HOW TO OBTAIN CYPRIOT CITIZENSHIP
Buy property in Cyprus and obtain Cypriot Citizenship
Non-EU citizens are able to live in Cyprus without needing to obtain a Permanent Residency status [PR] under the following conditions:
CYPRUS INVESTMENT PROGRAM 2020
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 either
• personally or
• through a company/ companies in which he/she participates as a shareholder – in proportion to his/her holding percentage, or
• through investments done by his/her spouse or
• jointly with the spouse or even as a high-ranking senior manager of a company
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.
Moreover, a high-ranking senior manager may apply, provided that he/she receives such a remuneration that generates for the Republic tax revenues of at least €100,000 over a three-year period and provided that this tax has already been paid or prepaid.
The applicant should have made the necessary investments during the three years preceding the date of the application and must retain the said investments for a period of at least five years as from the date of the naturalization.
The investor may replace the investment during the said five-year period, provided that he/she has obtained beforehand an approval by the Ministry of Finance
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Α.1 Donation to the Research and Innovation Foundation and the Cyprus Land Development Corporation:
(a) The applicant must have donated at least €75.000 to the Research and Innovation Foundation.
Furthermore, 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
• the applicant has purchased/ established/ participated in Cypriot Companies or Businesses of a total amount equal to the 20% of the required investment amount of the below mentioned 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.
(b) 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
Α.2 Investment in real estate, land development and infrastructure projects.
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.
Α.3 Purchase or Establishment 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 or Registered Alternative Investment Funds or financial assets of Cypriot companies or Cypriot organizations that are licensed by Cyprus Securities and Exchange Commission:
The applicant should have bought units of at least €2,0 mln from alternative investment funds (AIF) or Registered Alternative Investment Funds (RAIF) established in the Republic of Cyprus, licensed/registered and supervised by the Cyprus Securities and Exchange Commission (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 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.
Α.5 Combination of the aforementioned investments
The applicant may proceed with a combination of the above investments, provided that the total investment will amount up to at least €2,0 million.
TERMS AND CONDITIONS
1. A Clean Criminal Record issued by the country of origin of the applicant and by the country of residence if it differs from the country of origin. Furthermore, his/her name must not be included in the list of persons whose assets, within the boundaries of the European Union, have been frozen as the result of sanctions.
2. An applicant whose application for citizenship in any other member-state of the European Union had been rejected, is not eligible to apply for the acquisition of the Cypriot citizenship through the Cyprus Investment Programme.*
3. Schengen Visa: The applicant must hold a valid Schengen visa.*
4. Residence in the Republic of Cyprus:
4.1 In all cases listed in Part A, 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.
4.2 Members of the same family, who apply separately as investors, can collectively acquire a property, provided that each applicant owns a share corresponding to €500.000.
4.3 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.
5. Investment in residential properties
5.1 If the applicant has invested only in housing units, the total investment can be minimum €2 million if one of the residential properties is at least €500.000 (excluding VAT).
5.2 If the applicant has invested in housing units that have already been used for the purpose of acquiring the Cypriot citizenship, the above provision will be in force provided that the total amount of the investments is at least €2,5 million, including the privately-owned residence.
6. Residence Permit in Cyprus: The applicant and adult family members, prior to their naturalization as Cypriot citizens must hold a residence permit in Cyprus for a period of at least 6 (six) months.
*It is noted that the aforementioned in paragraphs 1 and 2 also apply for the family members of the investor that are eligible to apply for the acquisition of Cypriot citizenship.