CYPRUS CITIZENSHIP BY INVESTMENT
On the 13th of September 2016, the Council of Ministers revised the “Scheme for Naturalization of non-Cypriot investors by exception”, as a part of its policies aiming to further encourage Foreign Direct Investment and to attract high net worth individuals to settle and do business in Cyprus.
Scheme for Naturalization of Investors in Cyprus By Exception
On the basis of subsection (2) of section 111A of the Civil Registry Laws of 2002-2015
The new scheme is based on the following financial criteria:
- Investment in real estate (acquisition or construction), land development and infrastructure projects (residential or commercial) of at least €2 million. The investor should have an investment plan and any purchase of land should be in non-zero growth zones, or
- Investment (acquisition, incorporation or participation) in financial assets of companies or organizations established and operating in the Republic of Cyprus of at least €2 million. The funds that will be invested will be utilized in the financing of the company’s/organization’s investment objectives. The aforementioned companies should employ at least five Cypriot or EU citizens and should carry out significant activity (turnover), or
- Investment in Alternative Investment Funds (AIFs) or financial assets of Cypriot companies/organizations that are licensed by the Cyprus Securities and Exchange Commission, of at least €2 million. The investment should be maintained for at least three years.
- Combination of the above criteria provided the total amount of funds invested comes to €2 million. Under this option the investment can also include government bonds of up to €500.000 in value which will be issued specifically for this purpose and which should be maintained for at least three years.
In addition to the above requirements, the following terms and conditions should also apply:
- The investor must possess a permanent privately-owned residence in Cyprus of at least €500.000(+VAT). If the investor proceeds with the investment in residential properties as per criterion 1, the purchase of another permanent residence will not be required if at least one of these units worth at least €500.000(+VAT), provided that he will keep it in his possession for life.
- The investor/applicant must have a clean criminal record
- The investor/applicant should hold a residency permit in the Republic of Cyprus before his/her naturalization as a Cypriot resident. In case he/she is not already a holder, an application for an immigration permit can be made at the same time as the application for citizenship is submitted.
Who is eligible to apply for acquiring Cyprus citizenship?
On the basis of the Scheme, a non-Cypriot citizen, who meets one of the aforementioned criteria, either personally or through a company/companies in which he/ she participates as a shareholder – in proportion to his holding percentage, or through investments carried out by his/her spouse or jointly with the spouse or even as a high-ranking senior manager of a company/companies that meets one of the economic criteria described before, may apply for the acquisition of Cyprus citizenship through naturalization by exception.
Civil Registry and Migration Department
Ministry of Interior