The scheme for granting Cyprus citizenship to foreign investors has recently been improved. The amendments aim to make the scheme even more attractive to foreign investors who wish to acquire a “pass” into Cyprus and thus into the EU for them and their families.
The scheme entails that foreign investors who meet the below criteria may obtain the Cyprus citizenship.
Cyprus Citizenship Scheme
The scheme entails that a non-Cypriot citizen, who meets one of the following economic criteria (or a combination where applicable), either personally or through a company/companies in which they participate as shareholders (proportionally based on the percentage of participation), or even as a high-ranking Senior Manager of a company/companies that meets one of the economic criteria, may apply for the citizenship scheme.
1) Investment in real estate, land development and infrastructure projects
The applicant must have made an investment of at least €2 million 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);
Land investment on building development plots is also included. In this case the applicant must submit their investment plan for the development of the land;
2) Purchase or creation or participation in Cypriot businesses or companies
The applicant must have made an investment of at least €2 million in the purchase, creation or participation in businesses or companies that are based and operating in the Republic. These businesses or companies should evidently have a tangible presence in Cyprus and employ at least five (5) Cypriot citizens. It is noted that the mandatory conversion of deposits into shares is included in this criterion;
3) Investment in financial assets of Cypriot companies or Cypriot organisations
The applicant must have purchased financial assets of Cypriot companies or Cypriot organisations (bonds / securities / debentures registered and issued in the Republic of Cyprus) of at least €2 million;
4) Combination of the aforementioned criteria
The applicant is required to have a combination of the above amounting to at least €2 million.
1) Clean Criminal Record
The applicant must have a clean criminal record. Furthermore, his name must not be included on the list of persons whose property is ordered to be frozen within the boundaries of the European Union.
2) Residence in the Republic of Cyprus
The applicant must hold a permanent privately-owned residence in the Republic of Cyprus, the purchase price of which must be at least €500 thousand, plus V.A.T.
It is noted that members of the same family, which apply separately as investors, can collectively acquire a residence, provided that the total value of this home-property covers the amount of €500 thousand per each applicant.
A high-ranking Senior Manager may also apply, provided that they receive such a remuneration that generates at least €100 thousand tax revenue for the Republic for a three year period and provided that this tax has already been paid or prepaid.
If the permanent privately-owned residence value exceeds the €500 thousand, part of the exceeding amount can be used to supplement the investment amount that is held according to the economic criteria described above.
If the applicant has invested on a residence/s according to the economic criterion 1, they should not need to buy another privately-owned residence if one of those residences has a value of €500 thousand plus VAT and that they will maintain the particular residency in their possession for life.
Assuming that all the supporting documentation is submitted, the time frame for the completion of the process is approximately 3 months.
Investors must hold a residence permit in Cyprus to qualify for the Cyprus citizenship.
The applicants should have concluded the necessary investments during the three (3) years preceding the date of the application and must retain the said investments for a period of at least three (3) years since the date of the Naturalization.
• No need to reside in Cyprus
• European passport in 3 months
• The investment is reduced to €2 – €2.5 million
• Applications should be submitted on a stand-alone basis
• Investors may combine all economic criteria together
• Investor’s parents are allowed to apply for the Cyprus citizenship if they own a permanent residence of no less than €500 thousand
• Bank deposits criterion is abolished
• Cap set on the investment in Cyprus Government bonds
• Prior Naturalisation, a permanent residence permit will be issued.
Nobel Trust specialists are at your disposal to discuss and/or consult any stakeholder on the above changes and explain how you may be benefited from the particular amendments.