Cyprus citizenship by investment

Cyprus investment programme GO TO TOP

About Cyprus 

Cyprus is situated in the north-eastern basin of the Mediterranean Sea at the crossroads of three continents: Europe, Asia and Africa. Cyprus is the third largest island in the Mediterranean and has an estimated population 830.000. Greek Cypriots form by far the largest ethnic group, accounting for almost 80 percent of the population. Turkish Cypriots, British, Russians, Armenians, Maronites and other ethnic groups make up the remaining 20 percent.

Cyprus became an independent sovereign republic in 1960 with a presidential system of government. In 2004, Cyprus became a member of the European Union. Cyprus has set-up a tax system which is ideally suited both to inbound and outbound EU investors. It resulted in aligning Cyprus with EU directives, abolished all distinctions between international business (formerly "offshore") and local companies as from 1 January 2003 whilst maintaining a favourable tax regime for the international investor.

Cyprus is known for its beautiful Mediterranean beaches and is home to many historical monuments, included in UNESCO's World Heritage List. Cyprus ranked 58 out of 144 countries in the World Economic Forum Global Competitiveness Index of 2014-2015. Many new measures have been implemented to reboot the country's economy and to secure a better quality of life for residents.


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The Programme GO TO TOP

Cyprus investment programme

The Cyprus Investment Programme is established on the basis of Section 111A (2) of the Civil Registry Laws of 2002-2015, based on a Council of Ministers decision dated 19th March 2014. 

The Cyprus government has formulated a programme scheme aimed at high net worth individuals, allowing the successful applicants and their family to apply for naturalization. 

Press the link and download our updated Cyprus Investment Program brochure for more details.


Investment Options GO TO TOP

The Cabinet has approved new economic and procedure criteria changes to the program on 13 February 2019, to make the scheme more reliable and increase its transparency.
 

In order to obtain Cyprus citizenship under the CIP scheme, one of the following financial criteria must be met:

Direct investments in Cyprus amounting to a minimum of €2 mn, held for at least 5 years, in any of the following:

  • investment in real estate, land development and infrastrucutre projects (application that inclue properties that have already been used for a perivous citizenship application by another applicant (resale), increase the amount of investment to €2.5 mn)
  • pruchase, creation or participation in Cyprus businesses and companies based and operating in Cyprus. Such companies are required to have a physical presence in Cyprus and to employ at least 5 Cypriot or EU citizens. Investments in the shipping sector are eligible under the criterion
  • investment in Alternative Investment Funds (“AIFs”) or Registered Alternative Investment Funds (“RAIFs”), which invest exclusively in Cyprus. AIFS or RAIFs are permitted to invest in stocks in the CSE up to €200,000. This criterion also includes financial assets (bonds, bills, and securities) of Cypriot companies or organizations issued after approval by CySEC, or
  • combination of the aforementioned criterai amounting to €2 mn.

Additional financial requirements 

In addition to the above criteria the applicant must fullfil the following conditions:

  • A donation of at least €75,000 to the Reseach and Innovation Foundation for the promotion of an entrepreneurial innovation ecosystem (can be waived if the applicant invests the same in a certified innovative or social enterprise, or €400,000 out of the main investment is in the primary, secondary sectors, R&D or renewable energy sources)
  • A donation of at least €75,000 to the Cyprus Land Development Corporation for the purpose of providing affordable housing schemes
 

Additional Requirements

Besides the above financial criteria, there are some other conditions must be met:
  1. hold a Clear Criminal Record from the country of origin and residence (if different) and not appear in the list of persons with frozen assets within the EU
  2. the applicant must be a holder of a valid Schengen visa
  3. privately owned residence in Cyprus, of minimum €500.000 excluding VAT. If the direct investment is made in residential property, this requirement is not applicable In case the investor’s parents are included in the application either purchase an additional property of at least €500.000 or the investor and parents acquire one residential property of a total value, minimum, €1mn
  4. The applicant prior to his/her naturalization as a Cypriot citizen must hold a residence permit in Cyprus for at least 6 months


Application Process GO TO TOP

Procedure for the Cyprus Citizenship Investment Programme application

We set-out below the steps of the process of applying for Cyprus Investment Programme: 
  1. Review and selection of qualifying investment
  2. Investment minimum €2 million & purchase residence for personal use
  3. Preparation and submission of applications: permanent residence, citizenship and supporting documents including due dilligence report (2 weeks)
  4. Acquire approval from council or ministers
  5. Issuance of citizenship certificate
  6. Oath of allegiance, passport application, biometrics and passport issuance
The whole process is expected to take up to 6 months following the submission of the applications to the Government of the Republic of Cyprus.

For more information on Cyprus' citizenship by investment programme please contact us at cyprus@onecitizen.com


Benefits GO TO TOP

Benefits of Cyprus Investment Programme

  • Free Movement of People: freely travel, reside and work within the EU
  • All Family Can Obtain Cyprus Citizenship: it includes spouse of applicant, children under 18 years, and adult dependent children (over 18 years and up to 28 years). Neither the spouse nor the children are obliged to meet any financial criteria. Parents of the investor have the right to obtain citizenship as well
  • Free Movement of Capital: transfer any amount of money from any EU Member State to another, purchase of property in any EU Member State of choice and invest in any activity
  • Free Movement of Services: establishment and free movement of services - individual citizens and companies can offer services without hindrance in all EU Member states
  • Free Movement of Goods: all goods produced in EU Member States can be transferred freely from any Member State to another
  • Valid for Life: citizenship is transferable to descendants
  • Visa Free Travel: VISA free travel to 172 countries worldwide, including the EU countries, Canada and Australia, amongst others
  • Investment for 5 Years: the investor must retain the investment made for 5 years after which he/she can liquidate. The investment can be replaced during this period by obtaining prior approval
  • No Minimum Stay Requirement: neither before the application nor after obtaining the Citizenship
  • No History or Language: no history and language proficiency tests are required


Visa Free Travel GO TO TOP

Cyprus citizens enjoy visa-free travel to almost 172 countries. However, it is strongly advisable that the relevant Government authorities and agencies are contacted prior to travel arrangements made.


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