Cyprus Investment Program
Please note that the criteria of the Cyprus Investment Program have been amended following a decision of the Council of Ministers on the 13th of February 2019. The new criteria will apply for any application submitted after the 14th of May 2019. For the new criteria please click here.
Key Advantages of the Cypriot Citizenship
Cyprus is a European Union member state since 2004 and committed to become a Schengen Zone member within the year 2017. Cyprus citizens are EU citizens and this entails that holders of a Cyprus passport can freely move in the EU, may live and work in any EU country, can incorporate companies in any EU state.
In 2016, Cypriot citizens had visa-free or visa-on-arrival access to 159 countries and territories, ranking the Cypriot passport 13th in the world according to the Visa Restrictions Index.
Cyprus citizens can also benefit from the most favorable tax system is the Union, both for individuals and legal persons. Combined with the numerous double taxation treaties Cyprus tax system becomes even more attractive for high earners.
A non-Cypriot citizen, who meets one of the economic criteria prescribed by the law, either personally or through a company in which he participates as a shareholder, or even as a high-ranking senior manager may apply for the acquisition of the Cypriot citizenship through Naturalization by exception.
The applicant should have concluded the necessary investments during the three years preceding the date of the application and must retain the said investment for a period of at least three years since the date of the Naturalization. For example if the applicant applies on the 5th of September 2016, the investments that would be considered for the scheme must have been concluded not before the 6th of September 2013.
The applicant must invest a total of €2.000.000 (Two Million Euro) and acquire a residence of €500.000 (Five Hundred Thousand Euro).
Types of Investment
1. INVESTMENT IN REAL ESTATE DEVELOPMENTS AND OTHER INFRASTRUCTURE PROJECTS
The applicant may invest at least €2.000.000 (Two Million Euro) for the purchase or construction of property developments such as residential or commercial developments, projects in the tourism sector or other infrastructure projects. The investor may also invest in land which is appropriate for construction.
2. ACQUISITION AND INCORPORATION OF CYPRUS COMPANIES AND BUSINESSES
The applicant may incorporate, participate in or acquire a business or a company established and operating in the Republic of Cyprus and the cost of the said investment should exceed the amount of €2.000.000 (Two Million Euro).
3. ALTERNATIVE INVESTMENT FUNDS OR FINANCIAL ASSETS OF CYPRUS COMPANIES
The applicant may acquire units of at least €2.000.000 (Two Million Euro) of Alternative Investment Funds which are established in Cyprus, licensed and supervised by the Cyprus Securities and Exchange Commission.
This category includes the acquisition of financial assets of Cyprus businesses or organizations such as bonds, bills and securities issued with the approval of the Cyprus Securities and Exchange Commission by companies, which demonstrate physical presence and substantial economic activity in Cyprus. The said financial assets should be directed in financing the investment objectives of those companies or organizations in the Republic of Cyprus.
4. COMBINATION OF INVESTMENTS
The applicant may invest €2.000.000 (Two Million Euro) in 2 or more of the above investments.
if the applicant choses the combination of investments path then he is granted the additional option of investing in special government bonds of the Republic of up to € 500.000 (Five Hundred Thousand) as part of the investment of €2.000.000 (Two Million Euro). The bonds are issued for this purpose by the Public Debt Management Office of the Ministry of Finance and should be held by the applicant for a period of at least 3 years.
Terms and conditions
1. RESIDENTIAL PROPERTY: The applicant should be the owner of a permanent private residence in the Republic of a value of at least €500.000 (Five Hundred Thousand). It is noted that if the applicant invests €2.000.000 (Two Million Euro) in residential property/ies and the investment includes a private residence of at least €500.000 (Five Hundred Thousand) which will be owned by the applicant for his lifetime then the total investment is reduced from €2.500.000 (Two Million Five Hundred Thousand) to €2.000.000 (Two Million Euro).
2. CLEAN CRIMINAL RECORD: The applicant should have a clean criminal record.
3. RESIDENCY IN CYPRUS: The applicant should be the holder of a permanent residence permit in the Republic. If the applicant does not hold such a permit the permit will be issued automatically with the submission of the application for naturalisation.
Our firm will provide you with all the required details and documents and will prepare and submit the application for the applicant and his/her dependents. We provide you with a full service, from advising you of the appropriate path to drafting the contract for the acquisition of property and the receipt of your EU-passport.