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Cypriot Investment Scheme
Repossession Property Yield Properties

Latest news

  • 10 September 2019 Many Home dwellers few are the first borrower applications

    Implementation of the Home plan has not begun with the best odds, as... read more

  • 3 September 2019 Home plan from tomorrow for 10 thousand borrowers

    After months of discussions, the Home Plan is being implemented from tomorrow... read more

  • 2 September 2019 July property sales hold steady Update

    The number of Cyprus property sales during July was the same as the number... read more

  • 29 August 2019 Cyprus real estate market review 2018

    In its annual Cyprus real estate market review, PwC reports that the... read more

  • 19 August 2019 Building permits authorised for 907 new homes

    Building permits authorised in Cyprus during May 2019 provided for the... read more

Cypriot Investment Scheme
Repossession Property Yield Properties

Latest news

  • 10 September 2019 Many Home dwellers few are the first borrower applications

    Implementation of the Home plan has not begun with the best odds, as... read more

  • 3 September 2019 Home plan from tomorrow for 10 thousand borrowers

    After months of discussions, the Home Plan is being implemented from tomorrow... read more

  • 2 September 2019 July property sales hold steady Update

    The number of Cyprus property sales during July was the same as the number... read more

  • 29 August 2019 Cyprus real estate market review 2018

    In its annual Cyprus real estate market review, PwC reports that the... read more

  • 19 August 2019 Building permits authorised for 907 new homes

    Building permits authorised in Cyprus during May 2019 provided for the... read more

Cypriot Passport Acquisition

CYPRUS INVESTMENT PROGRAMME on the basis of subsection (2) of section 111A of the Civil Registry Laws of 2002-2019

Attracting foreign direct investment is at the heart of Cyprus’ development strategy, as it represents a key driver for economic growth. 

On the basis of the Cyprus Investment Programme, a non-Cypriot citizen, who meets the economic criteria of the Programme, may apply for the acquisition of the Cypriot citizenship.

Importance of Cyprus EU citizenship

  • Travel to more than 140 countries with no visa
  • Low taxation rates
    • No personal income tax as there is no need to become a Cyprus tax resident
    • No inheritance or donation tax to family members
    • No restriction on imported capital
    • Double tax treaties with a lot of countries
  • High standard legal system based on English law compliant with EU laws and regulations
  • Professionalism in services enriched with specialised accountants, lawyers, investment advisors
  • High standard telecommunication’s and business’ infrastructure
  • Tourism and oil and gas resources that have been recently discovered On our island have created an increased interest for investors in Cyprus
  • Very low crime ratio
  • High quality of private schools and universities
  • Citizenship can be passed to the children of the passport holder to be used for future studies at EU countries etc

Who can apply

The following non-Cypriot natural persons who meet one of the set economic criteria, are eligible to apply for the acquisition of Cypriot citizenship:

  • natural persons, either personally or through a company in which they are participating as shareholders, in proportion to their holding percentage
  • through investments made by their spouse or jointly with the spouse
  • as high-ranking senior manager of a company that meets one of the financial criteria (provided that they receive a remuneration that generates paid tax revenues of at least €100.000 over three years)

The applicant should have made the necessary investments during the 3 (three) years preceding the date of the application and must retain the said investments for a period of at least 5 (five) years as from the date of the naturalization. 

FINANCIAL CRITERIA

Α.1 Donation to the Research and Innovation Foundation and the Cyprus Land Development Corporation:

(a) The applicant must have donated at least €75.000 to the Research and Innovation Foundation. It is noted that if the applicant wishes to donate an amount higher than the minimum of €75.000, this additional amount can be used for purposes of supplementing the total amount of the investment made on the basis of the criteriaA.2-A.5.  Furthermore, the aforementioned obligation is lifted, if the applicant has invested at least €75.000 in a certified innovative enterprise (i.e. an enterprise that had acquired the relevant certificate by the Ministry of Finance) or a certified social enterprise. In addition, the obligation is lifted, if the applicant has made an investment under the criterion A.3 (Purchase or Establishment or Participation in Cypriot Companies or Businesses) of a total amount equal to the 20% of the required investment amount (i.e. €400.000) of the abovementioned criterion A.3 in a company whose operations fall within the primary sector of the economy, or the secondary sector of the economy (excluding constructions), or in the sectors of research and development, education, health and renewable energy sources.

(b) The applicant must have donated at least €75.000 to the Cyprus Land Development Corporation for the financing of housing schemes for affordable housing, but also for the materialization of other housing schemes/measures. It is noted that if the applicant wishes to donate an amount higher than the minimum of €75.000, this additional amount can be used for purposes of supplementing the total amount of the investment made on the basis of the criteria A.2-A.5.

Α.2 Investment in real estate, land development and infrastructure projects:

The applicant must have made an investment of at least €2,0 million for the purchase or construction of buildings or for the construction of other land development projects (residential or commercial developments, developments in the tourism sector) or other infrastructure projects. It is noted that investment in land under development is included in this criterion, provided that an investment plan for the development of the purchased land will be included in the 3 application. It is understood that investment in land that is situated in a building zone of zero development, is excluded.

Α.3 Purchase or Establishment or Participation in Cypriot Companies or Businesses: The applicant must have invested at least €2,0 million for the purchase or participation in companies or organizations established and operating in the Republic of Cyprus with investment costs of. The invested funds shall be channeled towards the financing of the investment objectives of these companies exclusively in Cyprus, based on a specific investment plan. Moreover, investments in the shipping sector are eligible on the basis of measurable criteria that will be determined jointly by the Ministry of Finance and the Shipping Deputy Ministry. The applications shall be evaluated to verify that the companies or organizations have proven physical presence in Cyprus, with significant activity and turnover and employ at least 5 (five) Cypriot citizens or citizens of European Union member-states. The minimum number of employees shall increase, if more than one applicant invest simultaneously or almost simultaneously in the same business or company.

Α.4 Investment in Alternative Investment Funds or Registered Alternative Investment Funds or financial assets of Cypriot companies or Cypriot organizations that are licensed by Cyprus Securities and Exchange Commission :

The applicant should have bought units of at least €2,0 million from alternative investment funds (AIF) or Registered Alternative Investment Funds (RAIF) established in the Republic of Cyprus, licensed/registered and supervised by the Cyprus Securities and Exchange Commission (CySec) and whose investments are made exclusively in the Republic of Cyprus, in investments that meet the criteria of this Programme or in areas approved by the Minister of Finance. It is permitted for these AIFs or RAIFs to invest in secondary market stock-market values of the Cyprus Stock Exchange an amount that does not exceed the €200.000.

In order to confirm that the investments that meet the criteria of the current Programme will be retained for at least 5 (five) years, the manager or the auditor of the Fund shall inform in writing and on an annual basis, the Ministry of Finance with reference to the value of the initial investment.

The purchase of financial assets of Cypriot companies or organizations of at least €2,0 million, such as bonds, bills and securities, issued with the approval of the CySec, by companies that have proven physical presence and substantial economic activity in the Republic of Cyprus, and have as a purpose the financing of the investment plans of these companies or organizations exclusively in Cyprus, based on an investment plan, fall under this criterion. 4 It is noted that the purchase by an AIF or RAIF of units of other AIFs or RAIFs is not considered eligible.

Α.5 Combination of the aforementioned investments: The applicant may proceed with a combination of the above investments, provided that the total investment will amount up to at least €2,0 million. 

TERMS AND CONDITIONS

1. Clean Criminal Record: the applicant must have a clean criminal record. Furthermore, his/her name must not be included in the list of persons whose assets, within the boundaries of the European Union, have been frozen as the result of sanctions. Moreover, an applicant whose application for citizenship in any other member-state of the European Union had been rejected, is not eligible to apply for the acquisition of the Cypriot citizenship through the Cyprus Investment Programme.

2. Schengen Visa: The applicant must hold a valid Schengen visa. Third-Country nationals that do not require an entry visa for travelling in European Union member-states, as well as citizens of European Union Member States are excluded from this obligation. It is noted that all the aforementioned in paragraphs 1 and 2 also apply for the family members of the investor that are eligible to apply for the acquisition of Cypriot citizenship.

3. Residence in the Republic of Cyprus: In all cases listed in Part A, the applicant must possess 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. It is noted that 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. In case that the purchase value of the permanent privately owned residence in Cyprus exceeds the amount of €500,000, this additional amount can be used for purposes of supplementing the total amount of the investment made on the basis of the criteria of Part A above. Additionally, it is noted that if the applicant has invested in housing unit/units on the basis of the aforementioned criterion A.2, the purchase of another permanent residence in Cyprus will not be required, if at least one of these housing units is worth 5 at least €500,000, plus VAT, provided that the applicant retains the possession of the residence for life. However, if the applicant has invested in housing units that have already being used for the purpose of acquiring the Cypriot citizenship via the Programme, the above provision will be in force provided that the total amount of the investments, including the privately-owned residence, is at least €2,5 million.

4. Residence Permit in Cyprus: The applicant, prior to his/her naturalization as a Cypriot citizen must hold a residence permit in Cyprus for a period of at least 6 (six) months. 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. The applicant, prior to his/her naturalization as a Cypriot citizen must hold a residence permit in Cyprus for a period of at least 6 (six) months. 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 Programme, there are no other conditions than those stated in both Part A and Part B of this Programme. It is noted that all of the above also apply for the adult members of the family of the investor, who will apply for naturalization. In case the application for naturalization is rejected for any reason, the immigration permit, obtained in accordance with the provisions of this decision, will be canceled immediately.

 

Family members

Spouse/ partner: The investor’s spouse or partner may acquire the Cypriot Citizenship. Their application may be filed simultaneously

  • Minor children: Dependent children up to the age of 18 may apply, after the investor acquires the Cypriot Citizenship and provided that the other parent consents
    to the grant of the citizenship 
  • Adult financially dependent children: the right to apply for citizenship is also granted to the financially dependent adult children of the investor belonging to one of the following two categories:
    • students up to the age of 28
    • children with severe physical/ mental disability that prohibits employment
  • Parents: The investor’s parents may also apply for citizenship after the investor has acquired his/ her citizenship, provided that they are owners of a private residence of at least €500.000 (+VAT). The investor and his/ her parents may collectively acquire one residential property of a total value of at least €1m (+VAT)

NOTELimit on citizenship scheme announced - May 2018. The Council of Ministers has decided to restrict the number of citizenships granted under the ‘Citizenship by Investment Scheme’ to 700 a year.   Read more here..    

 

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