Cyprus Passport / Cyprus Citizenship
GRANTING CYPRUS PASSPORT / CYPRUS CITIZENSHIP TO FOREIGN INVESTORS
- A non-Cypriot citizen, who meets one of the following economic criteria (A), either personally or through a Cyprus company/ companies in which he/ she participates as a shareholder – proportionally based on the percentage of participation, or even as a high-ranking senior manager of a company/ companies that meets one of economic criteria (A), may apply for the acquisition of the Cyprus citizenship (Cyprus Passport) through Naturalization by exception.
- A high-ranking senior manager may apply for (Cyprus Passport) Cyprus citizenship, provided that he/she receives such a remuneration that generates for the Republic tax revenue 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 concluded the necessary investments during the three years preceding the date of the application and must retain the said investments for a period of at least three years since the date of the Naturalization.
- In addition, the applicant must fulfill the Terms and Conditions set out in Part B.
- In the case where, following a periodic inspection, it has been ascertained that any condition is being circumvented, the (Cyprus Passport) Cyprus citizenship may be revoked.
Α. CYPRUS PASSPORT (CYPRUS CITIZENSHIP) CRITERIA
Α.1 Investment in government bonds:
The applicant must have purchased state bonds of the Republic of Cyprus of at least €5,0 million.
Α.2 Investment in financial assets of Cyprus companies or Cypriot organizations:
The applicant must have purchased financial assets of Cypriot companies or Cypriot organizations (bonds/ securities/ debentures registered and issued in the Republic of Cyprus) of at least €5,0 million. It is noted that these financial assets can be purchased either at issuance, or subsequently by the market.
Α.3 Investment in real estate, land development and infrastructure projects:
The applicant must have made an investment of at least € 5,0 million for the purchase or construction of buildings or for the construction of other land development projects (residential or commercial developments, developments in the tourism sector or other infrastructure projects)
Α.4 Purchase or creation or participation in Cyprus companies or Cyprus businesses:
The applicant must have made an investment of at least € 5,0 million in the purchase, creation or participation in businesses or companies, that are based and operating in Cyprus. These businesses or companies should evidently have a tangible presence in Cyprus and employ at least five (5) Cypriot citizens. It is noted that the mandatory conversion of deposits into shares is included in this criterion.
The applicant must have personal fixed term deposits for three years in Cyprus banks or deposits of privately owned companies or trusts (in which he/she is the beneficiary owner) in the Republic of Cyprus of at least €5,0 million.Cyprus Passport / Cyprus Citizenship
Α.6 Combination of the aforementioned criteria Α.1 (Investment in government bonds), Α.2 (Investment in financial assets of Cyprus companies or organizations), Α.3 (Investment in real estate, land development and infrastructure projects), Α.4 (Purchase or creation or participation in Cyprus companies or Cyprus businesses) and Α.5 (Deposits in Cypriot banks):Cyprus Passport / Cyprus Citizenship
Α.7 Persons whose deposits with the Popular Bank Public Company Ltd have been impaired due to the measures implemented after the 15th March 2013:
The Council of Ministers shall have the right on special occasions, to reduce the above criteria (Α.1 (Investment in Government Bonds), Α.2 (Investment in financial assets of Cypriot companies or Cypriot organizations), Α.3 (Investment in real estate, land development or infrastructure projects) and Α.4 (Purchase or creation or participation in Cyprus Companies or Cyprus businesses):
In addition, it is noted that the investment for the Criteria Α1 until Α.4 may be realized through a different salesman/ provider (physical or legal entity).
B. CYPRUS PASSPORT (CYPRUS CITIZENSHIP) ADDITIONAL REQUIREMENTS TO THE ABOVE STATED FINANCIAL CRITERIA:
- Criminal Record: the applicant must have a clean criminal record. Furthermore, his name must not be included on the list of persons whose property is ordered to be frozen within the boundaries of the European Union.
- Cyprus Residence: The applicant must own residential property in Cyprus with a purchase value of at least €500,000, plus VAT. It is noted that members of the family, which apply separately as investors, can collectively acquire a residence, provided that the total value of this home-property covers the amount of €500.000 per each applicant.
CYPRUS PASSPORT (CYPRUS CITIZENSHIP) BENEFITS:
- Freedom of movement within the European Union, but not the Schengen area;
- Spouse and children of the applicant under the age of 18 are considered dependants of the applicant and as a result they can also be naturalized as Cyprus citizens.
(Updated: September 2014)
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