You and your family can now obtain a Cypriot citizenship which means that you can get an EU passport for easy travel throughout Europe and to over 155 countries visa free. You can find out more by contacting us. We can assist with this process via our trusted law office. However, there are some recent changes to the programme that are listed below:
THE RECENT CHANGES TO CYPRUS INVESTMENT PROGRAMME – (ORIGINAL SHOWN BELOW)
The main changes to the Cyprus Investment Programme which will take place on the 15th of May 2019.
- Investment requirement for residential properties is kept at €2,000,000. Investment in other sectors is €2,500,000. Any application which includes resale property already used for a previous Citizenship application by another applicant, increases the amount of investment for the New Application to €2,500,000.
- A donation of €75,000 for Research and Innovation will be mandatory.
- A donation of €75,000 to the Cyprus Land Development Corporation to fund affordable housing will be mandatory.
- The investment should be maintained for 5 years following the date of naturalization, instead of 3 years. During the 5-year period, the investor will be able to change his investment, provided that consent will be granted in this regard by the Ministry of Finance.
- If the investment is in real estate, a planning permit must be in place in order for such investment to qualify.
- Shipping will be included in the investment sectors, while investing in government bonds shall no longer be available.
- A limitation of 700 Applications Per Year
- Applicants will now need to be in possession of a Schengen visa when submitting an application
- An applicant who has applied for the acquisition of citizenship in any other Member State of the European Union and has been rejected will not be entitled to acquire Cypriot citizenship within the framework of the Cyprus Investment Programme.
- Due diligence and background checks shall be carried out by a specialized foreign firm for each and every application.
- The applicant should be in possession of a residence permit in the Republic of Cyprus for at least six months prior to naturalization as a Cypriot citizen.
Investors who are interested in obtaining Cyprus citizenship have the unique opportunity to save anything between €150,000 to €650,000 before new changes will come into effect.
***** Original Provisions for the granting of Cyprus Citizenship to foreign investors/businessmen in Cyprus *****
The applicant must have deposits in Cyprus a minimum capital of €3.000.000 which has to be invested as follow:
a. €2.000.000 must be invested at Development and Investments Fund.
b. €500.000 must be invested at the Technology and Research Fund
c. €500.000 minimum at the Solidarity and Employment Fund
The abovementioned investments must have a minimum duration of 5 years. In case the applicant does not comply with this requirement, the citizenship will be revoked.
A.2 Direct Investments
The applicant must invest directly in Cyprus the minimum amount of €2.500.000 in the following fields:
a. Purchase of properties (houses, offices, hotels, shops, etc or any other relative
developments which are in an advanced stage of completion. Undeveloped land is not included.
b. Purchase of companies or businesses
c. Purchase of shares of a public limited company registered in Cyprus.
d. Purchase of any financial asset such as bonds, securities registered and issued in Cyprus including bonds and securities issued from the National Solidarity Fund.
e. Participation in a company or joint venture which undertakes the execution of a public work.
A.3 Business activities
The applicant must be a shareholder of a company registered in Cyprus. The registered offices of the company must be located in Cyprus. The company should have paid yearly to the state an amount of Euro 500.000 for the last 5 years before the submission of the application. Further the company must have at least 10 Cypriot employees. Two shareholders, maximum, of such a company may apply for citizenship.
Persons whom their deposits in Bank of Cyprus and Laiki Bank had been decreased due to the measures and restrictions taken and applied to the above mentioned banks after the 15th March 2013: Such applicant must have a decrease of his deposits from one or both of the above mentioned banks amounting to Euro 3.000.000.
B. Terms and Requirements
1. Criminal records certificate. The applicant must show that he/she has a clean criminal record. In addition his name must not be included in the list of persons of whom their property within EU is constrained.
2. Residence in Cyprus
In all cases referred in Part A, the applicant has to purchase a property of a minimum value of €500.000 plus VAT.
C. Submission of the documents.
For the examination of the applications (M127), there are some documents which are required to be lodged together with the application, such as the contract of sale and the receipts proving the full payment of the property.
Along with the application the applicant needs to submit receipts proving deposits in the abovementioned funds.
2. Direct Investments
a. Purchase of property: Contract of sale, or Title deed, Certificate from the Land Registry Department after the lodging of the contract of Sale and receipts proving that the applicant has fully paid up the agreed amount.
b. Purchase of business/ company: Contract of sale, Receipt that the applicant paid in full the purchase price, Shareholder Certificate issued by the Companies Registrar
c. Purchase of shares: Title of ownership.
d. Purchase of financial assets: Ownership and other documents of the financial properties.
3. Business Activities
a. Registration Certificate from the registrar.
b. Shareholders Certificate
c. Registered/ certified financial accounts of the company /companies for the last 3 years before the application.
d. Confirmation certificate from social insurance department stating the income of the employees at the company /companies of the applicant.
4. Decrease of deposits at Laiki Bank and/or Bank of Cyprus
Certificate for the exact amount and the time of the decrease/cut is required.
None of the above mentioned affects the absolute discretion of the cabinet of Ministers to decide accordingly.