How Cypriot Citizenship BENEFITS you:
- To move freely, for either travelling or residing, to more than 135 countries including EU and Canada and/or to other countries with which the Republic of Cyprus has established bilateral treaties.
- To live, study or work, without visa requirements or other restrictions, within the European Union.
- Free movement of goods and services between EU member countries.
- Citizenship granted not only to the Applicant but also to his/her spouse, minor children, dependent children (students) up to the age of 28 and parents.
- The Applicant and his/her family receive full citizenship for life, which can be passed on to future generations.
General Key Points:
- Investment amount is €2 million plus €500,000 (not including the VAT) for residential property provided that the applicant chooses the Investment as per points A3-A5.
- If the purchase price of the residential property exceeds the amount of €500,000, the excess amount can be calculated and included in the whole investment.
- It is imperative that any of the above Investments are not older than 3 years from the application submission date and the said Investments must be retained for a period of at least 5 years as from the date of the naturalisation.
- The applicant and adult family members must hold a residence permit in Cyprus for at least 6 months prior to their naturalisation.
- The applicant and adult family members must hold a valid Schengen Visa.
- Proof of Clear Criminal record.
- An applicant whose application for citizenship in any other member-state of the EU had been rejected, is not eligible to submit an application based on the Cyprus Investment Programme.
- The applicant’s parents are also entitled to apply for the Cyprus citizenship by exception providedthat they own a lifetime residence of at least €500,000 (excl. VAT).
- Tax Residency is obtained if the applicant and/or spouse and/or family spend more than 183 days in one tax year, i.e. 01/01-31/12, in Cyprus or based on the “60 days rule” (subject to certain criteria).
- The application is processed and examined by the Ministry of Interior whereas the Investment Criteria are examined by the Ministry of Finance.
On the basis of the Cyprus Investment Programme (CIP), which has been established and revised by the Government of Cyprus by virtue of the subsection (2) of section 111A of the Civil Laws of 2002-2019, a non-Cypriot citizen may apply for the acquisition of the Cypriot citizenship based on the Cyprus Investment Programme, provided that the criterion A1 and one of the financial criteria A2-A5 are fulfilled – as they have been introduced by the Council of Ministry decision dated 13/02/2019 and are applicable from the 15/05/2019 and onwards.
Α.1 Donation to the Research and Innovation Foundation and the Cyprus Land Development Corporation:
- The applicant must have donated at least €75.000 to the Research and Innovation Foundation. It is noted that if the applicant wishes to donate an amount higher than the minimum of €75.000, this additional amount can be used for purposes of supplementing the total amount of the investment made on the basis of the criteria A.2-A.5.
The aforementioned obligation is lifted:
- If the applicant has invested at least €75.000 in a certified innovative enterprise or a certified social enterprise; or
- If the applicant has made an investment under the criterion A.3 of a total amount equal to the 20% of the required investment amount (i.e. €400.000) of the criterion A.3 in a company 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.
- The applicant must have donated at least €75.000 to the Cyprus Land Development Corporation for the financing of housing schemes for affordable housing, but also for the materialization of other housing schemes/measures. It is noted that if the applicant wishes to donate an amount higher than the minimum of €75.000, this additional amount can be used for purposes of supplementing the total amount of the investment made on the basis of the criteria A.2-A.5.
A.2 Investment in Real Estate:
The term Real Estate includes immovable property, developments and infrastructure projects.
Under this criterion, the applicant has to invest at least €2 million for the purchase and/or construction, and/or for creation of developments such as commercial projects and/or development in the tourist sector and/or for any other infrastructure projects. However, if the land is eligible for construction, a business plan needs to be presented to the relevant Authorities for approval.
The total investment can be a minimum of €2 million if one residential property is of at least €500.000 (excluding VAT). However, if the applicant has invested in housing units that have already being used for the purpose of acquiring the Cypriot citizenship via the CIP, the above provision will be in force provided that the total amount of the investments, including the privately-owned residence, is at least €2,5 million.
A.3 Purchase or Incorporation or Participation in Cypriot Companies or businesses:
The Applicant can invest at least €2 million in order to purchase, incorporate or participate in companies, that have physical presence and activities in Cyprus and employ at least five Cypriot or EU citizens. The minimum number of employees increases where more than one applicant invests in the same investment.
Α.4 Investment in Alternative Investment Funds (AIF) or Registered Alternative Investment Funds (RAIF) or financial assets of Cypriot companies or Cypriot organizations that are licensed by Cyprus Securities and Exchange Commission (CySec):
The applicant should have bought units of at least €2 million from AIF or RAIF established in the Republic of Cyprus, licensed/registered and supervised by the CySec and whose investments are made exclusively in the Republic of Cyprus, in investments that meet the criteria of this Programme or in areas approved by the Minister of Finance. It is permitted for these AIFs or RAIFs to invest in secondary market stock-market values of the Cyprus Stock Exchange an amount that does not exceed the €200.000. The administrator and the auditor of the Fund is obliged to report to the Ministry of Finance on annual basis with reference to the initial investment amount.
The applicant has the option to purchase financial assets of Cypriot companies or organizations, which have proven physical presence and substantial economic activity in Cyprus, of at least €2 million, such as bonds, bills and securities, issued with the approval of the CySec, and have as a purpose the financing of the investment plans exclusively in Cyprus.
A.5 Combination of the above
Applicants can have a combination of any of the above criteria amounting to at least €2 million.