According to the Council of Ministers’ decision of May 21, 2019, amending the Cyprus Investment Programme, a non-Cypriot citizen may be entitled to apply for the Cypriot Investment Programme, for the purpose of naturalization/citizenship by investment if he or she has made any of the below investments in Cyprus.
The Cyprus Investment Programme can be obtained by those who meet certain conditions and that invest more than EUR 2 million.
The applicant must also have donated at least €75.000 to the Research and Innovation Foundation. It is noted that if the applicant wishes to donate an amount higher than the minimum of €75.000, this additional amount can be used for purposes of supplementing the total amount of the investment made on the basis of the criteria. (click on the eligible investment tab for more details)
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 the Cyprus Investment Programme must:
- Have a clean criminal record
- Hold a valid Schengen Visa. Third-Country nationals that do not require an entry visa for travelling in the European Union member-states are excluded from this obligation.
- 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
- 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.
- Donate at least €75.000 to the Research and Innovation Foundation and at least €75.000 to the Cyprus Land Development Corporation.
For more details as to how can we help you, please contact us now.
Α.1 Donation to the Research and Innovation Foundation and the Cyprus Land Development Corporation:
(a) Must have donated a minimum of €75.000 to the Research and Innovation Foundation. If a higher amount is donated, then the additional amount can be used towards supplementing the total amount of the investment which was made as per section A.2-A.5.
(b) Must have also donated a minimum of €75.000 to the Cyprus Land Development Corporation if again a higher amount is donated then the additional amount can be used towards supplementing the total amount of the investment which was made as per section A.2-A.5.
Α.2 Investment in real estate, land development and infrastructure projects:
Must have an investment a minimum of €2,0 million for the purchase or construction of buildings or for the construction of other land development projects. Please note that an investment in land that does not have any prospective of development is omitted.
Α.3 Purchase or Establishment or Participation in Cypriot Companies or Businesses:
Must have invested a minimum of €2,0 million for the purchase or involvement in companies or organizations which are recognised and operating in Cyprus, terms and conditions apply.
Α.4 Investment in Alternative Investment Funds or Registered Alternative Investment Funds or financial assets of Cypriot companies or Cypriot organizations that are licensed by Cyprus Securities and Exchange Commission:
Should have purchased units of a minimum €2,0 million from the alternative investment funds (AIF) or Registered Alternative Investment Funds (RAIF) which are established in Cyprus licensed and registered as well as supervised by the Cyprus Securities and Exchange Commission (CySec) and whose investments are made only in Cyprus, in investments that meet the criteria of this Program or in areas that are acceptable by the Minister of Finance. It is allowed for these AIFs or RAIFs to invest in secondary market stock-market values of the Cyprus Stock Exchange an amount that does not surpass €200.000.
Please note that the purchase by an AIF or RAIF of units of other AIFs or RAIFs is not considered eligible.
Α.5 Combination of the aforementioned investments:
The applicant also has the option to combine some of the above investments only in the case that the investment amount will be a minimum of €2,0 million.
The Advantages and Rights of successful Investors through the Cyprus Investment Programme.
Whole Family can Benefit out of the Cyprus Investment Programme
The Applicant, his spouse and dependent children can participate in the Cyprus Investment Programme 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 Law 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.