Cyprus is one of the very few countries in the European Union to offer a programme to non-EU citizens that enables them to acquire citizenship directly through investment. The Cypriot citizenship is an EU citizenship and the right to live, work and move freely within all the 28 EU countries. The Cypriot citizenship by investment programme is generally regarded to be the most attractive of its kind. An applicant does not have to live in Cyprus in order to obtain the citizenship and processing of the applications takes only around 3 months. The minimum required investment is EUR 2 million.
KEY FEATURES:
● Minimum required investment is EUR 2 million
● Processing of applications takes around 3 months
● The spouse of the applicant and children until 18 years old can also obtain Cypriot Citizenship. Adult children until 28 years old can acquire the Citizenship if they are undergoing education. Parents of the applicant are also eligible to obtain the citizenship if they buy a house at a minimum of EUR 500,000 excluding VAT
● The applicant is not required to live in Cyprus in order to obtain the Citizenship
● Freedom to live, move and work freely within all 28 countries of the European Union
● Visa free travel of visa upon entry to 159 countries
● No donation required
Below are the four different ways of investment which can be used for a third country national to obtain Cypriot Citizenship through Naturalisation by Exception according to the Council of Ministers decision dated 13.09.2016.
1. INVESTMENT IN REAL ESTATE DEVELOPMENTS
This requires the applicant to invest a minimum of EUR 2 million in projects related to residential or commercial property and any form of infrastructure.
2. CREATING, PURCHASING OR PARTICIPATING IN CYPRIOT COMPANIES OR OTHER BUSINESSES
The applicant must invest a minimum of EUR 2 million to purchase, incorporate or participate in companies or other businesses based and operating within the Republic of Cyprus.These companies or businesses must have physical presence in Cyprus and employ a minimum of five EU citizens who have been residents in Cyprus continuously for the 5 years before the filing of the application for the citizenship.
3. INVESTING IN ALTERNATIVE INVESTMENT FUNDS, FINANCIAL ASSETS OF CYPRIOT BUSINESSES OR ENTITIES LICENSED BY CYPRUS SECURITIES AND EXCHANGE COMMISSION
The applicant must invest a minimum of EUR 2 million in units in Alternative Investment Funds, bonds, debentures or other securities registered and issued in Cyprus, either in businesses with substantial economic activity or businesses licensed by CySEC. The investment must be retained for 3 years.
4. INVESTING IN A COMBINATION OF THE ABOVE WAYS OF INVESTMENT
The applicant must invest a minimum of EUR 2 million in a combination of any of the above options of investment. This option allows for an investment in government bonds as well up to a maximum of EUR 500,000. The bonds must be retained for at least 3 years.
CONDITIONS
A) The applicant must have a clean criminal record.
B) The applicant’s name should not be in the list of persons whose property is under order by the EU to be frozen.
C) The applicant is required to have a permanent residence in the Republic of Cyprus worth a minimum of €500.000.
D) The applicant and his/her adult dependents must hold a permanent residence permit in Cyprus before naturalisation takes place. It is possible to file the application for the permanent residency at the same time with the filing of the application for the citizenship. The application will be approved automatically if the conditions for the citizenship are satisfied.
DOCUMENTATION
The following documents must be submitted along with the application for the citizenship. These documents must be officially translated and apostilled unless the issuing country is not a signatory of the Hague Convention. In that case documents can be attested by the Ministry of Foreign Affairs of the country in question and the relevant Cypriot embassy or consulate:
(a) Copy of all pages of passport;
(b) Birth certificate;
(c) Marriage certificate (if applicable);
(d) Divorce certificate (if applicable)
(e) Certificate of clean criminal record from the country of origin and the country of residence (if different)
(f) Curriculum Vitae;
(g) Four recent passport size photographs;
(h) Two consecutive advertisements in a local newspaper announcing the applicant’s intention to obtain the citizenship.
(i) In regards to the permanent residence the following documentation is needed: Contract of sale and/or title deeds, proof of payment of the contract of sale, inward transfer receipt from a Cypriot bank in the name of the seller and a valuation certificate from an independent certified valuer.
In addition to the above documentation, documents must be presented to prove that the investment took place. These documents are different depending on the type of investment. Below is the documentation required for each type of investment.
INVESTMENT IN REAL ESTATE
● Contract of Sale;
● Title deeds or receipt from the Land Registry proving the deposit of the Contract of Sale;
● Proof of payment;
● Inward transfer receipt from a Cypriot bank in the name of the seller;
● Valuation if requested from a certified independent valuer;
● Master plan for the development of the land in question.
INVESTMENT IN CYPRIOT BUSINESSES
● Sale and purchase agreement;
● Certificate of shareholders;
● Business plan;
● Proof of payment of purchase price;
● Inward transfer receipt from a Cypriot bank in the name of the seller;
● Copies of the employment contracts of the EU employees;
● Certificates from the Department of Social Insurance certifying the accounts of the EU employees and the contributions of all employees;
● Certificate from the tax authorities confirming the taxable income of the EU employees;
● Registration certificates or certificates of permanent residence of EU citizens for the non-Cypriot EU employees.
INVESTMENT IN ALTERNATIVE INVESTMENT FUNDS, FINANCIAL ASSETS OF BUSINESSES OR ENTITIES LICENSED BY CYSEC
● Title documents;
● Inward transfer receipt from a Cypriot bank in the name of the investment manager;
● Investment plan;
● Confirmation from CySEC.
COMBINATION OF ABOVE INVESTMENTS
● Receipt from the Public Debt Management Office in case the investment includes government bonds;
● Inward SWIFT confirmation.
INVESTMENTS THROUGH COMPANIES
If the investment takes place through a company instead of a natural person, the applicant for the citizenship must be 100% the ultimate beneficial owner of the company. Moreover, the following documents will be required in addition to the documents required for each type of investment:
● Certificate of incorporation and shareholder certificate;
● Audited accounts for the 3 years prior to the submission of the application;
● Copy of employment contract and a Collections Certificate if the applicant is a member of the company’s senior management;
● Marriage certificate in case the spouse of the applicant is the holder or partial holder of the investment.