What are the requirements for opening a branch of a company in Cyprus under the Cyprus citizenship by investment program?

Answers

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  Marianna Pavlides

  Christodoulos G. Vassiliades & Co. LLC

  May 09, 2018

  Please be informed that the Cyprus citizenship by investment program requires the following in relation to 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 million euros. The invested funds shall be channeled toward 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 employment of at least five Cypriot or citizens of European Union member-states. The minimum number of employees shall increase, if more than one applicant invests 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.

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  Lazaros Omirou

  Omirou & Omirou LLC

  May 09, 2018

  Investments for the Cyprus citizenship program can be made either personally by the investor, by his/ her spouse, jointly with the spouse or even through a company in which they are participating as shareholders or as ultimate beneficial owners. Please bear in mind that, if the applicant invests through a company in which he/ she participates as a shareholder, only a percentage of the investment will be taken into consideration in proportion to his/her holding percentage. A branch of an overseas company has the same power to hold immovable property in Cyprus as if it were a company incorporated under the Cyprus Company Law Act. Overseas companies may establish a branch in Cyprus by filing with the registrar of companies in Cyprus the following according to s.347. First is a written report which provides: (i) name and legal form of the overseas company, as well as the name of the branch, if that is different from the name of the company; (ii) head office and address (postal or other) of the overseas company, as well as the address (postal or other) of the place of business; (iii) purpose and objects of the overseas company; (iv) where applicable, the register abroad of the overseas company, where its basic data has been entered; (v) its subscribed capital where this exists; (vi) where applicable, information in relation to the winding-up of the overseas company, the appointment of liquidators, etc; (vii) in the case of an overseas company of a non-member state of the European Union, the law of the state, governing the company. (vii) In the case of an overseas company of a non-member state of the European Union, the law of the state, governing the company. Second is providing a certificate of incorporation of the company (certified) and a certified copy of the memorandum and articles of the company or other instrument constituting or defining the constitution of the company, as well as every amendment to the said documents. You will need a list of directors and secretary of the company, as well as of all the persons who are authorized to represent the company. Lastly, you will need the name and address of one or more persons resident in the republic authorized to accept on behalf of the company service of process and any notices required to be served on the company. All the aforementioned documents should be legalized, apostilled in the country of issue and translated into Greek.

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  Maria Kannava

  Kannava, Kitromilidou & Co LLC (KPK Legal)

  September 18, 2018

  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 million euros. The invested funds shall be channeled toward 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 employment of at least five Cypriot or citizens of European Union member-states. The minimum number of employees shall increase, if more than one applicant invests 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.

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  Chriso Savva

  CHRISO SAVVA LLC

  September 18, 2018

  The opening of a branch does not render you automatically eligible to apply for citizenship under the investment criteria, as the investment in a Cyprus company requires that the company must be established and must be employing either Cypriots or EU nationals. Nevertheless, if you wish to establish a branch in Cyprus, you must provide the registrar of companies in Cyprus (together with the statutory forms) within a month of establishing your branch and place of business in Cyprus of the following: documents evidencing the name, legal form, the postal full address and business address in Cyprus, the purpose and /or line of business, the share capital of the company; certified (apostilled) copies of the memorandum and articles of association or equivalent documents (either in English or Greek); the names of persons who are residing in Cyprus and who are persons responsible for the branch; the full information of the board of directors and secretary of the company.