About the Cyprus Investment Programme
The Cyprus Government has implemented several policies aimed at encouraging Foreign Direct Investment and additionally attracting high net worth individuals that are looking to reside and/or operate a business in Cyprus.
One such policy has been the highly successful Cyprus Investment Programme which gives non-EU nationals and their families the ability to apply for Cyprus citizenship by meeting specific investment criteria.
Why this Programme?
- Investment required to attain citizenship can be disposed of after five years.
- An efficient procedure with a fast-track application.
- No requirement to live in Cyprus before or after obtaining the passport.
- No specific language requirements.
- Visa-free travel to more than 158 countries.
- Free movement, residency, and work within the EU.
- Favourable tax system.
- All nationalities can apply.
- Dual citizenship permitted.
- Citizenship can be passed onto the next generation.
To apply, the applicant must satisfy one or a combination of the following investments to a total of Euro 2 million:
- Investment in Land Development, Real Estate or Infrastructure projects in Cyprus. The purchase of agricultural land is excluded.
- Investment (Purchase or Establishment or Participation) in the financial assets of a company or companies operating in Cyprus. The company must have a local presence and employ at least 5 EU or Cypriot nationals. The funds should be invested exclusively in Cyprus, as per a specific investment plan. Investments in the shipping sector are also eligible based on measurable criteria that will be determined jointly by the Ministry of Finance and the Shipping Deputy Ministry.
- Investment in Alternative Investment Funds (AIFs) or Registered Alternative Investment Funds (RAIFs) or financial assets of Cypriot companies or Cypriot organizations that are licensed by CySEC (the Cyprus Securities and Exchange Commission and exclusively making their investments in Cyprus.
The investments should have been made within the three years prior to the application date and must be retained for a minimum duration of 5 years as from the date of naturalization. It is noted that the applicant may, during the above period of five years, replace the investment made provided he has prior approval by the Ministry of Finance.
In addition to satisfying the above criteria, the applicant must acquire a permanent private residence in Cyprus of a purchase price of at least €500.000+VAT. This condition does not apply in case investment is made under criterion 1, in housing units, provided one of the housing units is worth €500.000+VAT and the applicant retains the possession of the residence for life.
As from May 15, 2019, a mandatory donation of €150,000 must be made, consisting of €75,000 to the County’s Research and Innovation Foundation and €75,000 to the Land Development Corporation for the Implementation of low-cost housing schemes.
The requirement for the donation to the county’s Research and Innovation Foundation can be waived in case the applicant proceeds with an additional investment of at least €75,000 in an innovative company certified by the Ministry of Finance or in a certified social company. The donation is also waived in case an additional investment of at least €400.000 is made by the applicant per criterion 2, in a company operating in Cyprus in the primary or secondary sectors of the economy (excluding the construction sectors), or research and technology, education, health, and renewable energy sources.
Who is Eligible to Apply?
Any non-Cypriot national can apply for citizenship in Cyprus as follows:
- In their own individual capacity (personally)
- Through a company in which they are shareholders in proportion to his/her holding percentage.
- Through investments made by the spouse or jointly with the spouse.
- As a high-ranking senior manager of a company provided that his/her salary generates paid tax revenues of a minimum of €100k over three years.
The applicant must have a clean criminal record in his or her country of origin or country of residence if they resided elsewhere than their country of birth.
Furthermore, the applicant must be in possession of a Schengen visa and must not have applied and rejected for citizenship by another member state. The requirement for Schengen visa is waived for EU citizens or third-country citizens for which the EU member states do not require an entry visa.
Before naturalization as a Cypriot citizen, the applicant must hold a residence permit in Cyprus for six months. In case the applicant does not hold a residence permit in Cyprus, he may submit an application for an Immigration permit simultaneously with the application for the citizenship. However, he/she is required to hold the Immigration permit for at least six months to qualify for Cypriot citizenship.
The following criteria apply where family members accompany the applicant:
- Spouse or partner is eligible for Cypriot citizenship.
- Minor/dependent children up to the age of 18 may apply once the applicant has acquired Cypriot citizenship, and if the other parent provides consent.
- Financially dependent adult children may apply if they belong to one of the following categories:
- Students up to the age of 28
- Children with a significant physical or mental disability that prevents them from finding employment
- Once an applicant has acquired Cypriot citizenship, his/ her parents also become eligible for Cypriot citizenship provided the applicant can evidence that they own a private residence valued at €500k (plus Vat), or if applicant’s parents purchase an additional residential property that has a value of €500k (plus Vat)
We help you with
- Advice on the financial criteria, conditions to be met, and the application procedure;
- Conduct a thorough examination of the specific circumstances of the applicant to establish the most effective way to meet the required financial criteria;
- Assist in finding the right property matching the criteria of the applicant
- Communicate with the responsible Ministries for clearance before applying;
- Drafting and assisting with the collection of all required documents;
- Monitoring the status of the application and follow up, including personal meetings were deemed necessary;
- Upon granting the Citizenship, our office can assist with the issuance of the Cyprus passports and ID cards;
- Assist with bank accounts opening at local banks.
Additional services and support:
- Legal advice on the preparation and drafting of any agreements connected with the purchase of property in Cyprus, including privately owned residences;
- Financial, tax and legal, due diligence of corporate entities based in Cyprus;
- Advice and support on employment, corporate and commercial law.
Would you like to know more?
Book a free consultation with us today to discuss your investment needs.