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Citizenship by Investment

A non-Cypriot citizen will be eligible to obtain Cypriot Citizenship if one of the following economic criteria is met:

Α. CRITERIA

Α.1 Investment in real estate, land development and infrastructure projects:

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.

Α.2 Purchase or Establishment or Participation in Cypriot Companies or Businesses:

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.

Α.3 Investment in Alternative Investment Funds or financial assets of Cypriot companies or Cypriot organizations that are licensed by CySec:

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.

Α.4 Combination of the aforementioned investments:

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.

A.5 New Amendments 2019:

  • A mandatory donation of €75,000 to the Foundation for Research and Innovation to promote the creation of an entrepreneurial innovation ecosystem, an obligation that can be waived under certain conditions
  • A mandatory donation of €75,000 to the Cyprus Land Development Corporation, aiming at the contribution to the integrated housing policy, specifically for the purpose of implementing affordable housing projects and the implementation of other housing plans/measures
  • The inclusion of investments in the shipping sector in the eligible investments, based on specific measurable criteria
  • The inclusion of investment in Registered Alternative Investment Funds in the eligible investments, as well as the possibility for these Organizations to invest up to €200,000 in the Cypriot Stock Exchange’s secondary market
  • Obligation to maintain the required investments for a period of at least 5 years from the date of naturalization, instead of 3 years
  • A complete abolition of investment in government bonds as an acceptable investment within the Programme
  • Where the investment relates to the purchase of real estate or property as well as in the case of a permanent homeowner, a planning permission, a completion certificate and a bank waiver will be required
  • The applicant must have a Schengen visa in order to be able to apply for naturalization
  • An applicant who has applied for the acquisition of citizenship in any other Member State of the European Union and has been rejected will not be entitled to acquire Cypriot citizenship within the framework of the Cyprus Investment Programme
  • The applicant should be in possession of a residence permit in the Republic of Cyprus for at least six (6) months prior to naturalization as a Cypriot citizen
  • An Annual Implementation Report that includes the number of naturalizations, nationality of the applicants and the sector in which the investments were made will be prepared for the sake of transparency and correct information
  • A limitation of 700 Applications per Annum under the CIP in the Republic of Cyprus

TERMS AND CONDITIONS

B.1. Clean Criminal Record:

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.

B.2. Residence in the Republic of Cyprus:

  • In all cases listed in Part A, the applicant must possess a permanent privately-owned residence in the Republic of Cyprus, the purchase price of which must be at least €500.000, plus V.A.T.
  • It is noted that members of the same family, who apply separately as investors, can collectively acquire a residence, provided that the total value of this home-property covers the amount of €500.000 per applicant
  • In case that the purchase value of the permanent privately-owned residence in Cyprus exceeds the amount of €500,000, part of this additional amount can be used for purposes of supplementing the total amount of the investment made on the basis of the criteria of Part A above
  • Additionally, it is noted that if the applicant has invested in housing unit/units on the basis of the aforementioned criterion A.1, the purchase of another permanent residence in Cyprus will not be required, if at least one of these housing units is worth at least €500,000, plus VAT, provided that the applicant retains the possession of the residence for life

B.3. Residence Permit in Cyprus:

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.

Key benefits of the Cyprus Citizenship by Investment program

  • A straightforward route to EU citizenship
  • All the privileges of an EU citizen. EU citizens enjoy the right to reside, work, do business, study and travel freely within the EU, while enjoying equal treatment with nationals in access to employment, working conditions and all other social and tax advantages
  • Visa-free travel to more than 150 countries in the world, including all the European Union countries, Canada and Australia amongst others
  • Combination of tax incentives for investors who were granted the citizenship
  • Strategic geographical location, forming a bridge between the EU, the Middle East, Asia and Africa
  • Cyprus has one of the lowest crime rates in the world and it is also known as a safe and secure place to live

McMillan Woods Cyprus can help you acquire Cypriot Citizenship

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:

  • Advising on acquiring a property in Cyprus
  • Advising on the application procedure
  • Answering possible queries that may arise
  • Preparation of the required application documents
  • Submitting the application to the Cypriot authorities on behalf of the interested person
  • Monitoring the progress of the application, a procedure which normally takes about two months
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