Cyprus Investment Programme for the acquisition of the Cypriot citizenship (EU Citizenship) through naturalization by exception

One of the main objectives of the economic policy of the Republic of Cyprus is to further encourage foreign direct investment and to attract high net worth individuals to settle and do business in Cyprus. Key factors that make Cyprus an attractive destination for investment, is the highly specialized human capital, the reliable legislative and regulatory framework, the stable tax system and the safety and stability conditions prevailing in the country.

Within this framework and taking into account the strong investor interest, the Government of Cyprus has established and revised the “Cyprus Investment Programme” on the basis of subsection (2) of section 111A of the Civil Registry Laws of 2002-2019, with specific incentives, terms and conditions and control procedures in order to prevent abuse.

Investors and their families can obtain full EU rights as Cyprus is part of EU. They can leave and work in any Eu country!

 

Investment in real estate, land development and infrastructure projects:

The applicant should have made the necessary investments during the 3 (three) years preceding the date of the application and must retain the said investments for a period of at least 5 (five) years as from the date of the naturalization. It is understood that the investor may replace the investment during the said period, provided that he/she has obtained beforehand an approval by the Ministry of Finance.

Nevertheless, bear in mind that a decision of the Council of Ministers dated 21.5.2018 provides that, if the investment involves the purchase of property or properties under construction for which the town-planning and building permits had not been ensured, this mandatory three-year period commences on the date that the town-planning permit 2 is issued.

Financial Criteria:

• The applicant must have made an investment of at least €2,000,000 million + VAT (if applies), 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.

• The investor must purchase one residential property of at least €500.000 + VAT.

• The investor is obliged to retain the investment for at least 5 (five) years following the acquisition of the Cyprus citizenship, with the exception of the residential property of a minimum value of €500.000 + VAT, that should not be disposed of at any point in time, or if disposed, the investor should substitute with another property of equal or higher purchase price.

Additionally, it is noted that if the applicant has invested in housing unit/units on the basis of the aforementioned criterion A.2, the purchase of another permanent residence in Cyprus will not be required, if at least one of these housing units is worth 5 at least €500,000, plus VAT, provided that the applicant retains the possession of the residence for life.

• 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 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

• If the investor chooses to invest solely in real estate in order to cover the requirement of €2.000.000, the value of the residential property is included in the €2.000.000. This way, the total minimum investment amount remains at €2.000.000, which includes the purchase of a residential property of a minimum value of €500.000 + VAT.

Terms and Conditions:

Clean Criminal Record: Applicants must hold a clean criminal record from their country of origin and the country where they permanently reside.

Schengen Visa: The applicant must hold a valid Schengen visa

Residence in the Republic of Cyprus: 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.

Residence Permit in Cyprus: The applicant, prior to his/her naturalization as a Cypriot citizen must hold a residence permit in Cyprus for a period of at least 6 (six) months.

• No requirement to be physically present in Cyprus when submitting the applications for naturalization.

• The applicant must submit proof of payment of the entire investment amount in order for the application to be processed.

Who is Eligible:

• Any investor who is 18 years old and above.

• The spouse of the investor and minor children, as well as financially dependent children up to the age of 28.

• Parents of the investor, subject only to acquiring residential property of at least €500.000 + VAT.

Processing Time:

• 6 to 10 months from the day you submit the application for Naturalization.

• 3 to 5 days from the day you submit the application for Naturalization you receive the Residence Permit for Cyprus.

Main Benefits of Cypriot Citizenship:

• Citizenship is granted to the spouse of the investor and minor children, as well as to the financially dependent adult children up to the age of 28, as well as to the parents of the investor, subject only to acquiring residential property of at least €500.000 + VAT.

• There is no requirement to reside in Cyprus.

• There is no language requirement.

• Visa-free travel to over 150 countries worldwide.

• Access to all the rights of an EU citizen protected by EU legislation: freedom to work, study, reside in any EU member state, as well as Switzerland, Norway, Iceland and Liechtenstein.

• Dual citizenship is permitted and the acquisition of citizenship in Cyprus is not reported to other countries.

• There are low government fees for the filing of the application.

Note: Please note that requirements and conditions may change at any time. Thus, before the submission of a Cyprus Citizenship acquirement application, it is advisable to contact us for any updates to the requirements.