SCHEME FOR NATURALISATION OF INVESTORS IN CYPRUS BY EXCEPTION on the basis of subsection (2) of section 111A of the Civil Registry Laws of 2002-2013
As per the decision of the Council of Ministers dated 24th May 2013, a non-Cypriot can apply for the acquisition of Cyprus Citizenship by Investment, if he/she, under provisions, proceeds with a direct investment on the Republic of Cyprus.
Among the criteria and the provisions, the applicant is eligible to apply for citizenship after direct investments through the purchase of properties (houses, offices, shops, hotels or a development of a similar nature, excluding underdeveloped land) in Cyprus with a minimum value of €5 million.
Revised criteria for granting Cyprus Citizenship by Investment:
On the 28th of March 2014 the Cyprus Government through the Ministry of Interior announced changes to the criteria for granting the Cypriot citizenship by exception to foreign investors, in an effort to further promote foreign investment in Cyprus.
In this respect, the government has at its discretion the right to relax certain criteria regarding investment.
Application of these changes to specific cases, will be as follows:
- The applicant will be required to invest a reduced amount of €2.5 million, on the basis that they are a participant in a collective investment scheme worth at least €12.5 million.
1.The Applicant must have a clean criminal record.
2.Fast track procedure: Approval will be issued within approximately 3 months.
3.A € 2.5 million (plus vat if any) – Investment in a single Residence. A single property to be used as a residence at a minimum value of € 2,5 million. The residence must be retained by the investors for a period of 3 years. After 3 years the Investor has the right to sell his/her property and buy another one at a minimum value of €500,000.
4.A €2.5 million (plus Vat if any) Investment in a selection of Residential Properties, out of which one property is to be used as a privately-owned permanent residence of a minimum value of €500,000. The remaining € 2 million can be invested in a range of residential properties only, which may be resold after 3 years.
5.A € 3 million (plus vat if any) – Real estate investment, out of which one property is to be used as a permanent privately-owned residence at a minimum value of € 500,000. The residence must be retained by the investors. The remaining € 2,5 million can be invested in other properties, including residential and commercial which may be resold after 3 years.
6.Any property/ ies purchased during the past 3 years, can also be included in the required investment amount.7.Investors will be part of a collective group investment with a minimum of 5 applicants and a minimum investment amount of 12,5 mil Euros. (Leptos Estates will provide the remaining applicants).
8.The Cyprus Government enables foreign investors to obtain Cyprus (EU) citizenship through naturalization.
9.The program applies to the immediate family of the applicant i.e the spouse and dependent children up to the age of 28 if full time university students.
10.Applicants must hold a clear criminal record from the country of origin and the country of residence (if different).
11.No requirement to physically reside in Cyprus, before/ after approval.