CYPRUS INVESTMENT PROGRAM

Two Methods

A. Naturalisation based on the years of residence or

B. Naturalisation by exception

  • A non-Cypriot citizen may by exception apply for the acquisition of Cypriot citizenship, if he/ she meets one of the following three Criteria.
  • The three criteria required and are described in a Council of Minister’s Decision.
  • Neither the spouse nor the children are obliged to meet any financial criteria.

General Criteria

A non-Cypriot citizen who meets one of the Alternative Financial Criteria

  • either personally or
  • through a company(ies), in which he/she participates
    • as a shareholder or
    • through investments done by his/her spouse or jointly or
    • as a high-ranking senior manager of a company(ies)

may apply for the acquisition of the Cypriot citizenship through   naturalization by exception.

A high-ranking senior manager may apply, provided that he/she receives a remuneration that generates tax revenues of at least €100,000 over a 3 year period and provided that this tax has already been paid or prepaid.

The applicant should have made the necessary investments during the 3 years preceding the date of the application and must retain the said investments for a period of at least 3 years as from the date of the naturalization.

ALTERNATIVE FINANCIAL CRITERIA

1. Investing in real estate developments and infrastructure projects:

-Investment of at least €2 million for the purchase or construction of buildings or for the construction of other land development projects or other infrastructure projects.

-Residential or commercial developments as well as developments in the tourism sector

-Investment in land under development based upon an investment plan

-Investment in land that is situated in a building zone of zero development is not allowed

2. Investment in financial assets of Cypriot companies or Cypriot organizations

-Purchase or participation in companies or organizations established and operating in the Republic of Cyprus with investment costs of at least €2 million

-The invested funds shall be channeled towards the financing of the investment objectives of these companies exclusively in Cyprus, based on a specific investment plan.

-The companies must have physical presence in Cyprus, with significant activity and turnover, and must employ at least 5 Cypriot or European citizens, with continuously resided in Cyprus during the last 5 years proceeding the application date.

3. Investment in Alternative Investment Funds (AIF) or Financial Assets of Cypriot companies /organizations that are licensed by Cyprus Securities and Exchange Commission (CySec):

-Investment in AIF units of at least € 2 Million established in Cyprus (a) AIF should be licensed / supervised in Cyprus by CYSEC.

(b) AIF should invest exclusively in Cyprus according to this scheme or in areas approved by the Minister of Finance.

(c) Investments shall be kept for at least 3 years & the Fund Manager shall inform annually the Ministries of Finance & Interior for this, referring to the initial investment value.

(d) Purchase by an AIF of units of other AIF is not eligible

-Purchase of financial assets of Cypriot companies of at least €2 Million such as BondsBills & securities approved by CySec

(a) Issuing Companies shall have physical presence & economic activity in Cyprus

(b) The Financial Assets shall serve the purpose of financing their investment plans exclusively in Cyprus.

4. Any combination of criteria 1-3

-Combination of the above investments, provided that the total investment will amount up to at least €2 million.

- Within the combination of these investments, the applicant may purchase special government bonds of the Republic of Cyprus, up to €500.000, which will be issued by the Public Debt Management Office of the Ministry of Finance

-The Bonds must be retained for at least 3 Years

-The characteristics and the terms of these special bonds shall be determined by the General and Special Terms of Issue of the Government Bonds of the Republic of Cyprus.

-Investments in government bonds through the secondary market shall not be eligible.