Cyprus citizenship: how a purchase of a luxury villa solved our client’s problems

Arthur and Zoya are a married couple living in Surgut. Arthur has been working in a big company for many years. The couple has two children living in the UK. Their daughter Elena, 18, is studying at one of London colleges. Their son Vyacheslav, 26, is a student at the University of London.

When we first met with Arthur, we were given an impression of the man who knew exactly what he needed. We discussed the possibility of obtaining citizenship of one of the European Countries as Arthur was seriously concerned about the economic situation in Russia and was ready to create a reliable safety net for his family. In addition, it was necessary that his children would also be able to get the citizenship of the European country and forget about bureaucratic procedure applicable to the extension of the student visa every year.

We have identified a number of goals and objectives:

• alternative place of residence in the event of economic shocks

• change of tax residence for the purpose of tax optimization

• expansion of the partnership base for Arthur’s business through direct cooperation with foreign companies

• visa-free trips to various countries of the world

• citizenship for children since they do not plan to return to Russia

Having studied Arthur’s requirements, we offered him to obtain citizenship of Malta. Our client was attracted by conditions of doing business in Malta, in particular, the tax system established in the country.

Arthur was even willing to part with a non-refundable contribution of EUR 650,000 which was to be made to the National Development and Social Fund of Malta. He was also ready to wait for more than a year while the Maltese Government would be carrying out due diligence checks.

However, his son was almost 27 and Maltese Programme has an age limitation, namely — adult children shall be younger than 27.

Currently, only two states in Europe offer citizenship-by-investment programme: Malta (Individual Investor Programme) and Cyprus (Cyprus Investment Programme). Since the adult child could do participate in Maltese programme, we had just one option: Cyprus citizenship.

Since 2014, the Government of Cyprus has been actively launched its Investment Programme after that it has been amended couple times. Now, investment requirements are favorable for many affluent people.

For Arthur, investment in residential real estate is the most favorable option it does not require additional costs. It was this option the Arthur went for.

Our Cypriot partners found several properties for Arthur’s family and he was able to choose the one most suitable for their needs.

Arthur needed a luxury villa on the resort enjoying a year-round popularity. Over time, he planned to sell it to get a full return on investment and buy a more modest accommodation in Cyprus to create a safety net.

He was not going to live and manage in his new house on his own so we found him a few options to arrange the matter. As a result, our customer purchased a villa in Limassol with a guaranteed rental income of 3% per annum. We were closely following the transaction and registration of the documents.

We also made sure that Arthur and his family have made the minimal efforts to apply for citizenship. Our attorneys put together a package of documents submitted for the government’s consideration and ensured all terms and regulations were complied with. As a result, all our client’s family received Cyprus citizenship.

Cypriot citizenship opens up many possibilities for Arthur’s family.

• The application examination period is supposed to be only 6 months. Therefore, Arthur does not have to worry that the solution to his problems will take years

• The program allows participation of the investor’s children under 28 years of age. His son Vyacheslav was able to join the program and start his own business in London as the citizen of the European country

• Residing in Cyprus and leaving the country is possible without restrictions. The family can move to Cyprus for permanent residence at any time, if the economic situation at home will be unsatisfactory.

• The tax system in Cyprus is flexible. Business in Cyprus enjoys many benefits and some taxes are canceled

• Cypriot citizenship enables its holders to travel 158 countries visa-free. Now Arthur can meet with his new business partners directly

• Cypriot citizenship allows its holders to reside in any EU country. His daughter Elena does not need to renew her student visa every year. Having graduated, she can live in London

• Legal income from renting out property. The family will receive a rental income and will be able to sell the property in 3 years, having fulfilled the program’s requirements

The Government of Cyprus changes conditions for obtaining citizenship by foreign investors. The affluent applicants can enjoy straightforward procedures and requirements leading to the citizenship of Cyprus.

Contact us for a full range of services in application procedures, buying real estate, assistance with relocation and adapting to living in a new country.

Immigrant Invest is a licensed agent for government programs in the European Union and the Caribbean.