Why Cyprus

Investment in real estate, land development and infrastructure projects

The applicant should make an investment of at least €2 million for the purchase of properties, or for the purchase or construction of buildings, or for the construction of other land development or infrastructure projects.

If the investor buys property which was previously used for the purpose of the Cyprus Investment plan, the total amount must be at least €2.5 million.

If the applicant decides to purchase residential properties, he/she must have invested at least €2 million in one or more properties, provided that the value of one of the properties is at least €500,000 (excluding VAT), which must be kept as the permanent residence of the investor in Cyprus.

Purchase or establishment or participation in Cypriot companies or businesses

The applicant must make an investment of at least EUR 2 million in the purchase of, creation of, or participation in businesses or companies that are based and operating in the republic. These businesses or companies should have a demonstrable and tangible presence in Cyprus and employ at least nine Cypriot citizens

Investments in the shipping sector are considered to be eligible.

Investment in Alternative Investment Funds or Registered Alternative Investment Funds or financial assets of Cypriot companies or Cypriot organisations that are licensed by CySec

The applicant should purchase units amounting to at least EUR 2 million from alternative investment funds. This criterion also covers the purchase of financial assets of Cypriot businesses or organizations for at least EUR 2 million, in the form of bonds, securities, and debt securities

Combination of the aforementioned investments

The applicant may proceed with a combination of the above investments, provided that the total investment will amount up to at least €2 million.

Eligibility Criteria

• A minimum investment of €2 million.
• Keep investment for a minimum period of five years.
• It is not allowed to create a development company and invest in own development projects in order to obtain citizenship
• Clean criminal record.Criminal Record Certificate is valid for 6 months from the date of issuance.
• Applicant must possess a permanent privately-owned residence in the Republic of Cyprus, the purchase price of which must be at least €500,000 (excluding VAT).
• The applicant, prior to his/her naturalization as a Cypriot citizen, must hold a residence permit in Cyprus (no requirement to live in Cyprus).
• Applicants must be holders of a valid Schengen Visa prior to submitting a citizenship application.
• Politically exposed persons should not have held public office for one year at the time of applying for citizenship. This is provided that they did not occupy significant political positions (heads of states or governments, ministers or their deputies, ambassadors, mayors of cities, etc.)
• Applicants whose citizenship application has been rejected by another EU member state, will not have the right to apply.
• In cases in which the property is under development, the architect of the project must submit a ‘Completion Certificate’ and 5% of the cost of the project must be maintained in a special bank account or secured through a Performance Bank Guarantee from the seller.
• Declaration by the mortgage lender in the benefit of whom the purchased property is mortgaged/secured is required. This document undertakes to waive the mortgage, provided that the investor or the seller will pay the lender the amount stated in the relevant Declaration (Bank Waiver letter).
• The funds relating to all investments mentioned above as well as the purchase of permanent private residence under the provisions of the regulations, shall be wired from an overseas bank account of the foreign investor or his/her company or companies and all payments for the investments in the Republic shall end up in Cypriot credit institutions or payment institutions which are licensed and supervised by the Central Bank of Cyprus (copies of the wire transfers shall be attached to the investor application).
• Citizenship cannot be claimed by applicants convicted of a serious criminal offense punishable by imprisonment of five (5) years or more, or another offense of a similar severity. The implication is that, if convicted in another country, it is required that the specific crime also be considered a crime in the Republic of Cyprus, punishable by similar imprisonment;
• Applicants who are under criminal investigation with a possible sentence of 5 years or more cannot apply for Cypriot citizenship either.

Benefits

• Citizenship - Passport granted in 180 days
• Visa - free travel to more than 150 countries, including Canada and Australia
• Entire family are eligible - Including spouse, children, adult dependants up to 28 years old as well as parents of the main applicant
• The parents of the investor's spouse can also apply (for an additional € 500,000 investment). It is allowed for the parents of both spouses to buy one property for at least 1 million euros
• Adult family members can apply for citizenship at the same time as the main investor. This significantly reduces the time it takes to obtain citizenship for adult family members.
• Member of the EU - Enjoy EU Freedoms to live, work, study or travel anywhere in the EU
• Dual citizenship - Cyprus allows for dual citizenship
• Attractive tax regime - Zero taxes for non domiciled individuals. No dividend tax and no inheritance tax
• Tax resident - The investor does not become a tax resident, unless more than 183 days in a calendar year are spent in Cyprus.
• Resident - Not necessary to reside in Cyprus before or after the obtainment of citizenship
• Valid for life - Transferable to descendants
• Education matters - Provide your children with access to top-rated universities with lower EU tuition fees

The applicant may proceed with a combination of the above investments, provided that the total investment will amount up to at least €2 million.

For more information on the Cyprus Investment Programme, read through the following information as provided by the Ministry of Interior.

To find out more about the Cyprus Investment Programme or to receive a property proposal based on your investment preferences, contact us.