Cyprus Citizenship – Cyprus Investment Programme

On 13th of February 2019 the Council of Ministers of Cyprus amended the “Cyprus Investment Programme” as a part of its policies aiming to further encourage Foreign Direct Investment and to attract high net worth individuals to settle and do business in Cyprus. Cyprus’s highly specialized human capital, the reliable legislative and regulatory framework, the stable tax system and the safety and stability conditions prevailing in the country, make Cyprus an attractive destination for investment.

On the basis of the Cyprus Investment Programme (i.e. the ‘Programme’), non-Cypriot citizens who meet certain criteria required by the Programme, can apply for the acquisition of Cyprus citizenship including their family and parents.

Main Requirements for obtaining Cyprus Citizenship by Investment

  • Must maintain a privately-owned residence in the Republic of Cyprus of a purchase price of at least €500.000,00 plus VAT.
  • Mandatory donation of €75.000,00 to the Research and Innovation Foundation and
  • Mandatory donation of €75.000,00 contribution to the Cyprus Land Development Corporation.
  • Possess a Cyprus residence permit for at least six months before receiving Cyprus citizenship.
  • Must maintain the required investments for a period of at least five years from the date of the naturalization. The necessary investments must be made during the 3 (three) years preceding the date of the application.

 

Financial Criteria

  • An investment of €2 million is required on the basis of the Programme, in one of the following areas:
  • Investment in real estate, land development and infrastructure projects; or
  • Purchase or Establishment or Participation in Cypriot Companies or Businesses; or
  • 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; or
  • Combination of the aforementioned investments.

 

Terms and Conditions

1. Clean Criminal Record.

2. Hold a Schengen Visa.

It is noted that in all cases, the applicant must possess a permanent privately-owned residence in the Republic of Cyprus, the purchase price of which must be of at least €500.000, plus V.A.T.

Members of the same family, who apply separately as investors, can collectively acquire a residence, provided that the total value of this home-property covers the amount of €500.000 per each applicant. In case that the purchase value of the permanent privately-owned residence in Cyprus exceeds the amount of €500,000, this additional amount can be used for purposes of supplementing the total amount of the investment.

If the applicant has invested in housing unit/units on the basis of “Investment in real estate, land development and infrastructure projects”, then the purchase of another permanent residence in Cyprus will not be required, if at least one of these housing units is worth at least €500,000, plus VAT, provided that the applicant retains the possession of the residence for life. However, if the applicant has invested in housing units that have already being used for the purpose of acquiring the Cypriot citizenship via the Cyprus Investment Programme, 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.

Due to Cyprus’s attractive tax system, high standard of living, smart real estate developments and excellence in the provision of professional services, Cyprus constitutes a strategic investment location and an ideal destination to relocate to. Cyprus economy is steady and the island has turned into center of high professional services.

For more information on the requirements of the Programme and the amendments click here

If you are seeking legal advice or professional assistance concerning the Cyprus Investment Programme, contact us!