Republic of Cyprus:

(a) Contract of Sale.

(b) Title Deeds or Proof of Registration of the contract with the Lands and Surveys Department.

(c) Proof of payment of the agreed purchase price.

(d) Copy of the wire transfer to a Cypriot commercial banking institution in the name of the seller or the seller’s company.

(e) An evaluation certificate from an independent registered land surveyor, if required by the Ministry of Interior or the Ministry of Finance.

(f) Town-planning permit, provided that it is required by the Town and Country Planning Law.

(g) Declaration by the mortgage lender in the benefit of whom the purchased property or properties is mortgaged that will waive the mortgage, provided that the investor or the seller will pay the lender the amount conscribed in the declaration (bank waiver).

(h) Project completion certificate signed by the architect of the project. If the purchased property is under construction it is required either to maintain an amount equal to the 5% of the purchase value in a special account or for the seller to issue in the benefit of the purchaser a performance bank guarantee equal to the 5% of the purchase value.

3. Criteria regarding the investment (when applicable):

(a) Certificate of Registration of the company/ companies by the Registrar of Companies.

(b) Certificate of shareholders by the Registrar of Companies or certificates evidencing that the applicant is the beneficiary owner of the company/ companies.

(c) Audited accounts of the company (or companies) for the last three years preceding the year of the application.

(d) If the applicant is a high-ranking senior manager, the submission of the employment contract and the receipt from the Department of Inland Revenue are additionally required.

(e) If the investment is made by the spouse of the applicant or jointly, a marriage certificate is required.

Furthermore, depending on the case, the following are required:

1. Donation to the Research and Innovation Foundation and the Cyprus Land Development Corporation

(a) Copy of the wire transfer of the donation to the Research and Innovation Foundation to an account in a Cypriot commercial banking institution in the name of the Foundation.

(b) Copy of the wire transfer of the donation to the Cyprus Land Development Corporation to an account in a Cypriot commercial banking institution in the name of the Corporation.

(c) Innovative enterprise certificate.

(d) Investment Agreement in Cypriot company or companies.

(e) Proof of payment of the agreed amount.

(f) Certificate of shareholders by the Registrar of Companies.

(g) Copy of the wire transfer to a Cypriot commercial banking institution in the name of the company or the organization.

(h) Specific investment plan.

(i) Copies of the employment contracts of the Cypriot or European Union citizens employed by the company in which the applicant has invested.

(j) Confirmation from the Social Insurance Department as to the insurable income of the Cypriot or European Union citizens employed in the company.

(k) Registration Certificate (MEU1) or Permanent Registration Certificate of Union Citizen (MEU3) for employees that are European Union citizens.

2. Investment in real estate, land development and infrastructure projects

(a) Contract of sale.

(b) Title Deeds or Proof of Registration of the contract with the Lands and Surveys Department. (c) Proofs of payment of the agreed purchase price.

(d) Copy of the wire transfer to a Cypriot commercial banking institution in the name of the seller or the seller’s company.

(e) An evaluation certificate from an independent registered land surveyor, if required by the Ministry of Interior or the Ministry of Finance.

(f) Investment Plan for the development of the purchased land, if the investment involves the purchase of land under development.

(g) Town-planning permit, provided that it is required by the Town and Country Planning Law.

(h) Declaration by the mortgage lender in the benefit of whom the purchased property or properties is mortgaged that will waive the mortgage, provided that the investor or the seller will pay the lender the amount conscribed in the declaration (bank waiver).

(i) Project completion certificate signed by the architect of the project. If the purchased property is under construction it is required either to maintain an amount equal to the 5% of the purchase value in a special account or for the seller to issue in the benefit of the purchaser a performance bank guarantee equal to the 5% of the purchase value.

3. Purchase or Establishment or Participation in Cypriot Companies or Businesses

(a) Investment Agreement in Cypriot company or companies.

(b) Proof of payment of the agreed amount.

(c) Certificate of shareholders by the Registrar of Companies.

(d) Copy of the wire transfer to a Cypriot commercial banking institution in the name of the company or the organization.

(e) Specific investment plan.

(f) Copies of the employment contracts of the Cypriot or European Union citizens employed by the company in which the applicant has invested.

(g) Confirmation from the Social Insurance Department as to the insurable income of the Cypriot or European Union citizens employed in the company.

(h) Registration Certificate (MEU1) or Permanent Registration Certificate of Union Citizen (MEU3) for employees that are European Union citizens.

3. Investment in Alternative Investment Funds or Registered Alternative Investment Funds or financial assets of Cypriot companies or Cypriot organizations that are licensed by Cyprus Securities and Exchange Commission:

(a) Title/Titles and other relevant documents of the financial assets / units purchased.

(b) Copy of the wire transfer to a Cypriot commercial banking institution in the name of the company or the organization.

(c) Specific investment plan.

(d) Confirmation by the CySec.

Source: Ministry of Interior
28.2.2019

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Article Publication: GOLD Magazine May 2017.

Why Companies Need Professional Asset Portfolio Management?

Asset management is essential if a company is to maximize the return on investment (ROI) to its shareholders and stakeholders. Despite its importance, however, many numerous companies and entrepreneurs neglect it and fail to provide the necessary attention to the procedures required for an efficient asset management strategy. This can lead to their investments underperforming and they may find themselves exposed and vulnerable to significant risks, due to financial fluctuations and the constantly changing market environment.

There are numerous examples of promising assets that have not reached their potential ultimate maximum return value due to the implementation of mistaken strategies. Similarly, there are examples of entrepreneurs and individuals failing to cooperate with professional investment and finance-related experts, leading to a catastrophic devaluation of their assets and even, in some instances, to bankruptcy or liquidation. Such risks can be greatly reduced through proper consultation and using professional services related to the best exploitation of the company’s assets.

Asset management takes a range of investments, allocated into various financial types and categories in order to spread, control and mitigate risk against potential losses. The aim, therefore, is to diversify the investments so as to minimize the exposure of assets to an actual risk, as well as, protect the volatility of the asset portfolio.

Diversification is a risk management technique that focuses on the allocation of investments to a variety of areas and instruments (e.g. immovable property, government bonds, shares, and trust funds), with the aim of maximizing ROI by implementing mitigation parameters of risk and differentiating the performance of assets in order to protect them from a specific event or action. Diversification is very important because it can protect and enhance asset portfolio performance through risk weighting. It is important to note that each investment type reacts differently to economic/financial fluctuations and specific market events.

As an International firm, with a physical presence in more than eight countries, providing legal, corporate, fiduciary and investment consultancy services in more than 21 jurisdictions (including London, New York, Hong Kong, Beijing, Dubai, the Bahamas, Barbados, Belize, BVI, Cayman, Cyprus, Seychelles, Singapore, St Vincent & the Grenadines), we propose that entrepreneurs and individuals should adopt a broader approach to their asset portfolio management, in order to secure applicability on a global level. Multi-jurisdictional corporate transactions, wealth management, portfolio management, trusts, private equity funds, acquisitions, restructuring, real estate investments and citizenship investments are just some of the investment-related services for which demand has been increasing over the last few years.

We suggest that, in order to efficiently take advantage of extensive opportunities in the global market, it is essential to appoint an International Law and Corporate Services firm as a partner. This guarantees the correct due diligence and risk analysis while, from a legal and business perspective, such a firm will undertake risk management analysis and identify systematic risks in order to safeguard the investor’s position.

It is crucial that the investors and their legal and investment service providers constantly monitor international politics and relationships between nations in order to safeguard themselves against possible domino effects caused by jurisdictional issues and/or events. Our expertise in the international financial investment arena has shown us that the present era is characterized by traditional investment via the acquisition of immovable property which is seen as the most trusted, stable and profitable avenue. However, investments in physical commodities (i.e. gold), private equity funds, trusts and joint ventures are also considered to be very attractive nowadays, since they provide investors with an opportunity to invest through pooled funds in high-value projects that promise a high ROI.

The “pool of funds” mechanism indirectly ensures that the performance of the project will have a lower risk, if many powerful and reputable partners are involved. Moreover, we also recommend various citizenship plans to investors as an additional and very valuable intangible asset in their portfolio.

The acquisition of additional citizenship at once offers an immediate return with respect to investment opportunities, instant mobility for investors and their family, visa-free travel to many countries (depending on the chosen jurisdiction), financial freedom, security and stability. Citizenship by investment can be considered a long-term and never-ending investment since it can be transferred to the next generation.

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