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Cyprus

Naturalization of Investors by Exception Scheme

The Naturalization of Investors by Exception Scheme was established under the subsection (2) of section 111A of the Civil Registry Laws of 2002-2015.

The Scheme was set up in 2013, and quickly became one of the most prestigious Citizenship by Investment programs in the world due to Cyprus' low tax rates, high quality of life, EU membership and the visa-free or visa-on-arrival access to 173 nations enjoyed by its passport holders.

The scheme has undergone numerous amendments, the most recent being confirmed by the Council of Ministers in February 2019, and which took effect on 15 May 2019.

These include a series of new mandatory donations, additional due diligence measures and an increase in screening conditions, which the government has introduced in order to diversify the impact of the invested capital throughout the economy.

There are four options for investment that investors can choose from as part of the Naturalization Scheme. These are:

A) Purchase or Construction of Real Estate
B) Start or Participate in a Business operating in Cyprus
C) Investment in alternative funds or financial assets of Cyprus
D) Combined Investment in Real Estate, Business and Financial Instruments

Whatever option is chosen, applicants will need to make a minimum combined investment of at least €2,000,000.

Furthermore, all applicants will need to make a purchase of a property to be declared their permanent and primary residence in Cyprus, of a value of at least €500,000. This property can be included as part of an applicant's investment using the Real Estate (A) or Combined Investment (D) options.

investment


Purchase or Construction of Real Estate

€2,000,000 investment in the purchase or construction of buildings, land development projects (residential or commercial) or infrastructure projects

Investment must be made 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.

Investments can be made personally or through a company, of which the applicant participates as a shareholder, in proportion to his or her holding percentage, or if the applicant is a high-ranking senior manager that generates for the country tax revenues of €100,000 over a three-year period and tax has been paid or pre-paid. Investments can also be made jointly with a spouse.

Residence Purchase
To be considered for citizenship, you must also own a permanent privately-owned residence in Cyprus, the purchase price of which must be at least €500.000, plus V.A.T.

If the foreign-national is applying for citizenship through the construction of building investment, it won’t be necessary to acquire an additional permanent privately-owned residence, provided that at least one of the purchased housing units is worth at least €500,000 plus V.A.T., and the applicant retains the possession of the residence for life.

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. If the purchased property value exceeds the amount of €500,000, this additional amount can be used for purposes of supplementing the total amount of the qualifying investments explained above.

Furthermore, as of 2019, new requirements for the Real Estate option include:

1. A mandatory donation of €75,000 to the Foundation for Research and Innovation, which can be waived if the rest of the investment is directed to a business that has been designated as "Innovative" by the Ministry of Finance.

2. A second mandatory donation of €75,000 to the Cyprus Land Development Corporation, to contribute to the government's affordable housing projects and its implementation of other housing plans / measures.

Residence Permit
Prior to your naturalization as a Cypriot citizen, you must hold a residence permit in Cyprus for at least 6 months. If you do not hold a residence permit, you may apply for an immigration permit based on Regulation 6 (2) of the Aliens and Immigration Law, simultaneously with the application for naturalization. If the naturalization is rejected, the immigration permit will be canceled immediately.

Dependents
A spouse may apply for citizenship simultaneously for no additional amount.

Minor children may apply after the investor has acquired the citizenship.

Adult children (students up to the age of 28 that are attending an institution of higher education or children with severe physical or mental disability) may apply after the investor has acquired the citizenship.

Parents may apply for citizenship after the investor has acquired the citizenship, provided that they own a permanent privately-owned residence in the country, the purchase price of which must be at least €500.000, plus V.A.T.

Investors and parents may collectively purchase a residence, provided that the total value of the property is at least €1,000,000 plus V.A.T.

Requirements


For individual applicants:
- Residence Permit (explained above).
- Residence Purchase (explained above).
- Schengen Visa
- Not to be included in the list of persons whose assets, within the boundaries of the European Union, have been frozen as the result of sanctions.
- Good health
- Clean criminal record
- Not to be likely to cause disrepute to Cyprus.
- Not to have been denied a visa to a country where Cyprus has visa-free access.
- Not to have been denied citizenship in any other Member State of The European Union.
- Not to be a potential national security threat.
- Possess real estate, land development and infrastructure projects' Contract of Sale.
- Title Deeds or Proof of Registration of the contract with the Lands and Surveys Department.
- Proof of payment of the agreed purchase price.
- Copy of the wire transfer to a Cypriot commercial banking institution in the name of the seller or the seller’s company.
- An evaluation certificate from an independent registered land surveyor, if required by the Ministry of Interior or the Ministry of Finance.
- Two concurrently-running daily ads in a local newspaper stating intention to apply for citizenship.

Documents regarding investment through a company (if applicable):
- Certificate of Registration of the company/companies by the Registrar of Companies.
- Certificate of shareholders by the Registrar of Companies or certificates evidencing that the applicant is the beneficiary owner of the company/ companies.
- Audited accounts of the company (or companies) for the last three years preceding the year of the application.
- If the applicant is a high-ranking senior manager, the submission of the employment contract and the receipt from the Department of Inland Revenue are additionally required.

Restricted Nationalities


No nationality is officially restricted

dual citizenship


Dual citizenship is recognized in Cyprus. You are not required to renounce your previous nationality to become a citizen of Cyprus.


Documents Required


  • Contract of Sale of Real Estate
  • Title Deeds or Proof of Registration of Real Estate
  • Proof of Payment of Real Estate
  • Copy of the wire transfer of Real Estate purchase
  • Evaluation certificate from a registered land surveyor
  • Original Police Clearance Certificate
  • Original or Certified copy of Birth Certificate (if applicable)
  • Certified copy of passport
  • Original or Certified copy of Marriage Certificate (if applicable)
  • Copies of advertisements in a daily newspaper two consecutive posts
  • Two passport-size photos
  • Curriculum Vitae
  • Certificate of the registrar of companies (if applicable)
  • Certificate of shareholders by the Registrar of Companies (if applicable)
  • Audited accounts of the company (3 years) (if applicable)
  • Employment contract (if applicable)
  • Medical Certificate
  • Photograph and Signature Certificate
  • Statement of Source of Funds
  • Proof of payment of nonrefundable processing and due diligence fees
  • dual citizenship Yes
  • Family members included Yes
  • land ownership Yes
  • Physical residence required No
  • Personal visit required Yes
  • Language skills required No
  • Interview required No
  • Investment Single €2,000,000
  • Investment Family 4 €2,000,000
  • Minimum annual income -
  • Time to citizenship 6
  • Time to permanent residency 1
  • Visa-free countries 158
  • Financing available No

Fees

processing fees main applicant €2,570
passport fee €250
certificate issuance fee €5,000 (Adult) 0 (Minor Child)
total fees main applicant €7,820
processing fees spouse €2,070
passport fee €250
certificate issuance fee €5,000 (Adult) 0 (Minor Child)
total fees spouse €7,320
processing fees dependents -18 €150
passport fee €250
certificate issuance fee €5,000 (Adult) 0 (Minor Child)
total fees dependent -18 $400
processing fees dependents 18-25 €2,070
passport fee €250
certificate issuance fee €5,000 (Adult) 0 (Minor Child)
total fees dependent 18-25 €7,320
processing fees dependents +65 €2,070
passport fee €250
certificate issuance fee €5,000 (Adult) 0 (Minor Child)
total fees dependent +65 €7,320 (parents, no matter age)

Country details

Cyprus
EUR
357
Nicosia
Europe
Greek Turkish
1102677
Cyprus is a former UK colony and has been a Member State of the European Union since 2004. It is located on the island of the same name, in the Mediterranean Sea, 113 km south of Turkey, 120 km west of Syria, and 150 km east of the Greek island of Kastellorizo. It has a population of about 1.2 million people and its capital and financial hub is Nicosia.

Its official languages are Greek and Turkish, although English is widely spoken too. Since 2008, its official currency is the Euro (EUR).

Cyprus boasts a high standard of living, plenty of good quality schools and universities, low crime rates, low taxes and exceptional weather all year round, making it a prime choice for families, business people and retirees.

Visa Free Travel

With your new passport from Cyprus you'll be able to access 158 countries visa free
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