CYPRUS INVESTMENT PROGRAMME
Our group's firm NICOS NEOPHYTOU LAW PARTNERS is a registered Service Provider registered with the Registry of Service providers of the Cyprus Investment Programme.
One of the main objectives of the economic policy of the Republic of Cyprus is to further encourage foreign direct investment and to attract high net worth individuals to settle and conduct their business in Cyprus. Key factors that make Cyprus an attractive destination for investment, is the highly specialized human capital, the reliable legislative and regulatory framework, the stable tax system and the safety and stability conditions prevailing in the country. Within this framework and taking into account the strong investor interest, the Government of Cyprus has established and revised the “Cyprus Investment Programme” (Programme) on the basis of subsection (2) of section 111A of the Civil Registry Laws of 2002-2019, with specific incentives, terms and conditions and control procedures in order to prevent abuse. On the basis of the Programme, a non-Cypriot citizen may apply for the acquisition of the Cypriot citizenship through naturalization by exception, if he/she fulfils the financial criteria either personally or through a company/ companies in which he/she participates as a shareholder – in proportion to his/her holding percentage, or through investments done by his/her spouse or jointly with the spouse or even as a high-ranking senior manager of a company/ companies that fulfils the financial criteria.
A. Financial Criteria
Α.1 Donation to the Research and Innovation Foundation and the Cyprus Land Development
Α.2 Investment in real estate, land development and infrastructure projects
Α.3 Purchase or Establishment or Participation in Cypriot Companies or Businesses:
Α.4 Investment in Alternative Investment Funds or Registered Alternative Investment Funds or financial assets of Cypriot companies or Cypriot organizations that are licensed by Cyprus Securities and Exchange Commission
Α.5 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.
B. TERMS AND CONDITIONS
1. Clean Criminal Record: the applicant must have a clean criminal record. Furthermore, his/her name must not be included in the list of persons whose assets, within the boundaries of the European Union, have been frozen as the result of sanctions. Moreover, an applicant whose application for citizenship in any other member-state of the European Union had been rejected, is not eligible to apply for the acquisition of the Cypriot citizenship through the Cyprus Investment Programme.
2. Schengen Visa: The applicant must hold a valid Schengen visa. Third-Country nationals that do not require an entry visa for travelling in European Union member-states, as well as citizens of European Union Member States are excluded from this obligation. It is noted that all the aforementioned in paragraphs 1 and 2 also apply for the family members of the investor that are eligible to apply for the acquisition of Cypriot citizenship.
3. Residence in the Republic of Cyprus: In all cases listed in Part A, the applicant must possess a permanent privately-owned residence in the Republic of Cyprus, the purchase price of which must be at least €500.000, plus V.A.T.
Residence Permit in Cyprus: The applicant, prior to his/her naturalization as a Cypriot citizen must hold a residence permit in Cyprus for a period of at least 6 (six) months. If the applicant does not already hold a residence permit, he/she may apply for an immigration permit simultaneously with the application for naturalization. The applicant, prior to his/her naturalization as a Cypriot citizen must hold a residence permit in Cyprus for a period of at least 6 (six) months.
Key factors of the Cyprus Investment Programme:
- The total investment should be minimum of Euro 2 Million
- Donation to the Research and Innovation Foundation of Euro 75,000 and the Cyprus Land development Corporation Euro 75,000
- 6 months expected time of examination of the application
- The applicant must retain the investments for a period of at least 5 years and after that is obliged to keep the ownership of a residential property valued Euro 500,000 ( plus VAT if applicable)
- The applicant must hold a residence permit in Cyprus for a period of at least 6 months
- The Spouse and dependent children up to the age of 28 years old can be included in the application and obtain the Citizenship.
- Citizenship transferable to all descendants
- Visa free travel to 172 countries
- No language test