On the 13th of September 2016, by a decision of the Council of Ministers of Cyprus, the criteria for Naturalisation of Investors by exception have been amended. Investors can now apply for Cyprus Citizenship by making a stand-alone application (the previous ‘collective investments’ application has been abolished), upon making an investment under the new criteria which must be retained for a period of three years.
Investors can now apply for Cyprus Citizenship by making a stand-alone application (the previous ‘collective investments’ application has been abolished), upon making an investment under the new criteria which must be retained for a period of three years.
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
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).
CLEAN CRIMINAL RECORD: The applicant should have a clean criminal record.
RESIDENCY IN CYPRUS: The applicant should be the holder of a permanent residence permit in the Republic. However if the applicant does not hold such a permit an application for acquiring the said permit can accompany the application for granting the citizenship.
Timeframe:
For the period until the end of October 2016, applicants can chose under which Scheme to apply, ie the revised Scheme of 13/09/2016, or the previous one of 14/3/2014. As from 1st November 2016, the revised Scheme comes in full effect and the previous scheme is abolished.
For a deeper discussion on the above, please contact us.
