Cyprus Investment Programme
Non-Cypriot citizens who meet certain criteria and fulfil the terms and conditions outlined by the Government of Cyprus may apply for the acquisition of Cypriot citizenship and enjoy the benefits of being citizens of the European Union. Investors can apply for Cypriot citizenship by submitting a stand-alone application, upon making an investment of at least €2 million which must be retained for a period of five years and a €150,000 contribution.
Of this sum, €75,000 goes to the Research and Innovation Foundation of Cyprus and €75,000 to the Cyprus Land Development Corporation. Prior to naturalisation, the applicant must possess a residency permit in the Republic of Cyprus for a period of at least six months.
Investment in real estate, land development and infrastructure projects
The applicant must have made an investment of at least €2 million for the purchase of properties, or for the purchase or construction of buildings, or for the construction of other land development or infrastructure projects.If the investor buys property which was previously used for the purpose of the Cyprus Investment plan, the total amount must be at least €2.5 million.If the applicant decides to purchase residential properties, he/she must have invested at least €2 million in one or more properties, provided that the value of one of the properties is at least €500,000 (excluding VAT), which must be kept as the permanent residence of the investor in Cyprus.
Purchase or establishment or participation in Cypriot companies or businessesThe applicant must have invested participated in companies / organisations established and operating in the Republic of Cyprus with investment costs of at least €2 million.Investments in the shipping sector are eligible.
Investment in Alternative Investment Funds or Registered Alternative Investment Funds or financial assets of Cypriot companies or Cypriot organisations that are licensed by CySecThe applicant must have bought units of at least €2 million from any of the above in investments that meet the criteria of this Programme or in areas approved by the Minister of Finance. Combination of the aforementioned investmentsThe applicant may proceed with a combination of the above investments, provided that the total investment will amount up to at least €2 million.
Terms & Conditions
- A minimum investment of €2 million.
- Keep investment for a minimum period of five years.
- Clean criminal record.
- Permanent residence in the Republic of Cyprus. Applicant must possess a permanent privately-owned residence in the Republic of Cyprus, the purchase price of which must be at least €500,000 (excluding VAT).
- Residence Permit in Cyprus. The Appliccant must hold a residence permit in Cyprus (no requirement to live in Cyprus).
- Applicants must be holders of a valid Schengen Visa prior to submitting a citizenship application.
- Applicants whose citizenship application has been rejected by another EU member state, will not have the right to apply.
- In cases in which the property is under development, the architect of the project must submit a ‘Completion Certificate’ and 5% of the cost of the project must be maintained in a special bank account or secured through a Performance Bank Guarantee from the seller.
- Declaration by the mortgage lender in the benefit of whom the purchased property is mortgaged/secured is required. This document undertakes to waive the mortgage, provided that the investor or the seller will pay the lender the amount stated in the relevant Declaration (Bank Waiver letter).
Benefits of the Cyprus Investment Programme
- Travel, live and work within all EU-member states.
- Travel visa-free to more than 150 countries.
- Passed on to family members: spouse and dependent children.
- The investor does not become a tax resident, unless more than 183 days in a calendar year are spent in Cyprus.o Not necessary to reside in Cyprus before or after the obtainment of citizenship.
- Dual citizenship permitted.o The applicant’s parents are also entitled to apply for Cypriot citizenship provided they own a permanent residence in Cyprus of at least €500,000 (excluding VAT). Their application may be submitted after the investor had acquired Cypriot citizenship.
For more information on the Cyprus Investment Programme please contact us