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  • Cyprus Investment Programme

Cyprus Investment Programme

According to the Cyprus Investment Program, non-Cypriot Nationals, can acquire the Cyprus Citizenship by Naturalization provided they meet the relevant investment criteria and:

  • The applicant has a clear criminal record in his/her country of origin, and the country of his/her residence if it differs from his/her country of origin. Persons sanctioned by the EU are not eligible for citizenship.
  • Persons that have had any application for citizenship in any other EU Member State rejected are also not eligible. This condition also applies for the family members of the investor that are eligible to apply for the acquisition of Cypriot citizenship, i.e. for the spouse/partner, the financially dependent children and the parents of the investor.
  • The applicant owns a private residence in the Republic of Cyprus, the net price of which must be at least of €500.000 plus any applicable VAT. The investor may own several residential properties in Cyprus of a cumulative net value of €500.000.
  • Where the price of the residence to be acquired in the Republic of Cyprus exceeds the minimum amount of €500.000, any amount paid in excess of €500.000 may be partly used in satisfaction of the investment criteria mentioned below.
  • Prior to the applicant’s naturalization, the applicant must hold a residence permit in the Republic of Cyprus for at least 6 months. If the applicant does not already hold a residence permit, he/she may apply for an immigration permit simultaneously with the application for naturalization.
  • For applications made after 15 May 2019, the applicant must also have a valid Schengen visa at the time of the application.

 

Investment criteria for applications made prior to 15th May 2019

The applicant must invest at least €2 million in any of the financial criteria detailed below or any combination thereof:

  1. In immovable property, residential or commercial real estate development infrastructure projects. This criterion also includes investment in undeveloped land provided the applicant also provides the ministry of interior with an investment plan for its development. The land must be in an appropriate building zone. An investor who has invested exclusively in residential properties does not need to purchase a further private residence (to satisfy the prerequisites) provided one of the residential properties he/she has acquired is of minimum value €500.000 plus any VAT. He/she will need to hold the property for life.
  2. Investment in Cyprus businesses (and/or companies) that have physical presence and activities in Cyprus. The investment must be used in the businesses or invested exclusively in Cyprus on the basis of an investment plan. The businesses must employ at least five (5) Cypriot nationals or European citizens and those employees must be lawfully resident in Cyprus.Where more than one investor invests simultaneously or almost simultaneously in the same business (or company), the minimum required number of Cypriot or European citizen employees increases.
  3. Investment in alternative investment funds (AIF) which are licensed and supervised by the Cyprus Securities and Exchange Commission or Registered Alternative Investment Funds (RAIF) or Cypriot organizations that are licensed by CySEC. The AIF or RAIF must invest exclusively in the Republic of Cyprus and in investments qualifying under the citizenship by investment scheme or in sectors approved by the minister of Finance and may also invest a maximum amount of €200.000 in the secondary market stock market. The administrator or the auditor of the fund must annually notify in writing the Ministries of Finance and Interior and refer to the value of the initial investment effected. This is to ensure that the investments effected are retained for the minimum period of three years.
  4. Investment in financial assets of Cypriot businesses or Cypriot such as bonds or debentures which were issued with the approval of the Cyprus Securities and Exchange Commission. The Cypriot businesses or organizations must have physical presence and substantive economic activity in the Republic of Cyprus and the funds must be exclusively for investment in the Republic of Cyprus on the basis of an investment plan.

The investment criteria must be met prior to applying for naturalization and must have been made no longer than three years prior to the application. The investments must be held for at least 3 years following the date on which citizenship is acquired.

 

Additional criteria for applications made after 15 May 2019

  • Mandatory donation of €75,000 to the Cyprus Land Development Corporation.
  • Mandatory donation of €75,000 to the Foundation for Research and Innovation. This obligation is lifted, if the applicant has made an investment of at least €400.000 in Cypriot Company or Business whose operations fall within the primary sector of the economy, or the secondary sector of the economy (excluding constructions), or in the sectors of research and development, education, health and renewable energy sources.
  • Where the investment relates to the purchase of real estate property (ies) (including the required residence), a planning permission, a completion certificate and a bank waiver will be required to be presented or alternatively a bank guarantee issued by the developer’s bank guaranteeing the completion of the construction.
  •  Where the Investment is made exclusively in residential properties the minimum amount remains at €2,000,000 plus VAT unless the property includes property that was used for a previous Citizenship application by another applicant in which case the investment amount increases to €2,500,000.
  • Investment in other sectors including the required investment in the residential home remains at €2.500.000 plus VAT.
  • The investment must be maintained for 5 years following the date of naturalization (previously 3 years).During this period the investor will be able to change his investment only with the prior consent of the Ministry of Finance

 

Full details of the program can be found at the Cyprus Ministry of Interior’s web site by clicking on the following links:

For applications made prior to 15 May 2019:
http://www.moi.gov.cy/moi/moi.nsf/All/0A09FCB93BA3348BC22582C4001F50CF

 

For applications made after 15 May 2019:

http://www.moi.gov.cy/moi/moi.nsf/All/7402287258D069A7C22583B2002E381F