Cyprus Citizenship

A non- Cypriot citizen who satisfies one of the economic criteria of section (A), either personally or through a company / companies in which he/she participates as a shareholder  based on the percentage of participation, or as senior company director in a company / companies that meet one of the economic criteria (A), may apply to obtain Cypriot citizenship.

Senior company directors of companies may apply , provided that the applicant has remuneration from the said company / companies that generate tax revenue for the Republic of at least €100,000 for a three year period and provided that this tax has already been paid or prepaid.

The applicant should have made the necessary investment in the three years preceding the date of application and maintain the investment for a period of three years from the date of naturalization .

In addition, the applicant should meet the Terms and Conditions set out in Part B.

In case any Term or Term or Condition is circumvented naturalization may be revoked.

A. CRITERIA

A.1 Investing in government bonds:

The applicant must purchase bonds of the Republic of at least € 5 million

or

A.2 Investment in financial assets or businesses in Cyprus :

The applicant has to make a purchase of financial assets or businesses in Cyprus  (bonds / securities / bonds issued and registered in the Republic ) of at least € 5 million

or

A.3 Investing in real estate development and infrastructure projects:

The applicant has to make an investment of at least € 5 million for the purchase or construction of buildings or other developments (residential or commercial development, the tourism sector or other infrastructure ) .

or

A.4 Purchase or participate in Cypriot businesses and companies :

The applicant has to make a purchase or participate in companies based and operating in the Republic amounting to at least € 5 million.  Such a company must have a proven physical presence in Cyprus and employ at least five (5) citizens of the Republic.

or

A.5 deposits in Cypriot banks:
The applicant must have personal deposits in Cypriot banks or private companies or trusts ( being the ultimate beneficiary) in the Republic of at least € 5 million for a period of three years.

or

A.6 Combining the above criteria €5 million

or

A.7 People whose deposits in Cyprus Popular Bank Public Company Ltd have been impaired due to measures implemented after March 15, 2013.

The applicant has suffered an impairment of deposits which amount to a total of at least € 3 million

In case the applicant has impaired deposits of less than € 3 million, an application can be made after making additional investment through criteria A.1, A.2, A.3, A.4 and A.5  for the remaining amount required.

or

A.8 Major Collective Investments

The Council of Ministers has the right in special cases to reduce the above criteria in the following cases to

I. €2,5 million for investors who participate in a collective investment project if the investment is at least €12,5 million

II. €2,0 million for investors who participate in  a collective investment project where the collective investment is in excess of €12.5 million.  It is understood that this provision ( II ) will be valid until 01/06/2014 .

B. TERMS AND CONDITIONS

1. The applicant must have a clean criminal record and not be included in the list of persons whose assets/property have been frozen within the boundaries of the European Union .

2. In all cases listed in Part A, the applicant must have a permanent home in Cyprus, with a market value of at least € 500.000, plus VAT.

C. SUBMISSION OF DOCUMENTS

The applicant must submit ( M127 ) and the following :

1. Criminal Record :

Criminal Record Certificate from the country of origin and the country of residence (if different) .

2. Accommodation in Cyprus

(a) Sales contract

(b) Title Deed or proof of submission of the contract to the Department of Lands and Surveys

(c) Proof of payment of the agreed purchase price

(d) Transfer of money to the Cypriot commercial bank in the name of the seller or the seller’s company

As regards the criteria the applicant must provide:

(a) Certificate of Registration of the company / companies from the Registrar of Companies

(b) Certificate of Shareholders of the Company from the Registrar or certificates demonstrating that the investor is the ultimate beneficial owner of the company

(c) Audited accounts of the company / companies for the last three years preceding the year of application

( d ) Where the applicant is a senior executive he must  present an employment contract and acknowledgement of receipt by the Inland Revenue

Any other document requested either by the Ministry of Interior or the Ministry of Finance.

The following are also required:

1. Investing in government bonds

(a ) Evidence of the purchase of government bonds .

2. Investment in financial assets or businesses in Cyprus

( a) Title / Securities and other documents of financial assets

( b ) Money transferred to a Cypriot commercial bank in the name of business or organization

3 . Investing in real estate development and infrastructure

( a) Sale – purchase contract.

( b ) Title Deed or proof of submission of the contract to the Department of Lands and Surveys

( c ) Proof of payment of the agreed purchase price

( d ) Transfer to  a Cypriot commercial bank in the name of the seller or the seller’s company

4. Purchase/registration/particiaption in Cypriot businesses and companies

( a) Sales- purchase agreement .

( b ) Proof of payment of the agreed purchase price

( c ) Verification by Registrar of Companies of the shareholders of the company

( d ) Transfer to a  Cypriot commercial bank in the name of the seller or company

( e) A certificate from the Department of Social Security for the insurable earnings of employees in the company

( f ) Certificate from the Inland Revenue for taxable wages of the employees in the Cypriot companies or firms in which the applicant has made an investment

5. Deposits in Banks

( a) Certificates of Cypriot banks for the deposit(s) of the applicant or the companies (in which the ultimate beneficiary) or trusts (in which the ultimate beneficiary) for a  period of five years

( b ) Remittance of the amount of the deposit to a commercial bank

6. Impairment deposits Laiki Bank

( a) Certificate for the amount and timing of impairment deposits

( b ) In case of company deposits , in which the applicant is the ultimate beneficiary, a Certificate of Registration of the company from the Registrar of Companies and / or any other relevant evidence along with a declaration from the trustee of such funds to the eligible person .

None of the above affects the absolute discretion of the Cabinet decision-making.

 

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