About
Us
At MC Law Firm the well-being of our clients’ comes first. In order to achieve this we make it our duty to get to know our clients’ past, understand their present and help shape their future.
We are a transparent law firm which informs our clients on each step of their legal process, answers any queries our clients may have and are extensively available to them.
Additionally, we aim at being an affordable law firm and in light of price predictability we are pleased to calculate an estimate of our clients legal fees, disbursements and out-of-pocket expenses in advance.
Maritsa Chatzichristodoulou | Attorney-at-Law
Maritsa has extensive experience in the field of immigration law and has successfully handled over 30 Cyprus Citizenship by Investment applications.
Prior to the set-up of Maritsa Chatzichristodoulou & Associates LLC, Maritsa has worked as an attorney for 10 years.
Having been raised in the Netherlands before immigrating to Cyprus, she can easily relate to clients seeking to immigrate/obtain a new nationality.
Maritsa finalized her studies at the University of Maastricht, the Netherlands, and has obtained 2 master’s degrees. During her studies, she volunteered at a woman’s legal clinic for pro bono work.
After she graduated in 2008 she worked as an attorney at a medium-sized Dutch law firm for 3 years. In 2013 she was admitted to the Cyprus Bar Association and has ever since been practicing as an attorneyin Cyprus.
In 2018 Maritsa became founder of Maritsa Chatzichristodoulou & Associates LLC.
Our
Team
Areas of practice

Cyprus Citizenship by Investment

On the basis of section 111A (2) of the Civil Registry Laws 2002-2016, the Government of the Republic of Cyprus has established and subsequently revised (last revision dated 13th September 2016) a “Scheme for the naturalization of non-Cypriot investors by Exception” (CBI).

This scheme enables foreign investors to obtain the Cypriot nationality when they have fulfilled the following 3 requirements:

  1. Purchase of a residence in the Republic of Cyprus (Cyprus) for an amount of at least EUR 500,000 excluding VAT.

The investor is obligated to retain this residence for life. This does not prohibit the investor from selling the residence and immediately purchasing another;

  1. Investment of an amount of EUR 2 million in one of the following options:
  • Investment in real estate, land development and infrastructure projects. If the investor chooses to invest solely in residential real estate, the investment amount is reduced from EUR 2 million to EUR 1,5 million;
  • Purchase/establishment/participation in Cypriot companies or businesses;
  • Investment in Alternative Investment Funds/financial assets of Cypriot companies or Cypriot organizations that are licensed by the Cyprus Securities and Exchange Commission;
  • Combination of the aforementioned investments. When proceeding with this option the investor may also purchase special government bonds of the Republic of Cyprus for a maximum amount of EUR 500,000.

The investor is obligated to retain the investment under this requirement for 3 years. This does not prohibit the investor from disposing of the investment and immediately making another investment.

  1. Provision of the following documents of the investor and the spouse (additional documents are requested from the investor’s family):
  • True copy of the passport;
  • Translated and original duly legalized birth certificate;
  • Translated and original duly legalized clean criminal record from the country of origin and the country of residence. This document should not be older than 3 months at the time of filing the application;
  • Translated and original legalized marriage certificate/civil partnership certificate;
  • Curriculum Vitae;
  • Two passport sized photographs;
  • Copies of advertisements in a daily newspaper for two consecutive days (this will be handled by your law firm);
  • Signed M127 form before the Embassy of Cyprus abroad or the District Court of Cyprus (this form will be provided to you by your law firm).

The documents should be legalized by Apostille, in the event that the issuing country has signed The Hague Convention. In the event that the issuing country has not signed The Hague Convention, the documents should be duly legalized by the Ministry of Foreign Affairs of the issuing country and the Embassy of Cyprus in the issuing country.

The first and second requirement may be fulfilled either personally by the investor or through a company in which the investor is a shareholder, in proportion to the investor’s shareholdings percentage.

Moreover, a high-ranking senior manager of a company which has met the second requirement may apply for the CBI Scheme if:

  1. This high-ranking senior manager receives remuneration which generates tax revenues of at least EUR 100,000 for Cyprus; and
  2. This tax has been paid or pre-paid and
  3. This high-ranking senior manager has met the first requirement.

In this case the following additional documents should be provided:

  • Copy of the employment contracts;
  • Receipt from the Department of Inland Revenue.

Furthermore, the investor, the investor’s spouse and the investor’s adult children will need to obtain a Permanent Residence Permit (PRP) on the basis of Regulation 6 (2) of the Aliens and Immigration Law.

Note that this requirement does not require the investor or the investor’s family to:

  • Physically reside in Cyprus;
  • Learn the language;
  • Take any exams.

It does however, require the investor and the investor’s spouse to travel to Cyprus so as to provide their biometrics (digital photographs, signature and fingerprint) for the issuance of this PRP as these cannot be obtained by an Embassy of Cyprus abroad for this purpose.

Eligible persons under the CBI are:

  • Any non-Cypriot investor, whose name is not included in the list of persons whose property is ordered to be frozen by the European Union;
  • The investor’s spouse;
  • The investor’s minor children;
  • The investor’s adult children up to the age of 28 provided that these children are financially dependent on the investor and are either children with severe physical or mental disability that renders them unable to work or are students enrolled in a first bachelor, first master or first diploma. Adult children who are married are also included provided that they can evidence that they are financially supported by the investor instead of their spouse;
  • The investor’s parents, provided that they have also fulfilled the first requirement.
  • The entire CBI procedure from filling the CBI application until receipt of the passport by the investor and the investor’s spouse will take approximately 6 months. The applications of the minor and adult dependants (including the investor’s parents) of the investor are filed after the issuance of the passport to the investor and the investor’s spouse.

    Government fees for each adult application are approximately EUR 7,738.

    Lastly, it is important to note that:

    • Multiple citizenship is not prohibited under the laws of Cyprus;
    • Non-Cypriots who have acquired citizenship through CBI, their spouse and their children are exempted from military service. It is advisable to obtain an official exemption in order to avoid inconvenience.

    For more information on the CBI, please contact us.

    Permanent Residency By Investment

    On the basis of Regulation 6.2 of the Aliens and Immigration Regulations, following the decision of the Council of Ministers of 22 February 2016, third country nationals who have fulfilled certain conditions are granted an Immigration Permit through an expedited procedure.

    This scheme enables foreign investors to obtain a Cypriot permanent residence permit (PRP) when they have fulfilled the following 4 requirements:

    1. Purchase of a residence in the Republic of Cyprus (Cyprus) for an amount of at least EUR 300,000 excluding VAT.

    The investor is obligated to retain this residence for life. This does not prohibit the investor from selling the residence and immediately purchasing another. The purchase of the residence can only be a first time sale. Moreover, the investor may also purchase 2 separate properties if they meet certain criteria;

    1. Deposit of EUR 30,000 in a financial institution in Cyprus. This amount should be pledged for three years;
    2. Proof of a secure annual income from abroad of at least EUR 30,000. For every dependant (spouse, minor or adult child) added to the application an additional amount of EUR 5,000 should be proven. For every parent or parent-in-law added to the application an additional amount of EUR 8,000 should be proven;
    3. Provision of amongst others the following documents by the investor and spouse:
    • Translated and original duly legalized clean criminal record from the country of origin and the country of residence. This document should not be older than 3 months at the time of filing the application;
    • Affidavit that the investor and the spouse do not intent to work in Cyprus (this form will be provided to you by your law firm).

    The documents should be legalized by Apostille, in the event that the issuing country has signed The Hague Convention. In the event that the issuing country has not signed The Hague Convention, the documents should be duly legalized by the Ministry of Foreign Affairs of the issuing country and the Embassy of Cyprus in the issuing country.

    The first requirement may be fulfilled either personally by the investor or through a company of which the investor is the sole ultimate beneficial owner. This company should be legally established in Cyprus, the EU or the EEA.

    Eligible persons for PRP are:

    • The investor, whose name is not included in the list of persons whose property is ordered to be frozen by the European Union;
    • The investor’s spouse;
    • The investor’s minor children;
    • The investor’s unmarried adult children up to the age of 25 provided that these children are financially dependent on the investor and are students enrolled abroad in a first bachelor, first master or first diploma and have a remaining study period of at least six months;
    • The investor’s parents and parents-in-law.

    Government fees for the PRP application are approximately EUR 500 and EUR 70 for each PRP card issued.

    The entire PRP procedure from filling the application until receipt of the PRP will take approximately 2 months.

    Lastly, it is important to note that:

    • The PRP may be revoked if permanent residency is acquired in another country;
    • The PRP may be revoked if the PRP holder does not visit Cyprus for two years consecutively.

    For more information on the PRP, please contact us.

    Permanent Residency for European Citizens – “Yellow Slip”

    On the basis of Annex II, Article 10 (4) (a-c) and (6) of the Right of Union Citizens and their Family Members to Move and Reside Freely within the Territory of the Republic of Cyprus Law 2007, European Union Citizens and family members who are also citizens of the European Union can apply for a registration certificate.

    This certificate should be applied for within four months of entering the Republic of Cyprus.

    The EU citizens can request the issuance of this Registration Certificate (“Yellow Slip”) on one of the following grounds:

    1. Employed activity;
    2. Self-employed activity;
    3. Studying at a private or public educational establishment;
    4. A purpose other than what is stated in points 1-4 above.

    Depending on the purpose of residing in Cyprus the EU citizen and family members will need to provide the authorities will duly legalized documents.

    For more information on the Yellow Slip, please contact us.

    Acquisition of Citizenship due to Cypriot Origin

    There are a number of circumstances under which a person, minor or adult can obtain Cypriot citizenship due to origin. When this citizenship has been obtained, they can apply for a Cypriot passport and a Cypriot ID card.

    For more information on how to obtain citizenship by origin, please contact us.

    Property Law

    Whether the purchase is connected to receiving a Cypriot nationality, a Cypriot residence permit or any other reason, we are here to support you in conducting the due diligence and signing the sales agreement.

    For more information on our Property Law services, please contact us

    Company Law

    We provide incorporation services, along with nominee directors, secretary, shareholders and registered office.

    For more information on our Company Law services, please contact us.

    Contact Us
    Registered Office

    26 Michael Olympiou  2540 Dali Nicosia, Cyprus

    Telephone & E-mail

    00357 99 59 71 58 info@attorneycy.com

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