Citizenship schemes & applications

As a part of its policies aiming to attract foreign investors in Cyprus, the Council of Ministers, on the 13th of September 2016, revised the "Scheme for Naturalization of non-Cypriot investors by exception" and, thus, established the new financial criteria based on which non–Cypriot entrepreneurs/ investors may acquire the Cypriot citizenship.

A non-Cypriot citizen, who meets one of the following economic criteria (Part A), either personally or through a company in which they participate as a shareholder– proportionally based on the percentage of participation–or even as a high-ranking senior manager of a company that meets one of the economic criteria (Part A), may apply for the acquisition of the Cypriot citizenship through Naturalization by exception.

The applicant must have concluded the necessary investments during the three years preceding the date of the application and must retain the said investments for a period of at least three years after the date of the Naturalization.

In addition, the applicant must fulfil the Terms and Conditions set out in Part B.

In the case where, following a periodic inspection, it is ascertained that any condition is being circumvented, the Naturalization may be revoked.


Α. CRITERIA

Α.1 Investment in real estate, land development and infrastructure projects:

The applicant must have an investment of at least €2,0 million for the purchase or construction of buildings or for the construction of land development projects (residential/commercial/ tourism sector developments) or infrastructure projects, excluding investment in land situated in a zero building zone.

Α.2 Investment in financial assets of Cypriot companies/organizations:

The applicant must have an investment of at least €2,0 million in companies/organizations established and operating in Cyprus. The invested funds must be channeled towards the financing of investment objectives exclusively in Cyprus, based on a specific investment plan.

The concerned companies/organizations must have proven physical presence in Cyprus, with significant activity and turnover and employ at least 5 Cypriot or EU citizens (the minimum number will increase if more than one applicant invest simultaneously in the same business). In addition, the employees of the companies must have legally and continuously resided in Cyprus during the 5 years preceding the application submission date.

Α.3 Investment in Alternative Investment Funds or financial assets of Cypriot companies/organizations licensed by the Cyprus Securities and Exchange Commission (CySec):

The applicant must have bought units of at least €2,0 million from alternative investment funds (AIF) established in Cyprus, licensed and supervised by the CySec and whose investments are made exclusively in Cyprus.

OR

The applicant must have bought financial assets of Cypriot companies/organizations of at least €2,0 million, such as bonds, bills and securities, issued with the approval of the CySec, by companies with proven physical presence and substantial economic activity in Cyprus, and which have the purpose of financing investment plans exclusively in Cyprus, based on an investment plan.

Α.4 Combination of the aforementioned investments:

The applicant may have a combination of the above investments, provided that the total investment will amount up to at least €2,0 million.

Within this combination of investments, the applicant may purchase special government bonds of the Republic of Cyprus, up to €500.000, which will be issued by the Public Debt Management Office of the Ministry of Finance.. Investments in government bonds through the secondary market are not considered eligible.

 

B. TERMS AND CONDITIONS

1. Clean Criminal Record:

The applicant must have a clean criminal record. Furthermore, his name must not be included on the list of persons whose property is ordered to be frozen within the boundaries of the European Union.

2. Residence in the Republic of Cyprus:

In all cases listed in Part A, the applicant must hold a permanent privately-owned residence in the Republic of Cyprus, the purchase price of which must be at least €500.000, plus V.A.T. Members of the same family, who apply separately as investors, can collectively acquire a residence, provided that the total value of this home-property covers the amount of €500.000 per each applicant.

It is noted that if the applicant has invested in housing unit/units on the basis of the aforementioned criterion A.1, the purchase of another permanent residence in Cyprus will not be required, if at least one of these housing units is worth at least €500,000, plus VAT, provided that the applicant retains the possession of the residence for life.

3. Residence Permit in Cyprus:

The applicant, prior to his/her naturalization as a Cypriot citizen must hold a residence permit in Cyprus.

If the applicant does not already hold a residence permit, he/she may apply for an immigration permit on the basis of Regulation 6 (2) of the Aliens and Immigration Law, simultaneously with the application for naturalization. If the application for acquiring an immigration permit is made solely for purposes of acquiring the Cypriot citizenship, in accordance with the provisions of this Scheme, there are no other conditions than those stated in both Part A and Part B.

 

 

Our office offers guidance and assistance in all aspects of the application process for obtaining the Cypriot Citizenship and a Cypriot Passport, including legal assistance in the required investment or property selection and purchase. We further undertake all the necessary correspondence with the relevant authorities.