Obtaining Cyprus Citizenship

Obtaining Cyprus Citizenship

SCHEME FOR NATURALISATION OF INVESTORS IN CYPRUS BY EXCEPTION

Investment Options:

A. Investment in real estate, land development and infrastructure.

A minimum of €2 million in the purchase and/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.
The purchase of land and the submission of a business plan for the development of the land shall qualify under this criteria. On the other hand, the mere purchase of land without a business plan or alternative licenses for development having been issued shall not qualify. Equally, the investment in land in a real estate zone which restricts development will not qualify.

It is important to stress that an applicant who has elected to invest only in residential real estate will benefit from the fact that his permanent residence will count towards the investment. For example, an applicant who bought a residence to be used as his permanent residence for €500.000 and wishes to invest solely in residential real estate will have to do so by investing an additional € 1.5 million.

Residential real estate does not include any development of offices or other buildings, the use of which is other than residential, but it should be clarified that such residential developments may be rented out or sold (following the three year period post naturalisation).

B. Investment in financial assets of Cypriot companies or Cypriot organization

A minimum of €2 million investment in purchase or subscription or participation in companies or organisation incorporated/formed in Cyprus.

Pre-conditions:

  1. For the preceding five years from the date of application employed at least five Cypriot or EU nationals.
  2. In all cases the employees must have been legal and continuous permanent residents of Cyprus during a period of not less than five years prior to the date of applications(not the date of investment)
  3. The funds must be used to satisfy the specific plans of the said companies/organisations on their objectives, which must be exclusively related to Cyprus.

C. Investment in Alternative Investment Funds or financial assets of Cypriot companies or Cypriot organizations that are licensed by CySec

A minimum of €2 million in the purchase of units of at least €2,0 million from alternative investment funds (AIF) established in the Republic of Cyprus, licensed and supervised by the CySec and whose investments are made exclusively in the Republic  of Cyprus, in investments that meet the criteria of this Scheme or in areas approved by the Minister of Finance.

In order to confirm that the investments that meet the criteria of the current Scheme will be kept for at least three years, the manager or the auditor of the Fund shall inform in writing and on an annual basis, the Ministries of Finance and Interior with reference to the value of the initial investment.

D.   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.

Within this criterion (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, on condition that the investor will retain these bonds for a three year period. The characteristics and the terms of these special bonds will be determined by the General and Special Issue Terms of the Government Bonds of the Republic of Cyprus. Investments in government bonds through the secondary market are not considered eligible.

Eligible Applicants:

  1. Over 18 years old
  2. Is or becomes a residence of Cyprus  for minimum six months.
  3. Has a clear criminal record
  4. Is not subject to EU sanctions

Options for families:

  1. Spouse of the applicant is entitled to apply simultaneously with the applicant for the acquisition of the citizenship.
  2. Parents of the applicant are entitled to apply for the acquisition of the citizenship once applicant has acquired the citizenship.  They do not need to invest but the will have to follow the rest of the conditions such us become residents of the Cyprus for minimum six months and purchase a residential property of 500.000 plus VAT. The scheme provides that the applicant and his/her parent may have common residential property, however in that case the value shall be doubled to a minimum 1 million.
  3. Children
    3.1    Under the age of eighteen are eligible to apply for citizenship after the applicant has acquired citizenship and provided that both parents contest to application.
    3.2    Over the age of eighteen.  The Decision of the Council of Ministers has determined that it will regard as financially dependent adult children individuals belonging to one of the below categories:
    a. students up to the age of 28 that are attending an institution of higher education aiming to obtain a diploma or an undergraduate or a master’s degree. The Decision excludes individuals who are studying for the acquisition of a professional qualification (e.g. chartered accountants or barrister).
    b. children with severe physical or mental disability that renders them unable to work.

If you need more information or help with your application  for obtaining Cyprus citizenship, do not hesitate to contact  us. We are here to help!