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).
As from 15th of May the following significant modifications will be applied:
The recent decision of the Council of Ministers for the revision of the Cyprus Investment Programme was taken on the 13th of February 2019. According to the decision the revised Programme is put into effect from the date of its publication in the Government Gazette – i.e. the 26th of February 2019 –with the exception of certain clauses which the decision specifies that will be put into effect from the 15th of May 2019
The changes will include the following:
- Limitation to 700 Applications Per Annum
- Applicants should be in possession of Schengen Visa
- Applicants who were rejected by another EU country shall be excluded from the CIP
- 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 a consent will be granted in this regard by the ministry of finance.
- A planning permit shall be mandatory for properties under construction.
- A donation of 75,000 for research and development shall be mandatory.
- A donation of 75,000 to the land development organization to fund affordable housing schemes shall be mandatory.