The Government of Cyprus has established and revised a “Scheme for Naturalization of non-Cypriot investors by exception” on the basis of subsection (2) of section 111A of the Civil Registry Laws of 2002-2015. The government of Cyprus is offering Cypriot citizenship (European Union citizenship) and passports to international investors who contribute to the country’s economic development through the Cyprus Citizenship by Investment Program (CBI).
Cyprus Citizenship by Investment Program offers affluent persons of impeccable standing to receive the Cypriot (EU) citizenship and passport on the basis of an investment in Cyprus. EU citizenship grants the permission to live, work or study in any country of the European Union.
2. Personal Requirements
(1)The applicant must be at least 18 years old;
(2)The applicant must have a clean criminal record.
3. Investment Options
Cyprus Citizenship by Investment Program
Investments by residential real estates or other investments
Residential Real Estate Investment
This option requires a minimum total investment amount of €2 million in residential real estate. The total investment amount must include a permanent personal residence valued at no less than € 500,000. The remaining investment amount of € 1.5 million must be made in residential real estate, to be held for a minimum of three years. If the personal residence is valued at € 2 million or more, then no additional investment is required.
This option requires a minimum total investment of €2.5 million. Part of the investment must be a personal residence purchased for at least € 500,000. The remaining investment amount of € 2 million can be made using a mix of the following, held for at least three years:
(1) Eligible Real Estate, such as residential, commercial, infrastructure or developed land, or
(2) Interest-bearing Cyprus Government Bonds (up to a maximum value of € 500,000), or
(3) Alternative Investment Fund (AIF) or financial assets of a Cyprus entity licensed by the Cyprus Securities and Exchange Commission, or
(4) Company formation or acquisition or participation where the applicant is a majority shareholder, with activities in Cyprus, and employing 5 Cypriot or EU nationals who have been residing in Cyprus for over five years, or
(5) A combination of any of the above.
With effect on 15th May 2019, the program has been revised as below:
The applicant is required to hold the investment portion (i.e. real estate properties other than his own residence) of the real estate properties (from the date of naturalization) for five years instead of three years;
The applicant is required to make donations of not less than EUR 150,000consisting of:
(1) Donation of EUR 75,000 to the Research and Innovation Fund or other approved organization engaging in research and innovation activities;
(2) Donation of at least EUR75,000 to the Cyprus Land Development Corporation for provision of finance to affordable housing schemes;
The applicant has topass independent due diligence checks to be carried out by independent due diligence agents as approved by Cypriot Government;
If the applicant buys real estate properties which have previously been used for the purpose of the Cyprus Citizenship by Investment program, the total real estate property investments must be at leastEUR 2.5 million;
The applicant must have a valid Schengen visa before submitting his passport application;
The applicant shall not be eligible if he has previously applied for citizenship in any other member-state of the European Union and his application has been rejected;
The applicant, prior to his/her naturalization as a Cyprus citizen must hold a residence permit in Cyprus for a period of at least 6 (six) months.
4. Advantages of Cyprus Immigration by Investment
(1) Minimum entry requirements: No requirements on language, education, source of funds or business management;
(2) No requirements for provision of medical examination reports;
(3) No Requirement to Physically Reside in Cyprus;
(4) One application for migration of up to three generations: applicants can bring along their dependents (spouse, parents, childrenaged under 18 years or between 18 to 28 years but financially dependent on the applicant and are undergoing university or college education) to live in the Cyprus.) to live in the Cyprus.
(5) Cypriot passport holders can enjoy visa free (or visa on arrival) travel to more than 170 countries, including all EU countries.
(6) Cypriot passport holders can freely reside, work and/or study in any of the member states of the European Union.
5. Application procedures
The documents and information requirements of the Citizenship by Investment Program of Cyprus are quite reasonable and application procedures are very straight forward, no interview is required.
Applicants normally come to Cyprus to purchase real estate, sign the sales and purchase agreement, pay the required deposit, and submit the related documents to the Cyprus government.
Approval will normally be granted for issuance of residence permit within 6 to 8 weeks; and forcitizenship and passport within 8 to 10 months from the date of application.
Applicants are required to come to Cyprus for biometric information after the approval is granted.
6. Dual citizenship
Cyprus allows its citizens to have double or multiple nationalities.
Note: This document is for reference only, all terms are subject to written contract.