PROGRAMME HAS BEEN SUSPENDED IN NOVEMBER, 2020
Obtaining Cyprus Citizenship through Investment
What are the criteria?
- A.1 Donation to the Research and Innovation Foundation and the Cyprus Land Development Organization
(a) The applicant / applicant must have made a donation of at least € 75,000 to the Research and Innovation Foundation. It is understood that in case the applicant wishes to donate a higher amount than € 75,000, the additional amount will be included in the total amount of the investment made under criteria A.2 to A.5 as they are outlined below.
This obligation is lifted if the applicant has invested at least € 75,000 in a certified innovative enterprise (i.e. in a company that has secured the relevant certificate from the Ministry of Finance) or a certified social enterprise.
In addition, this obligation is lifted if the applicant has made an investment under criterion A.3 (Purchase or establishment or participation in Cypriot companies), with a total amount equal to at least 20% of the required investment cost. (ie € 400,000) of the mentioned criterion A.3 in a company which is active in the primary sector of the economy or in the secondary sector of the economy (with the exception of the construction sector), or in the fields of research and technology, education, health, and renewable energy.
(b) The applicant / applicant must have made a donation of at least € 75,000 to the Cyprus Land Development Agency (KOAG) for the promotion of housing plans for affordable housing but also for the implementation of other housing plans / measures. It is understood that in case the applicant wishes to donate a higher amount than € 75,000, the additional amount will be included in the total amount of the investment made under criteria A.2 – A.5.
- A.2 Investment in real estate, development and infrastructure projects:
The applicant / applicant must have made an investment of at least € 2.0 million for the purchase or construction of real estate or the creation of developments such as residential or commercial development, developments in the tourism sector or other infrastructure projects.
This criterion also includes the investment in buildable land, meaning that the application will include an investment plan for its development. It is understood that the land market, which is part of the zero-growth zone, is excluded from the criterion.
- A.3 Purchase or establishment or participation in Cypriot companies and companies:
The applicant must have made a purchase, recommendation or participation in companies or companies based and operating in the Republic of Cyprus with an investment cost of at least € 2.0 million. These funds must be channeled for financing of the investment purposes of these companies and companies exclusively in Cyprus, on the basis of an investment plan. Investments in the shipping sector are accepted on the basis of measurable criteria to be determined jointly by the Ministry of Finance and the Ministry of Shipping. Applications will be evaluated to confirm that businesses or companies have proven to have a physical presence in Cyprus, with substantial activity and a significant turnover, and that they employ at least five (5) Cypriot citizens or European Union citizens. The minimum number of employees will increase if more than one applicant invests in the same company or company at the same time or almost simultaneously.
- A.4 Investment in Alternative Investment Organizations or Registered Alternative
Investment Organizations or financial assets of Cypriot companies or Cypriot organizations licensed by the Hellenic Capital Market Commission:
The applicant / applicant must have purchased units worth at least € 2.0 million from Alternative Investment Organizations (OEE) or Registered Alternative Investment Organizations (KOEE) established in the Republic of Cyprus, licensed and licensed by the Commission from which and whose investments are made exclusively in the Republic of Cyprus, in investments that meet the criteria of this Program or in sectors that are approved by the Minister of Finance. These OEEs and KOEEs will also have the opportunity to invest in stock market values of the secondary market of the Cyprus Stock Exchange (HAK) amounting to up to € 200,000.
In order to confirm that the investments, which meet the criteria of this Program, will be maintained for a period of at least 5 (five) years, the administrator or auditor of the Fund will inform the Ministry of Finance in writing, on an annual basis, with reference to the value of the initial investment. The purchase of financial assets of Cypriot companies or organizations amounting to at least € 2.0 million, such as bonds, securities and securities, which have been issued, after approval by the Cyprus Capital Market Commission, by companies that have proven to have a physical presence and a substantial economy activities in the Republic of Cyprus, and which concern the financing of investment purposes of these companies or organizations exclusively in the Republic of Cyprus on the basis of an investment plan, fall under the criterion in question. It is understood that the purchase by OEE and KOEE of other OEE and KOEE units is not considered to meet criterion A.4.
- A.5 Combination of the above investments
The applicant may combine the above investments, provided that the total investment amounts to at least € 2.0 million.
TERMS AND CONDITIONS
- Clean Criminal Record: The applicant / applicants must have a clean criminal record. Also, his / her name should not be included in the list of persons whose property is ordered to be confiscated within the limits of the European Union. It is noted that an applicant who has applied for citizenship in any other Member State of the European Union that has been rejected will not be entitled to acquire Cypriot citizenship under the Cyprus Investment Program.
- Schengen visa: The applicant must be a Schengen visa holder. Excluded are third-country nationals who do not require a visa to enter the Member States of the European Union, as well as applicants who are nationals of Member States of the European Union. It is understood that the provisions of paragraphs B.1 and B.2 above also apply to adult members of the investor’s family, who will apply for Naturalization.
- Permanent Residential Residence in Cyprus: In all cases listed in Part A, the applicant / applicant must be a permanent resident of the Republic of Cyprus, with a market value of at least € 500,000, plus VAT. It is understood that members of the same family, who apply separately as investors, can collectively buy a home, meaning that the total value of the home covers the amount of € 500,000 for each applicant. In the event that the market value of the permanent private residence in the Republic of Cyprus exceeds € 500,000, this additional amount may be used for the purpose of supplementing the amount of investment made under criteria A.2-A.5 of Part A above. In addition, it is noted that, if the applicant has invested in a residential unit on the basis of the aforementioned criterion A.2, it will not be required to purchase another permanent private residence in the Republic of Cyprus, if at least one of these housing units is worth at least € 500,000, plus VAT and meaning that it will retain in possession of that permanent private home for life. However, if the investment concerns the purchase of residential units that have already been used for the Program, this provision will apply as long as the total investment, including the permanent private residence, amounts to at least € 2.5 million.
- Accommodation in Cyprus: The applicant / applicant, prior to his / her Naturalization as a Cypriot / Cypriot citizen / citizen, must hold a residence permit in the Republic of Cyprus for a period of at least 6 (six) months. In case the applicant is not already a holder of a residence permit, he / she will be able to apply for an immigration permit, based on Regulation 6 (2) of the Law on Foreigners and Immigration, at the same time as applying for Naturalization. The applicant / applicant, prior to his / her Registration as a Cypriot / Cypriot citizen / citizen, must hold a residence permit in the Republic of Cyprus for a period of at least 6 (six) months.
With regard to the application for an immigration permit solely for the purpose of acquiring Cypriot citizenship in accordance with the provisions of this Investment Program, no other conditions are set other than those provided for in Part A and Part B of this Program. It is understood that the above also applies to adult family members of the investor / applicant, who will apply for Naturalization. In the event that the Application for Naturalization is rejected for any reason, the immigration permit, obtained in accordance with the provisions of this Decision, will be canceled immediately.