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How can I switch from Cyprus’ RBI program to CBI program?

I participated in Cyprus’ residency-by-investment program about two years ago. Back then it didn’t seem necessary to me to get a Cypriot passport. However, due to the expansion of my business, I am in need of a Cypriot passport now. If I can meet all requirements of the citizenship-by-investment program, do you think I should start a CBI application? Can I switch programs? I don’t want to wait years before I am eligible to naturalize as a permanent resident. I need a fast solution.

  • Christodoulou & Partners LLC
    April 18, 2019

    Yes, it is possible to switch. The RBI investment may also be taken into account as an investment property with regards to the CBI application, provided that the RBI investment was acquired within 3 years of the date of the submission of the application for CBI. The fact that the scheme changes on May 15 should also be taken into account, since additional contributions will be required for applications submitted after the May 15.

    April 18, 2019

    The fact that you have Cyprus permeant residency will help you to apply for citizenship. You need to upgrade your residential property so that you meet the criteria.

  • Vasiliou Law
    May 02, 2019

    If the purchase of your residential property was made within the last three years before applying for CBI then you need to purchase the additional amount of properties/investment and apply for CBI. The fast that you already have residency will make your application even faster. Please note that as from May 15, an additional amount of 150,000 euros will be required as donation towards Cyprus.

  • Andreas Coucounis & Co LLC
    April 19, 2019

    Yes, it is possible for the applicant below to participate in the citizenship-by-investment program of Cyprus. The fact that the applicant is already a permanent resident of Cyprus will make the application faster.

  • Meridian Trust - Corporate and Fiduciary Services Limited
    April 18, 2019

    If a non-Cyprus citizen wants to apply for Cypriot citizenship, prior to his or her naturalization as a Cypriot citizen, this person must hold a residence permit in Cyprus for a period of at least six months. In consequence, a residence permit is a requirement for the obtaining of Cypriot citizenship. In addition, in order to be eligible to apply for Cypriot citizenship, a non-Cyprus citizen must possess a permanent residence in the Republic of Cyprus, the purchasing price of which must be at least 500,000 euros, plus V.A.T. Furthermore, it is important to highlight that the applicant is required to make the required investment during the three years prior to the date of application. So, if specific requirements are met, a holder of a Cyprus residence permit may apply for Cypriot citizenship.

  • Giorgos Landas LLC
    April 18, 2019

    An applicant can apply for the Cyprus Investment Program, whether he has permanent residence or not. Since a permanent residency for at least 6 months prior to obtaining a Cypriot passport is a prerequisite, those that do not have permanent residency can apply simultaneously with the submission of the naturalization application. Those that already have permanent residency can apply directly for naturalization. In order to participate in the Cyprus Investment Program and apply for naturalization, one shall invest either in: (a) real estate, land development and infrastructure projects; (b) financial assets Cypriot companies, business or organizations; (c) Alternative Investment Funds or financial assets of Cypriot companies or Cypriot organizations that are licensed by CySec; (d) a combination of the aforementioned investments. The Investment shall be made: (a) at least three years prior to the submission of the application; (b) the investment shall be of at least 2,000,000 euros; (c) the applicant shall have a permanent residence in Cyprus of at least 500,000 euros; (d) the applicant shall have a clean criminal record. After May 15, 2019, which is the due date of a revision of the rules of Cyprus Investment Program that was passed on 13.02.2019, the applicant shall: 1. Donate to certified Foundation(s) and Organisation(s) of the Republic of Cyprus: (a) 75,000 euros to the Foundation of Research and Innovation (exception can be applied for Investors that decide to Invest Purchase or Establishment or Participation in Cypriot Companies or Businesses for the sum of 2,000,000 euros if the investor invests an additional amount of 20% equals to 400,000 euros plus in a company that operates in the primary and secondary sector of education, research, energy, economy, technology, health and renewable energy sources.) And (b)Donation of 75,000 euros to the Cyprus Land Development Corporation 2. An investor who has submitted a naturalization application in another Member State of the EU and his/her application has been rejected, is prohibited in applying with the Cyprus Investment Program. 3. The Investor shall be the holder of Schengen Visa – exceptions apply for European citizens and to the investors from third countries that the republic of Cyprus does not require a visa. 4. The duration that an Investor is obliged to keep his investment is the period of 5 years. 5. If the investor purchases a residential property from a person that has already used the property under the Cyprus Investment Program, then the investment shall be of 2,500,000 euros. It is understood that the above information is general in order to help understand the Cyprus Investment Program. Obviously, each applicant and each investment have their own facts and uniqueness.

  • Fidescorp Chartered Accountants
    April 19, 2019

    In order to apply for naturalization, one must complete total investments as per the requirements set in the program. These investments need to be completed within a period of three years. Therefore, your investment for residency should be increased to other assets so that you meet the minimum investment criteria of the program. The residency requirement of the program is already fulfilled by you, as you are already a resident.