Golden Visa Greece offering residency without citizenship.

Launched in July 2013 the Greek golden visa programme grants a five year residency visa in return for an investment in skylevelestates.gr There  is no minimum stay requirement and children up to the age of 21 are included in the family application. The visa is granted for five years and renewed every five years if the property investment is retained. It is not necessary to live in the country in order to retain and renew the investor visa. However citizenship can only be granted after seven years of residency.

Key Facts

  • Full family residency. Children up to 21

  • EU Schengen visa travel

  • Citizenship requires residency

  • No requirement to reside.

  • Investment in property from €250,000

Investors in real estate in Greece must also budget for the additional taxes on real estate at 24%. However at €250,000 + taxes and fees (just over €275,000 in total) this programme the lowest cost to residency in Europe. The Greek residency programme is relatively fast, taking around 50 days until a residency card is issued. There are also favourable family rules for dependents.

Cyprus

Obtain European  Citizenship  with a €2M Investment in Cyprus.

As from 13th of September 2016, the Cyprus Council of Ministers has approved the amendments to the Scheme for Naturalization of Investors in Cyprus by Exception. The said scheme is based on subsection (2) in section 111A of the Civil Registry Laws of 2002-2015.

The said amendments are in line with the strategy of the Cyprus Government to further attract Foreign Direct Investment and encourage the use of Cyprus by High Net Worth Individuals.

We provide below information on the changes introduced, the revised criteria and on our value proposition in supporting clients and their families to obtain the Cyprus (EU) Citizenship.

  • Level of investment reduced to a total of €2M, as opposed to €2M – €2.5M under the previous Criteria.
  • Applications will be submitted on a stand alone base; criterion of Collective Investments abolished.
  • Introduction of combination of all economic criteria.
  • Parents of the investor can now obtain the Cyprus Citizenship with an additional permanent residence of €500.000.
  • Abolishment of the criterion of bank deposits.
  • Cap set on the investment in Cyprus Government bonds. (Max. €500.000)
  • A Permanent Residence Permit will be issued prior to Naturalization (unless the applicant(s) is a Temporary Permit holder already)

We summarise below key information on the revised criteria, terms and conditions of the Scheme:

A.

  • The level of investment is now set at a minimum of €2.0 million, plus purchasing a permanent residence of a minimum purchase price €500.000 (excl. VAT). Hence, the total maximum investment is set at €2.5M.
  • Revised economic criteria now include amongst others investments in:

         –  Land for development
–  Alternative Investment Funds (AIFs) regulated by the Cyprus Securities and Exchange Commission (”Cy Sec”)
–  Financial assets (i.e. bonds, debentures) of Cyprus companies, issued under the auspices of the Cy Sec. The    said Cyprus companies must have tangible presence and  substantial economic activity in Cyprus.

OR

B

  • Total investment can be a minimum of €2 million, if one opts for investments in residential real estate properties under the relevant Criterion. At least one residential property must be, of at least €500.000 (excl. VAT); the said property will be kept for life.
  • Parents of the investors who are Naturalized as Cypriots, can apply for obtaining the Cyprus Citizenship as well, provided they purchased a permanent residence of €500.000 (excl. VAT). Adult Dependent Children and the Investors’ parents can apply for the Cyprus Citizenship right after the investor has obtained the Cyprus Citizenship.

 

  • Upon submission of the citizenship application, the investor and the spouse will apply for a Permanent Residence Permit. The citizenship is now granted within 6 months as from the application date.