The program does not allow any foreign companies investing in Cyprus. The company can only send the funds on behalf of its shareholders in order to invest in Cyprus.
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How can I use my company established in Latvia to apply for the Cyprus CBI program?
I am the sole owner of a business I established in Latvia. Is it possible for me to apply for the citizenship-by-investment program of Cyprus with the business?
Answers
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The CIP investment can be done with your company, as long as you can prove it belongs to you. The CIP application will be done under your individual name wherever appropriate.
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Cyprus Investment Program aims to attract net worth individuals, to settle and conduct their business in Cyprus. Therefore, the investor/applicant must be an individual. The applicant may invest at least 2 million euros for the purchase or participation in companies or organizations established and operating in the Republic of Cyprus with investment costs of. However, even if the Latvia company is re-domiciled in the Republic is not considered as established and operating in Cyprus. Thus, any investment in the re-domiciled company will not be deemed as investment under the terms and conditions of the Cyprus Investment Program manual. Nevertheless, if you wish your company to be benefit from Cyprus corporate taxation (at 12,5%), you may proceed with re-domiciliation of your company to the republic of Cyprus, provided that this is acceptable by the applicable laws of Latvia and Memorandum and Articles of Association of the company.
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You can use the company for the payments that you will be making in Cyprus provided that you will prove that you are the beneficial owner of that company.
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