Cyprus Investment Program
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 do 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.
Requirements and Conditions
1 . Examination period of citizenship applications under the Program: 6 months
2. A € 2 million (plus vat if any) – Investment in a single Residence. A single property to be used as a residence at a minimum value of €2 million (plus VAT if any). The residence must be retained by the investors for a period of 3 years. After 3 years the Investor has the right to sell his/her property and buy another one at a minimum value of €500,000 (plus VAT if any).
3. A €2 million (plus Vat if any) Investment in a selection of Residential Properties, out of which one property is to be used as a privately-owned permanent residence of a minimum value of €500,000 (plus VAT if any). The remaining €1.5 million can be invested in a range of residential properties, which may be resold after 3 years.(Will begin aﬅer the issuance of the town planning permit.)
4.A €2 million investment in the equity or bonds of companies for use in approved projects plus a residential property to be used as a privately-owned permanent residence of a minimum value of €500,000 plus VAT.
5. The parent’s of the investor may apply for citizenship aﬅer the investor had acquired the Cypriot citizenship. They need to hold a permanent privately owned residence in the Republic of Cyprus, the purchase price of which must be at least €500.000 (plus VAT if any).
6. It is noted the investor and his/her parents may collectively acquire a residence, provided that the total of this home – property is at least €1.000.000 (plus VAT if any).
7. The applicant, prior to his/her naturalization as a Cypriot citizen must hold a residence permit in Cyprus. If the applicant does not already hold a residence permit, he/she may apply for an immigration permit on the basis of Regulation 6(2) of the Aliens and Immigration Law, simultaneously with the application for naturalization.
8. The applicant should have made the necessary investments during the three years preceding the date pf the application and must retain the said investments for a period of at least three years as from the date of the naturalization.
9. The program applies to the immediate family of the applicant i.e the spouse or partner and dependent children up to the age of 28 if full time university students and for children with severe physical or mental disability.
10. Applicants must hold a clear criminal record from the country of origin and the country of residence (if different).
The most significant modifications are as follows:
- An annual quota of 700 applications is introduced (as from 2018);
- The expected period for the examination of each application is now 6 months;
- A newly set-up “Committee of Supervision and Control” for the Cyprus Investment Programme (consists of representatives from the Ministry of Finance, the Ministry of Interior and the non-profit company Invest Cyprus) is established to monitor the smooth implementation of the Cyprus Investment Program.
- Investors must keep their investment for a minimum of 3 years, as was the case before the changes. Nevertheless, in case the investment is made in real estate that is under development, the 3-year period begins to count from the day the Town Planning Permit of the related real estate is issued. In the case where, the Town Planning Permit exists as at the time of the application, the minimum period of 3 years begins to count from the date of issuance of the naturalization certificate;
- As from 1st August 2018, all applicants must submit a report containing the results of due diligence report from an internationally recognised and accredited firm (e.g. World Check, LexisNexis Diligence, Regulatory DataCorp Inc, etc.). The report must be dated not later than 30 days from the date of its submission.