The purpose of our work on obtaining citizenship, residence permit or permanent residence is to provide solutions for all the goals and objectives of our clients related to obtaining these statuses. In our today’s case we will tell you how we helped a businessman, who is planning to expand his business in Europe and move there, to choose the best option for investment under the Cyprus citizenship program.
The heroes of our case
- Maxim, 51, businessman
- Egor, 17 years old, his son
Goals and objectives
Maxim is the owner of a large business in several European countries, so he needs to move freely around these countries at any time. In the future he plans to develop his business and to involve his son Egor in the business. To do this, they both need EU passports, which will give them the opportunity to have all the rights the European citizens have. Maxim would also like to get some benefits for his company.
Another goal is the free choice of place to live and work. Egor studies in a British college and wants to enter a university in London. Of course, at the age of 17 he had not yet decided in which country in Europe he would like to live and work, but he is confident that his life will be connected with Europe. Eventually, Maxim is also going to move to one of the European countries and live there permanently.It was important for Maxim to choose a program that meets several requirements:
- optimal investment option for him;
- guarantees to protect the investments from loss;
- opportunity to get some profit from them for the period of mandatory for the program ownership
Search for options
Three options were offered to the client
Portugal residence permit
Maxima was attracted by a rather simple scheme of obtaining a residence permit in Portugal, the optimal for him amount of investment in real estate, a relatively quick access to a European passport (already in 6 years). But the condition for obtaining permanent residence and later citizenship, such as learning Portuguese, was not the most convenient for our client.
Maxim found an investment of approximately 1 million euros absolutely suitable for him. He was even ready to accept a rather long registration period of 12-14 months. But it turned out that due to certain other conditions, this program is not suitable for him. The fact, that in the past our client carried out political activities and is a PEP (politically exposed person), became is a serious obstacle for obtaining a Malta passport, which will certainly serve as a reason for refusing to grant citizenship. We recommended Maxim not to risk.
It is this state program, which involves investment of 2 million euros in real estate, was the best solution in his case.
The Terms of Cyprus Citizenship for Investment Program
Participation requires a standard set of documents, confirming the identity of the applicant, his material security, the absence of a criminal past and a normal state of health.
The investments in real estate should be 2 million euros. As an option, you can invest 2 million euros in commercial real estate and additionally purchase housing in the amount of 500 thousand euros.
When buying, you can get a refund of 14% VAT. You should own an object (or several objects) min 3 years. Then it can be sold, but the property with a total value of at least 500 thousand euros should remain as your property.
Deadlines for registration of passports are only 6-7 months. To do it the applicant only needs to visit the country two times. First, to select an object for purchase and submit your biometric data for obtaining a residence permit in Cyprus. And after a while, to apply for a second passport in Cyprus.
Cyprus passport registration program attracted Maxim by:
- the opportunity to include in the application for a passport a 17-year-old son;
- the possibility of return on investment;
- several investment options specified in the Law;
- simple requirements for the investor and confirmation of the legality of the funds involved in the program;
- and the main thing is that the political activity of our client in the past did not prevent him from the possibility to obtain a Cyprus passport
Having signed the contract, we started working with Maxim.
We prepared a detailed overview of property from developers in Cyprus for Maxim. The price-quality ratio of real estate in Limassol, Paphos, Ayia Napa, Protaras and Larnaca have been compared.
Since Maxim was interested in an investment in commercial real estate, we provided an analysis of the proposals in Cyprus in this area and paid attention to all the nuances and hidden disadvantages.
After examining all the materials provided, our client made up his mind to purchase residential real estate. Having identified the objects that were interesting to him for viewing, we planned a joint trip to Cyprus.
At this point, our lawyers have prepared the documents necessary for visiting the immigration office in Cyprus, for submitting biometric data and applying for a primary residence permit.
Work in Cyprus
During the 4 days spent with Maxim in Cyprus, we actively worked on viewing the objects that interested him. Throughout the trip we made several important steps:
- arranged a meeting with our lawyer for Maxim;
- made an appointment and visited the migration office where Maxim was fingerprinted;
- submitted documents for the primary residence permit card
Out of the many objects viewed, Maxim chose 2 projects of residential complexes within walking distance to the famous beach of Limassol. In each residential complex he purchased 2 apartments. The total cost made exactly the necessary amount of investment to participate in the program of citizenship of Cyprus.
The selected objects met the requirements of Maxim:
- had high liquidity in the market;
- had modern equipment;
- provided the opportunity to make a profit from renting them out;
- in the future he can easily sell them in the required 3 years of ownership
It took us another month to agree with the client and the developers all conditions of the contract of sale and purchase. After this, we submitted Maxim’s application for investment citizenship to the Cyprus Immigration Service.
Results of the Cooperation
Six months later Maxim’s application was approved. There were only a few formalities left, after completing them, he received a long-awaited Cypriot passport. In another two weeks, his son Egor arrived in Cyprus to visit the immigration office, where he also received a new European passport.
Thus, all the tasks that Maxim confronted, were solved.
- He received a passport that allows him to be a full member of the European Community and have the widest range of opportunities and rights in Europe
- He can easily choose the country of residence in Europe
- Open new branches for his business in any EU country
- Due to a Cyprus passport his son Egor is now also a full citizen of the European Community. After graduating from the College in London, he can continue living in the UK, choose and enter a university, and after graduation – get a prestigious job
The most enjoyable and pleasant moment in our activity is exactly the moment when our customers tell us the words of gratitude for the result. That is what all our work is aimed at. We will not hide that another pleasant bonus for us is recommendations of our clients to their friends and business partners.