Cyprus Investment Programme

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 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. Measures 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 based on Section 111A (2) of the Civil Registry Laws of 2002-2019, was approved by the Cyprus Council of Ministers on the 13 Septemeber 2016 and subsequently amended in May 2018 and February 2019. The latest amendments are effectinve on 19 May 2019 ownwards.

The Cyprus government has formulated the Cyprus investment programme aimed at high net worth individuals, allowing applicants and their families to apply for naturalization of investors.


Investment Options GO TO TOP

Cyprus Investment Programme Financial Criteria

The eligible 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. Below is a summary of the available investment options under the Programme.

Investment in Real Estate, land development or infrastructure projects

The applicant should have a direct investment in Cyprus of at least €2 Million for the acquisition or development of real estate projects (residential, commercial, tourism sector) or other infrastructure projects. Applicants are advised that any land that is located in a zero building zone development, this will not be considered as a qualifying investment.

Purchase or participation in Cypriot companies

The applicant must have made an investment of at least €2 Million in the acquisition or participation in companies, based and which are operational in Cyprus. These companies should have tangible substantial activity in Cyprus, as well as employ at least five Cypriot or EU citizens. Moreover, investments in the shipping sector are eligible under this option.
 

Investment in AIFs, RAIFs or financial assets of Cypriot businesses or organisations

The applicant can invest 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 of Cypriot companies or organizations issued after approval by CySEC.

Combination of investments

The applicant may choose to proceed with a combination of any of the aforementioned investments, with a total investment amount of at least €2 Million.

Donations to the Research and Innovation Foundation and the Cyprus Land Development Corporation

In additional to the above investment criteria, the following donations are obligatory:
  • A donation of at least €100,000 to the Cyprus Land Development Corporation for the financing of Affordable Housing Schemes and
  • A donation of at least €100,000 to the Research and Innovation Foundation for the promotion of an entrepreneurial innovation ecosystem, which can be used for the purposes of supplementing the investment options above. It can be waived if the applicant invests the same in a certified innovative or social enterprise, or €400,000 out of the main investment in company established in Cyprus whose operations fall within the primary, secondary sectors (excluding construction), R&D, education, health or renewable energy.
For the avoidance of doubt, the donation to the Cyprus Land Development Corporation will be applicable in all case, without the possibility for exemption.


Terms & Conditions GO TO TOP

  1. The applicant and family members must hold a clean criminal record, issued up to 6 months before the date of application. Individuals convicted (or under criminal investigation) of a serious crime, punishable by imprisonment of five years or more, or another offense of a similar severity are not eligible to apply.
  2. Politically exposed persons (PEPs) are eligible to apply, provided they do not hold or did not hold an office in the 12 months prior to the submission of the citizenship application
  3. Own a permanent residence in Cyprus for life of a market value of at least €500.000 (excluding VAT)*. Family members** of the same family, who apply as investors, can collectively acquire a residence, provided that the total value of this home-property covers the amount of €500.000 per applicant
  4. The applicant and family members must hold a valid Schengen visa. Third-Country nationals that do not require an entry visa to travel to EU members-states, as well as EU citizens are excluded from this obligation
  5. Submit a Permanent Residence Permit (PRP) application simultaneously with the Cyprus Investment Programme application. Prior to his naturalisation the applicant must hold a valid residence permit in Cyprus for a period of at least six months
  6. Applicant should not be on the EU list of persons that assets are frozen as a result of sanctions
  7. Applicants that have previously applied and got rejected by Cyprus or any other EU member state are not eligible to apply
  8. Private Health Insurance and policy that is valid in Cyprus for the applicants and their families
  9. All documents issued by a foreign authorities should be translated to either Greek or English
*If the applicant has invested in residential property that has already qualified for the Cyprus Investment Programme, the required investment, including the permanent residence, shall amount to at least €2,5 Million.

** Citizenship for Family members
Financially dependent children of the couple (the main applicant & his/her spouse) or the children of either of them, can apply for citizenship under their parents’ application if they are:
  1. (a) between the ages 18 - 28;
  2. (b) unmarried; and
  3. (c) students working towards either a first university degree, or a first master’s degree.
The parents of the main applicant and the parents of the main applicant’s spouse may apply.

Parents and qualifying descendants may apply after the main applicant acquires citizenship or simultaneously provided that the additional investment citeria of €500.000 in a residential property has been fulfilled.


Benefits GO TO TOP

Benefits of Cyprus Investment Programme

  • Personal Mobility: travel, reside and work within the European Union
  • Family qualifies under the applicant: It includes spouse of applicant, children under 18 years, and financially dependent adult 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 apply as well.
  • 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
  • Movement of Services: establishment and free movement of services - individual citizens and companies can offer services without hindrance in all EU Member states
  • Movement of Goods: all goods produced in EU Member States can be transferred freely from any Member State to another
  • The investment can be as low as €2 Million (applicable for new residential properties only)
  • Investment can be liquidated after five years
  • Wide array of investment options and combination of investments viable
  • Visa Access: VISA access to 172 countries worldwide, including the European countries, Canada and Australia, amongst others.
  • Valid for Life: citizenship is transferable to descendants
  • Dual-citizenship is permitted
  • No language or proficiency tests


Application Process GO TO TOP

Procedure for the Cyprus Citizenship Investment Programme application

The steps for applying for the Cyprus Investment Programme: 

  1. Review and selection of qualifying investment
  2. Investment minimum €2 Million & purchase of a residence to be owned for life  
  3. Preparation and submission of applications: permanent residence, citizenship and supporting documents including due diligence 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 process could take anything between six to nine months following the submission of the applications to the Government of the Republic of Cyprus.

For more information Cyprus Investment Programme, please contact us at cyprus@onecitizen.com


Investments in Real Estate

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Aria Residences enjoys a privileged location in one of the most desirable residential suburbs of Limassol.
Ayia Napa (Cyprus)

White sands, tranquilazure seasset the scene, a perfect location for Sun city resort and spa.
Protaras (Cyprus)

The prestigious Levanda Hills project will be home to sixty-oneluxurious villas with private pools and roof gardens.
Larnaca (Cyprus)

Pearl House 8, a true in-city exclusive block of eight luxurious apartments.

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