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Are exceptions made to the citizenship-by-investment business formation rules?

I am interested in relocating my large family of siblings, children, grandchildren and nieces/nephews. We run a large family-operated business in our home country and would like to do so in Cyprus. However, I read we need to employ Cypriots or EU citizens, which we aren’t (yet). What are some tips that can allow this large family of mine to get hired into the business and continue it in Cyprus through a citizenship-by-investment route?

  • Vasiliou Law
    May 02, 2019

    We can register your business as a company of foreign interests in Cyprus and employ the relatives you mentioned to the specific positions that they can operate according to your line of business. We need to have many other details in order to assist you. The main criterion is that the company must have at least 171,000 euros in capital.

  • Evagoras Anastasiou & Associates LLC
    April 05, 2019

    The criteria states that is mandatory to employ in your company at least five Cypriots or EU citizens with a continuing residence in Cyprus of five years. The members of a family who can benefit from an investor's application are: husband/wife or person who is with the investor (no requirement of an additional investment and applications are submitted of both simultaneously); investor's parents (their application can be submitted once the investor obtains citizenship and there is a requirement of an additional investment of a house of 500,000 euros plus VAT); investor's children who are dependent and over 18 (their application can be submitted once the investor obtains the citizenship); investor's underage children (their application can be submitted once the investor obtains citizenship and both parents must consent for it).

  • P. Angelides & CO LLC
    April 05, 2019

    Given that you can fulfill the remaining criteria for citizenship by investment for all parts of your family, if you employ the number of EU citizens required, there is no limitation after that to employ your family members as well. The fove employees of the companies need to have legally and continuously resided in Cyprus during the five years preceding the application submission date, though. Your family members will not need to fulfil this requirement if you hire five EU citizens who do fulfill this.

  • Fidescorp Chartered Accountants
    April 05, 2019

    A business as per the criteria set by the Council of Ministers' decision should be se tup. In this business, working visas for non-EU nationals may be obtained under the relevant rules of the migration department.

    April 05, 2019

    There are no exceptions in bringing your family to Cyprus by virtue of the fact that you are applying for citizenship. Husband and wife, children up to age of 28 provided that they are in their full-time education and the parents of the main applicant (provided that the dwelling home is of equivalent value) are eligible. Beyond this, no eligibility exists. Business must employ Cyprus or EU employees in order to be able to employ non-EU (not under the citizenship program) but as a company which has set up business in Cyprus.

  • Meridian Trust - Corporate and Fiduciary Services Limited
    April 05, 2019

    If a person wishes to invest by purchasing or participating in companies or organizations established and operating in the republic of Cyprus, it should be proven to the authorities that the said companies/organizations have physical presence in Cyprus, with significant activity and turnover and employ at least five Cypriots or citizens of European Union, who have legally and continuously resided in Cyprus five years prior to the application submission date. The employment of third-country nationals, additionally to the above five Cypriots or EU citizens, is not prohibited by the respective law. An alternative route would be to proceed with incorporation of a Cyprus company of foreign interests and seek temporary residency and employment permit from the Civil Registry and Migration Department. Such company is considered eligible and fulfills the conditions required by the law and may employ third-country nationals in specific positions if, among others: the majority of the company’s shareholders are third-country nationals and in the case of shareholders whose ultimate owners are foreign companies their final owners (natural persons who are the ultimate beneficial owners) should be declared, in order to receive the approval of the Civil Registry and Migration Department; and in case where the percentage of foreign participation in the share capital of a company is equal or below 50 percent of the total share capital, this percentage should represent an amount equal or higher than 171,000 euros.

  • Yiannis Papazacharia LLC
    April 16, 2019

    For business in Cyprus, the investor must make an investment of at least two million euros in the purchase, creation or participation of businesses or companies that are based and operating in Cyprus. The investment funds must be used to finance the investment objectives of the relevant businesses or companies exclusively in Cyprus according to a business plan. In addition, the investor must have a residential property worth a minimum of 500,000 euros, thus the total investment amount is 2.5 million euros. These businesses or companies should evidently have a tangible presence in Cyprus, namely, maintain offices in Cyprus, have substantial activity and turnover and also employ at least five Cypriot or EU citizens. For the employment of non-EU citizens, particular procedures need to be followed.

  • Christodoulou & Partners LLC
    April 18, 2019

    Specific members of the family of the applicant are allowed to co-apply for citizenship. This includes parents of the applicant, spouse, underage children and adult children who are financially dependent on the principal applicant, or adult children who are students up to the age of 28. In this respect, siblings, nephews and nieces are not considered and should apply independently. Depending on the specific circumstances of the family, it may be more beneficial for one of your children to apply. In order to cover more persons without having to proceed to additional investments, you can apply as a parent. If you have more than one child, the other child may apply as a manager of the business, and provided the child fulfills the requirements, they can apply for citizenship. There is no formal limit written in the rules in terms of how many managers can apply, so it may be possible that the siblings and nephews may also apply.