SCHEME FOR NATURALISATION OF INVESTORS IN CYPRUS BY EXCEPTION

A non- Cypriot citizen who meets the criteria related to real estate either personally or through a company/companies in which he/she participates as a shareholder –proportionality based on the percentage of participation may apply for the acquisition of the Cypriot citizenship through Naturalisation by exception.

In the case where, following a periodic inspection it has been ascertained that any condition is being circumvented the Naturalisation may be revoked under the sovereign powers of the State.

A.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.

NOTE: 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.

Α.2 Purchase or Establishment or Participation in Cypriot Companies or Businesses: The applicant should have made a purchase or should have participated in companies or organizations established and operating in the Republic of Cyprus with investment costs of at least €2,0 million.

The applicant should verify:

  • Physical presence in Cyprus
  • Significant activity and turnover
  • Employment of at least five (5) Cypriot or citizens of European Union member-states. 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 should have bought units of at least €2,0 million from alternative investment funds (AIF) established in the Republic of Cyprus, licensed and supervised by the CySec and whose investments are made exclusively in the Republic of Cyprus, in investments that meet the criteria of this Scheme or in areas approved by the Minister of Finance. The manager or the auditor of the Fund shall inform in writing and on an annual basis, the Ministries of Finance and Interior 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 the 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 up 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.

B.TERMS & CONDITIONS

  1. Clean Criminal Record: the applicant must have a clean criminal record. Furthermore, his name must not be included in the list of persons whose assets, within the boundaries of the European Union, have been frozen as the result of sanctions.
  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.
  3. Residence Permit in Cyprus: The applicant, prior to his/her naturalization as a Cypriot citizen must hold a residence permit in Cyprus. Such application can be submitted simultaneously with the Naturalisation procedure if it did not exist earlier.

C. SUBMISSION OF DOCUMENTS

For the evaluation of the applications the form (M127) as well as the following documents must be submitted:

1. Clean Criminal Record: Certificate of Clean Criminal Record from the country of origin and the country of residence (if different).
2. Residence in the Republic of Cyprus.
3.Criteria regarding the investment.

D. APPROVAL PERIOD

From the date the application is submitted to the Ministry of Interior approval is given in approximately given in a fast track procedure thus in 3 months.

E. ELIGIBLE DEPENDANTS

  • Spouse
  • Minor Children
  • Financially dependent Children up to the age of 28
  • Dependent Children with disabilities are eligible at any age

WHY CYPRUS PASSPORT: IN A NUTSHELL

  • No requirement to reside in Cyprus either before , during or after the approval of the citizenship application
  • Visa-free travel to almost all countries worldwide, including all of the European Union members and Canada and Australia.
  • Citizenship is granted to the whole family members- husband, wife and all financially dependent children.
  • European Union Law or the acquis Communitaire protect holders of the Cyprus citizenship: freedom to reside, to work, establishment of business, move capital and travel anywhere in union member states and EEA and EFTA states.
  • Visa-free travel to almost all countries worldwide, including all of the European Union members and Canada and Australia.
  • Citizenship granted to the whole family members- husband, wife and all financially dependent children.
  • European Union Law protects holders of the Cyprus citizenship: freedom to reside, to work, establishment of business, move capital and travel anywhere in union member states and EEA and EFTA states.