According to the Council of Ministers’ decision of September 14, 2016, amending the Cyprus Investment Program, a non-Cypriot citizen may be entitled to apply for the Cypriot Investment Program if he or she has made any of the below investments in Cyprus.
The Cyprus Investment Program can be obtained by those who meet certain conditions and that invest more than EUR 2 million. Successful applicants can live, work and study in any out of all 28 EU member countries.
The Eligible Investments
- Investment in real estate, land development and infrastructure projects.
- Investment in financial assets of Cypriot companies or Cypriot organizations.
- Investment in Alternative Investment Funds or financial assets of Cypriot companies or Cypriot organizations that are licensed by CySec.
- Combination of the aforementioned investments.
Applicants who satisfy the criteria for applying for Cyprus Investment Program must:
- Have a clean criminal record
- Their names must not be listed in the list of individuals whose assets are ordered to be frozen within the borders of the European Union
- Additionally, applicants must hold a permanent privately-owned residence in Cyprus, the market value of which must be worth of a minimum €500.000 plus V.A.T.
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1. Investment in real estate, land development and infrastructure projects
The applicant must have made an investment of at least €2,0 million for the purchase or construction of buildings or for the construction of other land development projects (for residential or commercial purposes, developments in the tourism sector etc.) or other infrastructure projects.
Please note that investment in land under development is included in this criterion, provided that an investment plan for the development of the purchased land will be included in the application. Investment in land that is situated in a building zone of zero development is excluded.
2. Investment in financial assets of Cypriot companies or Cypriot organizations
The applicant should have made a purchase or should have participated in companies or organizations established and operating in the Republic of Cyprus with investment of at least €2,0 million. The invested funds shall be channeled towards the financing of the investment objectives of these companies exclusively in Cyprus, based on a specific investment plan.
The applications shall be evaluated to verify that the companies or organizations have proven physical presence in Cyprus, with significant activity and turnover and employ at least five (5) Cypriot or citizens of European Union member-states. The minimum number of employees shall increase, if more than one applicant invest simultaneously or almost simultaneously in the same business or company. In addition, the employees of the companies need to have legally and continuously resided in Cyprus during the five years preceding the application submission date.
3. Investment in Alternative Investment Funds or financial assets of Cypriot companies or Cypriot organizations that are licensed by CySec
The applicant should have bought units of at least €2,0 million from alternative investment funds (AIF) established in the Republic of Cyprus, licensed and supervised by the CySec and whose investments are made exclusively in the Republic of Cyprus, in investments that meet the criteria of this Scheme or in areas approved by the Minister of Finance.
In order to confirm that the investments that meet the criteria of the current Scheme will be kept for at least three years, the manager or the auditor of the Fund shall inform in writing and on an annual basis, the Ministries of Finance and Interior with reference to the value of the initial investment.
The purchase of financial assets of Cypriot companies or organizations of at least €2,0 million, such as bonds, bills and securities, issued with the approval of the CySec, by companies that have proven physical presence and substantial economic activity in the Republic of Cyprus, and have as a purpose the financing of the investment plans of these companies or organizations exclusively in Cyprus, based on an investment plan, fall under this criterion.
Please note that the purchase by an AIF of units of other AIFs is not considered eligible.
4. Combination of the aforementioned investments
The applicant may proceed with a combination of the above investments, provided that the total investment will amount up to at least €2,0 million.
Within this criterion (combination of investments) the applicant may purchase special government bonds of the Republic of Cyprus, up to €500.000, which will be issued by the Public Debt Management Office of the Ministry of Finance, on condition that the investor will retain these bonds for a three year period. The characteristics and the terms of these special bonds will be determined by the General and Special Issue Terms of the Government Bonds of the Republic of Cyprus. Investments in government bonds through the secondary market are not considered eligible.
The Advantages and Rights of successful Investors through the Cyprus Investment Program.
Whole Family can Benefit out of the Cyprus Investment Program
The Applicant, his spouse and dependent children can participate in the Cyprus Investment Program based on the Applicant’s investment, and everyone shall enjoy the same rights and benefits.
EU Member State Citizen
Cyprus passport holders automatically become citizens of the European Union and are entitled to all rights, benefits and freedoms which EU guarantees amongst its’ citizens – see more details below under EU Benefits.
Cypriot Citizens have free access to all 28 EU countries and to other over 150 countries and regions in the world.
- Basic Education - Public primary schools are free of charge in Cyprus, for Cypriot Citizens.
- Higher Education - Higher education in public universities are free of charge in Cyprus, for Cypriot Citizens, and they further are entitled to discounted education in private universities.
The Right to Vote and to Stand as Candidate
Cypriot Citizens can vote in the local and national elections or can serve as electees to create a promising future.
Benefits of being a Citizen of an EU Member State:
No matter where you live in the EU, as a citizen of European Union, Cypriot Citizens enjoy the privileges of EU membership, including EU programs on welfare, medical care, citizen and human rights, education. It further provides discounted university education in any EU state, including the UK, France and Germany.
Cypriot Citizens can live in any EU member state they wish to live, without restrictions or bureaucratically approved conditions. EU passport means “United EU Member States” according to the EU regulations on freedom of movement.
Cypriot Citizens have no immigration limits in seeking job opportunities in any EU country.
Wherever you live in the EU, there you will be taxed. So, it is up to the individual to choose which EU country fits’ him/her more according to their tax incentives, or otherwise.
EU medical facilities are probably some of the best you can find. Cypriot Citizens can enjoy them without limits or restrictions.
Cypriot Citizens can enjoy high standards of higher, postgraduate or other type of education in any EU member state.
Our dedicated Immigration team is happy to meet you and give you a detailed description of the process.
We provide assistance and representation all the way until successful outcome. We ensure that whatever is necessary to be done, is duly done on time. We assist you on completing all necessary forms (M127) and submit all mandatory documentation.
At AGP & Co we aim at providing an A to Z service package to our clients with the minimum possible inconvenience caused.
The steps we follow are simple, though strategically chosen:
- We understand the client and his/her profile,
- We discuss with the client his/her future plans and intentions,
- Subject to 1 and 2 above, we provide our client with recommended projects which we have in advance examined and any foreseeable risks have been eliminated,
- Subject to 3 above, we proceed with implementation of the investment through means that our client is secure at maximum.
- Upon completion of 1-4 above, we proceed with the necessary applications to the Ministry of Interior and we follow up all the way up until naturalization.
The application for the Naturalization by Exception needs to be submitted at the Ministry of Interior.
The list of the necessary documents is as follows:
Applicant's personal documents:
- Immigration Application Form;
- Birth Certificate;
- True Copy of passport;
- Certificate of Clean Criminal Record from the country of origin and the country of residence (if different);
- Marriage Certificate/ Civil Partnership Certificate;
- Two passport size photographs;
- Curriculum Vitae;
- Copy of Residence Permit in the Republic of Cyprus.
Residence in the Republic of Cyprus
- Contract of Sale as a proof of residence in Cyprus;
- Proof of payment of the agreed purchase price;
- Copy of the wire transfer to a Cypriot commercial banking institution in the name of the seller.
Examination procedure of an application
Once an application is submitted the examination process begins. Provided that the application is dully submitted and accompanied by all the necessary supporting documents and the investor meets the criteria and conditions, the time frame for the completion of the process is approximately 6 (six) months. It should be noted that the application submission date is the date on which the submission fees were paid that is noted on the receipt issued by the Cashier’s Office of the Ministry.
Once the application is approved, the applicant will be able to take all actions for the acquisition of the Citizenship and the issue of a Cypriot travelling documentations. The procedure for the acquisition of the Cypriot citizenship will be completed, provided that the applicant holds a residence permit for a period of at least 6 (six) months. If the applicant does not hold a residence permit for the aforementioned time period, he/she will need to wait until the six- month period is completed. Afterwards, the Civil Registry and Migration Department issues the Certificate of Naturalization, following payment of the Naturalization Certificate issuing fee. Subsequently, the applicant will need to give the Oath of Faith to the Cypriot Republic before a Registrar of a Cypriot court or a consular officer of the Republic of Cyprus. Once this procedure is completed the applicant will be able to acquire all legal Cypriot documents applied for.
Acquisition of an Immigration Permit
Please note that prior to the naturalization as Cypriot citizen, the applicant must hold a residence permit in Cyprus (as explained above).
For the issuance of the Immigration Permit the collection of the applicant’s bio-metric data (fingerprints and photograph) and signature is mandatory. In order for the bio-metric data to be collected the applicant is required to appear in person at the Civil Registry and Migration Department. Moreover the applicant needs to present an original travel document. After the collection of the bio-metric data, the Immigration Permit (card) is issued within five working days.