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How can I use the business I already purchased in Cyprus to qualify for the Citizenship by Investment program?

I am an Indian citizen that resides in Dubai. In the past five years, I have purchased tax preparation services around the Middle East and the Mediterranean, including a location in Nicosia. I purchased this location about 18 months ago. How can I use this purchase to apply for the Citizenship by Investment program? What documents would be needed to move forward with the process?

Answers

  • Avatar

    Marianna Pavlides

    Cyprus Law Firm
    Answered on

    Yes, it may be possible, depending on when the purchase took place, the type of asset and the purchase price.

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    Savvas Poyiadjis

    Cyprus Certified Public Accountant
    Answered on

    In order to advise properly we would have to assess what exactly have you purchased, dates of your investment, value of investment etc. Then we can see whether it qualified and if not, what is needed extra.

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    Maria Kannava

    Cyprus Law Firm
    Answered on

    Any investment to be valid must have occurred the latest 3 years prior to the application date. Any investment dated before the 3 years deadline may not be used. What do you mean by tax preparation services? Did you purchase an office in Cyprus? Do you have a company in Cyprus? I need more information before I provide you with any further information.

  • Avatar

    Yiannis Fanides

    Cyprus Law Firm
    Answered on

    An investor has the right to apply for a Cyprus Passport given that within the period of three years he manages to prove that he invested the necessary amount (i.e. 2.000.000 euros for residential properties plus VAT if any OR 2.500.000 euros if the investment includes government bond or commercial properties or company's shares). If within those 18 months you invested the necessary amount then you have the right to apply. If not then you can add on your investment a new one reaching the necessary investment amount. Please note that we have to show that this money has emanated from abroad.

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