The Cyprus Investment Programme is based on a “scheme for Naturalization of Non-Cypriot Investors by exception” on the basis of subsection 2 (two) of section 111A of the Civil Registry Laws of 2002 – 2015, with specific incentives, terms and conditions and control procedures in order to prevent abuse.
For the creation of high security and protection to such Investors from 31st of July 2018 all the applications for naturalization under the Cyprus Investment Programme may only be submitted by entities or individuals registered with the Registry of Service Providers.
A high-ranking senior manager may apply, provided that he/she receives such a remuneration that generates for the Cyprus Republic tax revenues of at least €100,000.00 over a 3 (three) year time period and provided that this tax has already been paid or prepaid.
The applicant must invest a total of at least €2,500,000.00 for the purchase or construction of buildings or for the construction of other land development projects or other infrastructure projects and additionally acquire a residence with purchase price of at least €500,000.00 plus VAT. The applicant, prior to his/her naturalization as a Cypriot citizen as well as their eligible family members are obliged to hold a residence permit, he/she may apply for an immigration permit on the basis of Regulation 6 (2) of the Aliens and Immigration Law. 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 their home property covers the amount of €500,000.00 per each applicant.
The eligible sectors of investment are:
- 1. Investment in real estate, land development and infrastructure projects:
The applicant is obliged to invest at least €2,500,000.00 for the purchase of 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. In case at least one of the properties is valued at €500,000.00 or more it is not necessary to additionally purchase a residential property;
- 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 €2,500.000.00. The businesses or companies should employ at least 5 (five) Cypriot or EU citizens. Additionally the employees of the companies need to have legally and continuously resided in Cyprus during 5 (five) years preceding the date of submission of application.
- 3. Investment in Alternative Investment Funds or Financial assets of Cypriot companies or Cypriot organizations that are licensed by the Cyprus Securities and Exchange Commission:
The applicant should have brought units of at least €2,500,000.00 from Alternative Investment Funds (AIF) established in the Republic of Cyprus, licensed and supervised by the Cyprus Securities and Exchange Commission (Cy Sec).
- 4. A combination of the abovementioned Criteria
The applicant may proceed with a combination of the above investments, provided that the total investment will amount up to at least €2,500,000.00. The combination may include Republic of Cyprus Government bonds for up to €500,000.00.
TERMS AND CONDITIONS:
- Clean Criminal Record
- Schengen Visa
- Residence permit for at least six months prior to naturalization as a Cypriot citizen.
- Mandatory donation of €75,000 to the Research and Innovation Foundation.
- Mandatory contribution of €75,000 to the Cyprus Land Development Corporation to be used for affordable housing.
The procedure will be completed in approximately 6 (six) months from the time it is noted that all of the above also apply for the adult members of the family of the investor who is applying for naturalization
In case the application for naturalization is rejected for any reason the immigration permit in accordance with the provisions of this decision will be cancelled immediately.
Advantages of Cyprus EU citizenship by Investment:
- Fast Track Citizenship programme: – 6 months to Approval – 6 months to issue of Cyprus Passport
- Unrestricted right to live, work, own and operate a business, travel and study anywhere in the EU
- Visa-free travel to 157 countries
- Citizenship is granted to the applicant, the spouse, all financially dependent children up to the age of 28 and the applicant's parents
- No dividend tax on world-wide income for non-domiciled tax residents. Cyprus has very low rate of corporate income tax
- Cyprus allows dual citizenship
- Cyprus offers a wonderful climate and ecology, one of the safest places in the World and an English speaking environment