One of the key of Cyprus’ development strategies is the attractive foreign direct investments on the basis of the Cyprus Investment Programme. A non-Cypriot citizen, who meets the financial criteria of the programme, may apply for the acquisition of the Cypriot Citizenship.
Acquiring Cypriot Citizenship (Naturalizations of Investors in Cyprus by Exception)
Financial criteria of the Investment programme:
- Investment in real estate, land development and infrastructure projects of at least €2 million.
- Investment in financial assets of Cypriot Companies or organizations of at least €2 million.
- Investment in alternative investment funds or financial assets of Cypriot Companies / organizations that are licensed by the Cyprus Securities and Exchange Commission of at least €2 million.
- Combination of the above criteria, which can also include investment in government bonds of up to €500.000.
Other terms and conditions:
- Prior to the naturalization, investors must hold a residence permit in Cyprus. If not, the application for a residence permit can be submitted simultaneously with the application for the naturalization.
- In addition to the above investments, an investor must also own a permanent privately-owned residence in Cyprus of at least €500.000 (+VAT). If investments are made into residential properties, as per the first financial criterion, this requirement is not applicable, if at least one of the units is worth at least €500.000 (+ VAT), provided that the applicant retains the possession of the residence for life.
- The investment in government bonds is restricted to €500.000.
Family members of the investor:
- Spouse / partner: The investor’s spouse or partner may acquire the Cypriot citizenship. Their application may be filed simultaneously.
- Minor Children: Dependent children up to the age of 18 years may apply, after the investor acquires the Cypriot citizenship and provided that the other parent consents to the grant of the citizenship.
- Adult financially dependent children: the right to apply for citizenship is also granted to the financially dependent adult children of the investor belonging to one of the following two categories: (i) students up to the age of 28 (ii) children with severe physical / mental disability that prohibits employment.
- Parents: The investor’s parents may also apply for citizenship after the investor has acquired his/her citizenship, provided that they are owners of a private residence of at least €500.000 (+ VAT). The investor and his/her parents may collectively acquire one residential property of a total value of at least €1 million (+ VAT).
Permanent Resident Permission:
Another Investment Scheme in Cyprus gives to all third country nationals who meet the criteria and terms set out in the scheme to be eligible for acquiring an Immigration Permit for permanent residency.
A non-Cypriot who meets the following Criteria may apply for the acquisition of an Immigration Permit:
- Deposit minimum Capital of €30.000 into a bank account in Cyprus, which will be pledged for a period of at least 3 years.
- Provided evidence of a secure annual income of at least €30.000 (plus €5.000 for every dependent person – spouse and children – and plus €8.000 for every dependent parent or parent-in-law).
- Purchase residential real estate of total market value of at least €300.000 (+VAT). Payment receipts submitted with the application should amount at least €200.000 (+VAT).
Other terms and conditions:
- The Immigration Permit does not allow the undertaking of any form of employment in Cyprus.
- Holders of an Immigration Permit must visit Cyprus once every two years.
Spouse and financially dependent children:
Immigration Permits are also issued for the investor’s spouse and all financially dependent children (up to 18 years old – or between 18–25, provided that they are unmarried students).
Parents / Parents -in -law: They may also be granted an Immigration Permit with the submission of an application and payment of the relevant fee.
Non–financially dependent children: An Immigration Permit may also be granted to non–financially dependent children of the applicant over the age of 18, provided that the market value of the acquired real estate attributed to each child is at least €300.000 (+VAT).
The above information has been compiled as a general set of guidelines only. Please don't hesitate to contact us for any further information and advice.