A non-Cypriot citizen will be eligible to obtain Cypriot Citizenship if one of the following economic criteria is met:
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 application. It is understood that investment in land that is situated in a building zone of zero development, is excluded.
The applicant must have made a purchase or must have participated in companies or organizations established and operating in the Republic of Cyprus with investment costs of at least €2,0 million. The invested funds will be channelled towards the financing of the investment objectives of these companies exclusively in Cyprus, based on a specific investment plan.
The applications will be evaluated to verify that the companies or organizations have proven physical presence in Cyprus, with significant activity and turnover, and employ at least five (5) Cypriot citizens or citizens of European Union member-states. The minimum number of employees will increase, if more than one applicant invests simultaneously or almost simultaneously in the same business or company. In addition, the employees of the companies need to have legally and continuously resided in Cyprus during the five years preceding the application submission date.
The applicant will have bought units of at least €2,0 million from alternative investment funds (AIF) established in the Republic of Cyprus, licensed and supervised by CySec and whose investments are made exclusively to 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 five years, the manager or the auditor of the Fund shall inform the Ministries of Finance and Interior in writing and on an annual basis, 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 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.
It is noted that the purchase by an AIF of units of other AIFs is not considered eligible.
The applicant may proceed with a combination of the above investments, provided that the total investment will amount 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.
The applicant must have a clean criminal record. Furthermore, their name must not be included in the list of persons whose assets, within the boundaries of the European Union, have been frozen as a result of sanctions.
The applicant, prior to their naturalization as a Cypriot citizen must hold a residence permit in Cyprus.
If the applicant does not already hold a residence permit, they 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.
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 Scheme, there are no other conditions than those stated in both Part A and Part B of this Scheme.
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 cancelled immediately.
Here at McMillan Woods Cyprus we can offer a full range of services to non-European Citizens who are interested in obtaining Cypriot Citizenship (Passport) or a Permanent Residence Permit in Cyprus.
Our company provides the following services regarding Citizenship and obtaining a Residence Permit: