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13 years since Cyprus joined the EU

On the 1st of may of 2004, the president of the Republic, Tassos Papadopoulos stated, “it is a completely crucial day for the Republic of Cyprus. The vision and the efforts of many years have now reached the definitive end with the accession of Cyprus as a member of the EU , “. He also sent “a message of optimism, faith and confidence that Cyprus is identified and time-honored as a, full member of the EU and this offers us a critical guard to repel any attempt that may undermine the statehood or the destiny of Cyprus”.
Cyprus’s members of the family with the European Economic Community after which with the EU began in 1972 and steadily evolved with the signing of the Customs Union Protocol in 1987, despite the tough conditions created after the Turkish invasion of 1974.
Cyprus’s utility for a full EU membership took palce 4th of July 1990, and three years later, on the 30th of June 1993, the European Commission approved. The accession negotiations among Cyprus and the EU then started out in April 1998, the negotiator being the former President of the Republic, George Vassiliou.
On the 12th of March 1998, the then President of the Republic, Glafcos Clerides, submitted a proper inspiration to the Presidency of the European Council inviting the Turkish Cypriots to appoint representatives as complete contributors of the group to barter the accession of Cyprus to the EU. This invitation turned into not frequent by the Turkish Cypriots and the Republic of Cyprus began and finished the accession negotiations without the participation of the Turkish Cypriots.
In December of 1999, at the European Council in Helsinki, the Heads of Government of the EU member states made it clear that the solution of the Cyprus hassle could now not be a prerequisite for the accession of Cyprus to the EU. The European Council underlined that ”a political settlement could facilitate the accession of Cyprus to the European Union. If however, by the time the accession negotiations are completed, there is no such settlement, the Council’s decision concerning the accession may be taken, without the resolution of the trouble as a condition. To this quit, the Council will don’t forget all applicable factors,” the Council’s conclusions country.
The European Council assembly in Copenhagen in December of 2002 stated in its conclusions that the European’s accession negotiations have been effectively finished with Cyprus, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, the Slovak Republic Republic and Slovenia.
The accession of Cyprus to the eu turned into eventually formalized via the signing of the Accession Treaty on the Stoa of Attalos in Athens on the 6th of April 2003 via the then President of the Republic, Tassos Papadopoulos.

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Benefits of Cypriot Citizenship

Advantages of Cypriot Citizenship

Being a Cypriot citizen is an advantage which involves a plethora of benefits additionally deriving from the membership of the Republic of Cyprus inside the EU Union.

Travel Benefits

Amongst those benefits are the travel benefits that one may also benefit as a Cypriot citizen. Traveling within the whole of the ECU Union in any of the 27 Member States with out the need of a visa is without a doubt each an financial comfort in addition to extrication from paperwork.

EU citizens experience tremendous rights additionally by damages in certain cases once they travel. As an instance, according to the guidelines of the ECU commission in case of extensive delays the airline ought to offer with meals and refreshments, lodging and communique centers and in case of a put off of more than 5 hours the airline have to also provide to refund the price tag. Holders of Cypriot driving licenses have the advantage of their license being recognized in any of the Member States of the European Union.

Academic advantages

Academic Blessings are another aspect of essential blessings that one may additionally benefit as a citizen of the Republic of Cyprus. Cyprus has enormously acknowledged public universities (university of Cyprus and Cyprus university of technology). Cypriot citizens that secure places at the general public universities are not subjected to any training fees because the whole undergraduate courses are free.

Additionally, Cypriot residents have the right to study in an other EU member state with the same situations and prices is an incredible benefit given that several European Member States provide with loose education or appreciably low training fees for both undergraduate and postgraduate degrees. A brilliant example of counties with low or free lessons expenses are Germany, The Netherlands, Sweden and Greece.

Another end result of the not unusual marketplace is the mutual reputation of stages, diplomas or other certifications amongst EU international locations. Thus, a certificate granted in any Member kingdom is recognized in all Member States.

Healthcare Blessings

Amongst the sizable advantages that the Cypriot citizenship provides with are healthcare rights. Following the adoption of the Directive on pass-border healthcare, EU citizens have enormous and clean rights with recognize to healthcare in any of the 27 Member States of the European Union. The Republic of Cyprus presents for healthcare rights based totally on socio-economic standards. In this cases healthcare in Cypriot public hospitals is totally entirely. Cypriot public hospitals are prepared with excessive generation gadget which pursuits to provide with excessive fine healthcare. As with admire to healthcare in any of the 27 EU Member States, patients have the benefit to acquire healthcare in any EU Member nation and be reimbursed with accordance with the amount that would be covered by the affiliated Member country had healthcare taken region on its territory.

Additionally, with the purchase of the EU health insurance Card one can also get hold of remedy beneath the equal conditions and on the identical fee as people insured in that Member nation.

Taxation blessings
Cyprus is truly among the nations with the lowest company tax fee. that is a superb benefit for the expansion of enterprise sports mainly taking into consideration the treaties that Cyprus has signed with numerous countries, for the avoidance of double taxation, while a business enterprise is registered in countries, for instance Cyprus and Russia. Additionally, since that 2004 and following Cyprus membership with the European Union, income that comes from dividends or hobbies isn’t always subject to earnings taxation however is merely situation to contribution for defense. The harmonization with European law has result in the betterment of VAT offerings and the advent of modern means which feature as an extrication of paperwork.

Employment blessings
Due to the accession of Cyprus in the European Union and the established order of the not unusual market, EU citizens revel in large rights in all the 27 Member States of the European. The freedom of motion offers EU residents the proper to move freely and work in any Member country with out restrictions. In addition to this, nationals of the individuals States additionally have the right to work and living in any Member state with their circle of relatives even instances in which their companion is not an EU citizen.

Under the social security scheme Cypriot citizens revel in a number of advantages like illness benefits, job-seekers allowances, maternity allowances, pension, incapacity allowance and place of work coincidence allowance.

The regulation of Cyprus offers for a minimum wage for sure professions for which there is no bargaining strength and aren’t covered with the aid of collective agreements (e.g. sales assistant and nursing assistant). According to the minimum wage Order 2012 the minimal wage became €870 (gross) and after a six-month employment length with the equal organization the minimum wage increases as much as €924 (gross).

In case of redundancy, employees who have been employed for 104 consecutive weeks with the same enterprise are protected with the aid of the Redundancy Fund. Furthermore, the personnel who’ve been unlawfully dismissed have the proper to compensation that’s payable way of the company, provided that they’ve worked for 26 consecutive weeks.

Pension blessings
All of the Cypriot citizens who are insured under the social protection scheme are entitled to obtain pension. They also have the same rights to social coverage with the residents of the Member kingdom in which they live or work. Moreover, EU citizens maintain the proper to receive their social coverage blessings even in instances where in they move to any other Member country. As a consequence, their allowance is being sent from the Member nation in which they’ve labored to the Member Sate of their residency.

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Cyprus property taxes in 2017

Recent modifications to property taxes in Cyprus will benefit each those who have bought belongings and people planning to purchase. Here is a summary of the taxes that observe as we enter 2017.

Immovable Property Tax payable to the Tax Department

Immovable Property Tax (IPT) was reduced in 2016 to approximately a quarter of that in the previous year and is abolished in 2017. Belongings Tax payable to communities and Municipalities This ‘local’ properties tax has no longer been abolished and those with assets at the island will preserve to pay this ‘local’ tax, that’s calculated at the Land Registry’s assessment of the 1980 fee of the property.

Property transfer fees

The temporary reductions in property transfer fees that got here into force in 2015 and applied to transfers that happened by using 31 December 2016 was made permanent in July 2016.

(a) If VAT was paid on the purchase price of the property, no Property Transfer Fees are payable

(b) If VAT was not paid on the purchase price of the property, the Property Transfer Fees are reduced by 50%. But if the Director of the Land Registry considers that the rate stated at the contract of sale does not reflect the market value of the property at its date of purchase he may, at his discretion, charge the full Property Transfer Fees based on the Land Registry’s assessment of the market value of the property at its date of sale less the price stated on the contract of sale.

(The department of Lands and Surveys has an on line transfer costs Calculator .)

Capital gains Tax

The Capital Gains Tax concession introduced in mid-2015 that exempted those who purchased property after it came into force and 31 December 2016 from paying Capital Gains Tax regardless of when the property was sold has not been extended. As a consequence those who buy property in 2017 will be liable for Capital Gains Tax when they sell the property.

Stamp Duty

Stamp duty is calculated on the value of the purchase agreement and remains unchanged at the rate of:

€0 to €5,000 – zero

€5,001 to €170,000 – 0.15%

Capped at a maximum of €20,000.

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Limassol looks to Marseille for inspiration

LIMASSOL looks set to adopt Marseilles’ Euroméditerranée project between the Limassol Marina and the new Limassol port, according to reports in the Phileleftheros on Monday. Euroméditerranée is the largest urban town planning project undertaken in southern Europe in an underdeveloped part of Marseille, which at the time of the first phase of the project in 1995 was suffering from abandonment, unemployment and other social problems. The Euroméditerranée project was recently presented at an event to promote the redevelopment of the Aktaia Street region for tourism and other investment projects by the Limassol Municipality in cooperation with the Marseilles municipality, the Limassol Chamber of Commerce and the French-Cypriot Commercial Chamber of Marseilles. The objective of the event was to present and discuss various plans and approaches on an international level for the rational and innovative development of Limassol’s coastal strip. The Euroméditerranée project was presented by Marseilles’ deputy mayor Lauren Agnes Caradec and Euromeditarranee director Alexandre Sorrentino. According to the advice given by the representatives of the Marseilles municipality, Limassol needs to give emphasis on strategic developments which develop infrastructure, commercial activity and new technologies which will change and develop her identity. Caradec emphasised the use of modern architecture which strives to develop public places which upgrade the quality of life for the citizens in the area and the revival of the city through innovative developments and creating a new city model. Relating to the development of Marseilles, “we tried to create a city which would develop through a technological plan taking into account energy conservation, different uses, the construction methods and the management of parking lots,” said Caradec. The expertise behind the project is readily and freely available to the Limassol Municipality with Caradec extending an invitation to Limassol’s Mayor Nicos Nicolaides and his council to visit Marseilles, which is also Limassol’s twin city, to have first-hand experience of the Euroméditerranée project. Sorrentino gave an analytical presentation of the Marseilles Euroméditerranée project which covers 4,800 acres between the city’s historic center and the city’s port. The first phase of the project lasted from 1995-2013 and concentrated on a poorly developed area in the city, much of it abandoned, with high levels of unemployment and other serious social issues. Touching on various aspects of the project such as population density, the amount of structural development, public space, commercial development and traffic regulation and new job opportunities, Sorrentino showed how Marseilles has been developed into a modern, viable and environmental friendly city.

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Cyprus attracting more overseas interest

CYPRUS moved up 12 locations of the Props index in March 2017 to end up the 6th maximum trendy location by means of foreign places property investors. Foreign buyers returned to the island’s property market at the end of 2016, with enquiries rising 22 per cent in the second half of the year.
Enquiries faltered at the start of 2017, but consumers are actually displaying symptoms of returning in extra numbers. In real phrases, enquiries for Cypriot Property rose by means of more than 50 per cent in 2017 in comparison to this fall in 2016. The country accounted for 3.03 per cent of inquiries, its maximum proportion in two years. “Foreign demand for Cypriot actual property is showing signs of strengthening again in 2017,” commented TheMoveChannel.com Director Dan Johnson. “hobby climbed within the final months of 2016, possibly fuelled by buyers racing to beat the deadline for a Capital Gains Tax incentive at the end of the year.“hobby softened on the begin of 2017, but enquiries have grown yet again in March, without the impetus of the tax closing date. With charges bottoming out and climbing across almost all regions, according to multiple indices,conditions in the island’s market are certainly improving, which is beginning to bring back investors. “The island’s Golden Visa scheme is also helping to drive recuperating demand, with shoppers on TheMoveChannel.com mainly interested by citizenship investment possibilities.”

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Cyprus economic growth expected in 2017

Finance minister Harris Georgiades stated that the Cypriot financial system’s boom rate in 2016 and next year “ will approach 3 per cent” on a boost from all significant productive sectors.

“Let me say that 2016 changed into in very admire key year for the course of the economy,” Georgiades informed lawmakers on Friday in his annual price range speech. “Cyprus came into a programme with its economy in deep recession and exited it with one of the highest economic growth rates in Europe”.

““It was a year in which the support programme had become necessary three years beforewas completed and the country proved that it can stand on its feet,” he said in reference to the completion of the adjustment programme in March, which the government agreed with worldwide creditors as part of a €10bn bailout in 2013.

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PAPHOS MARINA PROJECT DELAYED

A though the Poseidon consortium won a legal conflict to construct the lengthy awaited Paphos marina, the consortium has didn’t deliver good enough proof of its capacity to finance of the assignment consistent with the top of the Paphos Chamber of trade Andreas Demetriades and has been rejected. Demetriades advised that Pafilia builders, which became subsequent at the listing of tenders, has been invited to gentle for the quay’s creation and operation. However the Poseidon consortium, in which Aristo developers is a primary stakeholder. it’s appealing to the island’s excellent court claiming that the choice is unlawful and has already instructed its felony advisors. The Paphos marina challenge has been dogged through delays and postponements. In 2008 the agreement was to start with presented to the Cybarco Pandora consortium of which the Leptos organization turned into a member. The two different bidders, Poseidon and Pafilia, contested the award claiming that the Cybarco Pandora consortium used insider facts that enabled it to bid a lower determine. Eventually, in may additionally 2016, the jetty settlement turned into provide Poseidon. Although the consortium secured a letter from the financial institution of Cyprus in which the financial institution assured to fund the entire challenge, it seems that that it become not able to illustrate that it had €122 million or 60 per cent of the overall undertaking price of €215 million. Whilst it’s built, Marina can have the ability of 1,000 berths for boats and greater than 42,000 sq m of commercial and housing improvement. It will likely be placed in Potima Bay in Kissonerga in a place 155,000 square metres. The task will take about three years to be finished.
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THE SKYLINE of Limassol which is the highest commercial building in Cyprus

THE SKYLINE of Limassol, which already boasts the best commercial constructing in Cyprus, is about to be ruled by means of excessive-rise buildings in the coming years. The Oval is currently the tallest commercial constructing in Cyprus at sixteen floors, with 2 underground parking areas. just a few metres from the ocean it is also near Limassol’s town centre and will soon be joined a number of different high-rise traits, which include: At 37 floors and 137 metres, the Limassol ‘One’ is about to grow to be the tallest residential seafront tower in Europe. according to reports it will include of 84 residences with a beginning charge of €1,855,000 (apart from VAT) and commercial gadgets and a restaurant on the ground ground. anticipated shipping date is this autumn 2018. A 2d development , the ‘Landmark’ might be a mixed-use 30 floor development next to the Limassol zoo comprising 233 apartments, spa, fitness centre, lobby and enterprise centre and a plaza round which 14 commercial gadgets can be evolved. The 59,000 m2 ‘Lanitis Seafront’ project is to be built at the web page of the old Lanitis mansion. it’ll encompass three tower blocks, the highest of so one can have 37 flooring. it will comprise 297 residences, 10,000m2 of workplace space and 1,800m2 of business space. Three swimming pools are planned, in addition to green regions and 1,500 parking areas of which 900 can be open to the public. The undertaking can be accomplished in three stages and is anticipated to be completed in 2023. Production of the ‘Limassol Del Mar’ venture on 34,000m2 of seafront land at Germasogeia has started. While completed it’s going to provide 168 residences with hotel style facilities and services, clubhouse, gymnasium, spa, tennis court, indoor and outside swimming pools and excessive stop purchasing centers. the first section of the task, which includes 81 flats and 31 industrial devices, must be finished in 2017. the second section of the challenge, which includes a 27 floor, 87 apartment buildings is deliberate for crowning glory in 2020. The ‘Halcyon inn’ on a 22,912 m2 beachfront land at Ayia Varvara is expected to be operational in spring 2018. The 5 star hotel complex will include 183 rooms, 11 executive suites, 9 apartments and 14 villas. The ‘iHome’, that is currently being built on 5,942 m2 of land opposite the Poseidonia hotel and the Limassol crusing club, will offer 28 houses in tower blocks attaining 82 metres and 70 metres respectively. The 4 Season Hotel’s 10-floor apartments block that is being builtconstructed to the resort will provide a choice of apartments from 1 bed room to a 5 bed room duplex and is expected to be completed rapidly. Planning permission is being sought for a 15 floor tower block and a 16 ground tower block in Germasogeia and permission is awaited for a twin 25 floor challenge to update the Golden Arches resort inside the Amathunta location. Meanwhile the Environmental impact Board is asking on the impact of two buildings of 18 floors and 11 floors of production on the site of the former Pavemar resort. There has been very little (if any) public consultation and concerns over who is going to buy them, their impact on the infrastructure and the general aesthetics of the town.

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SCHEME FOR NATURALISATION OF INVESTORS IN CYPRUS

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 do 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 a “Scheme for Naturalization of non-Cypriot investors by exception” on the basis of subsection (2) of section 111A of the Civil Registry Laws of 2002-2015, with specific incentives, terms and conditions and control procedures in order to prevent abuse.

On the basis of the Scheme, a non-Cypriot citizen, who meets one of the following economic criteria (A), either personally or through a company/ companies in which he/ she participates as a shareholder – in proportion to his 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 meets one of the economic criteria (A), may apply for the acquisition of the Cypriot citizenship through naturalization by exception.

A high 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 three years preceding the date of the application and must retain the said investments for a period of at least three years as from the date of the naturalization.

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

In the case where, following a periodic inspection, it has been established that a criterion, term or condition of the Scheme has been breached, the granted naturalization may be revoked.

?.1 Investment 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.

?.2 Purchase or Establishment or Participation in Cypriot Companies or Businesses

The applicant should have made a purchase or should have participated in companies or organizations established and operating in the Republic of Cyprus with investment costs of at least €2,0 million. 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.

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 five (5) 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. In addition, the employees of the companies need to have legally and continuously resided in Cyprus during the five years preceding the application submission date.

?.3 Investment in Alternative Investment Funds or financial assets of Cypriot companies or Cypriot organizations that are licensed by CySec :

The applicant should have bought units of at least €2,0 million from alternative investment funds (AIF) established in the Republic of Cyprus, licensed and supervised by the CySec and whose investments are made exclusively in the Republic of Cyprus, in investments that meet the criteria of this Scheme or in areas approved by the Minister of Finance.

The applicant should have bought units of at least €2,0 million from alternative investment funds (AIF) established in the Republic of Cyprus, licensed and supervised by the CySec and whose investments are made exclusively in the Republic of Cyprus, in investments that meet the criteria of this Scheme or in areas approved by the Minister of Finance.

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 of units of other AIFs is not considered eligible.

?.4 Combination of the aforementioned investments:

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

Within this criterion (combination of investments) the applicant may purchase special government bonds of the Republic of Cyprus, up to €500.000, which will be issued by the Public Debt Management Office of the Ministry of Finance, on condition that the investor will retain these bonds for a three year period. The characteristics and the terms of these special bonds will be determined by the General and Special Issue Terms of the Government Bonds of the Republic of Cyprus. Investments in government bonds through the secondary market are not considered eligible.

B. TERMS AND CONDITIONS

  1. Clean Criminal Record: the applicant must have a clean criminal record. Furthermore, his 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.
  2. 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 VAT.

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, part of 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.1, 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.

3. Residence Permit in Cyprus:

The applicant, prior to his/her naturalization as a Cypriot citizen must hold a residence permit in Cyprus.

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. 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 Scheme, there are no other conditions than those stated in both Part A and Part B of this Scheme.

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 Certificate of Clean Criminal Record from the country of origin and the country of residence
    (if different).
  2. Residence in the Republic of Cyprus:
  3. (a) Contract of Sale.
  4. (b) Title Deeds or Proof of Registration of the contract with the Lands and Surveys Department
  5. (c) Copy of the wire transfer to a Cypriot commercial banking institution in the name of the seller or the seller’s company.
  6. (d) Proof of payment of the agreed purchase
  7. (e) An evaluation certificate from an independent registered land surveyor, if required by
    the Ministry of Interior or the Ministry of Finance.
  8. Criteria regarding the investment (when applicable):
  9. (a) Certificate of Registration of the company/ companies by the Registrar of Companies
  10. (b) Certificate of shareholders by the Registrar of Companies or certificates evidencing that the applicant is the beneficiary owner of the company/ companies.
  11. (c) Audited accounts of the company (or companies) for the last three years preceding the year of the application
  12. (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.
  13. (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. Investment in real estate, land development and infrastructure

(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.

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

(a) Contract of sale

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

(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) Copy of the Social Insurance Contributions for every Cypriot or European Union citizen employee.

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

Cypriot organizations that are licensed by CySec:

(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.

4. Investment in government bonds:

(a) Proof from the Public Debt Management Office for the purchase of special government bonds.

(b) Proof from the Public Debt Management Office for the purchase of special government bond.

Any other document that might be requested either by the Ministry of Interior, or by the Ministry of Finance.

None of the above affects the absolute discretion of the Cabinet of Ministers on taking a decision.

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