Citizenship through investment in Cyprus

The Council of Ministers updated the conditions for naturalization of investors in Cyprus by way of exception on the basis of subsection (2) of section 111A of the Civil Status Laws of 2002-2013. Cyprus, may apply for Cypriot citizenship if it has purchased government bonds, invested in financial assets of Cypriot companies or Cypriot organizations, invested in real estate, land and infrastructure development projects, maintains deposits in Cypriot banks, has business activities in the country or has suffered a depreciation of deposits due to the applied restructuring measures.

Applicants interested in Cypriot citizenship must complete the M127 form and submit certain documentation. In all cases, investors must submit the contract of sale and confirmation of settlement of their residence. Additional documentation is required, as appropriate.

CRITERIA AND DOCUMENTATION:

A1. Purchase of government bonds

The investor must have purchased government bonds of the Republic of Cyprus worth at least EUR 5 million.

Required documentation

Proceeds from the Ministry of Finance of the Republic of Cyprus for the purchase of government bonds.

A2. Investment in financial assets of Cypriot companies or Cypriot organizations:

The investor must have received financial assets from Cypriot companies or Cypriot organizations, ie. bonds, securities, bonds registered and issued in the Republic of Cyprus, worth at least EUR 5 million.

Financial assets can be obtained at issue or from the market.

Required documentation

a. Title (s) and other documents relating to the financial assets.

b. Copy of the bank transfer to the Cypriot commercial banking institution in the name of the company or organization.

A3. Investments in real estate, land and infrastructure projects:

The investor must have invested at least EUR 5 million for the purchase or construction of buildings or for the construction of other land development projects, such as residential buildings, commercial buildings, tourism or other infrastructure projects.

Required documentation

a. Sales contract.

b. Deeds of ownership / Receipt for submission of the contract with the Department of Land and Exploration.

° C. Receipts for payment of the agreed purchase amount.

e. A copy of the bank transfer to the Cypriot commercial banking institution in the name of the seller or the seller’s company.

A4. Purchase or creation or participation in Cypriot businesses or companies:

The investor must have invested at least EUR 5 million for the purchase, creation or participation in companies or companies based and operating in the Republic of Cyprus. Obviously, these companies or companies must have a real presence in Cyprus and employ at least five Cypriot citizens. It should be emphasized that the necessary conversion of deposits into shares is included in this criterion.

Required documentation

  1. Sales contract.

  2. Receipts for payment of the agreed purchase amount.

  3. Certificate of shareholders from the Registrar of Companies or certificates proving that the investor is a beneficial owner of the company / companies.

  4. Copy of the bank transfer to the Cypriot commercial banking institution in the name of the company or organization.

  5. Confirmation from the Social Security Department regarding the insurance income of the Cypriot employees in the company.

  6. Confirmation from the Department of Internal Revenue on the taxable income of Cypriot employees in the companies or enterprises in which the eligible investor has invested.

A5. Deposits in Cypriot banks

The eligible investor must maintain private term deposits for a period of three years in banking institutions of the republic or deposits of private companies or trusts in which the investor is a beneficial owner of EUR 5 million.

Required documentation

  1. Confirmation from the Cypriot banking institutions regarding the term deposits for three years of the investor or companies or the confidence in which the investor owns the beneficiary.

  2. Copy of the bank transfer to the Cypriot commercial banking institution.

A6. Combination of criteria A1-A5

An individual has the right to acquire Cypriot citizenship if there is a combination of the above, ie. investment in government bonds, investment in financial assets of Cypriot companies or organizations, investment in real estate, development of land and infrastructure projects, purchase or creation or participation in Cypriot businesses or companies and deposits in Cypriot banks up to at least EUR 5 million.

A7. Investors with impaired deposits after bank resolution

Individuals whose deposits with Laiki and the Bank of Cyprus have been impaired due to restructuring measures implemented after 15 March 2013 can apply for naturalization. To meet the conditions, the amount of their depreciation of deposits must be not less than 3 million euros.

In the event that an investor has suffered impairment of his deposits below EUR 3 million, he or she can still apply, provided that he / she has made an additional investment under the A1-A5 criteria (purchase of government bonds, investments in financial assets of Cypriot companies or Cypriot organizations, real estate investments, land or infrastructure development projects, purchase or creation or participation in Cypriot enterprises or companies and deposits in Cypriot banks) in the amount of the balance required by the above criteria.

Required documentation

  1. Confirmation of the extent and date of impairment of deposits.

b. In the case of deposits in companies in which the investor is the owner of the beneficiary, the certificate of registration of the company must be submitted by the Registrar of Companies and / or other relevant evidence.

A8. Main collective investments:

The Council of Ministers has the power in special cases to reduce the criteria A1 (Purchase of government bonds), A2 (Investments in financial assets of Cypriot companies or Cypriot organizations), A3 (Investments in real estate, land development or infrastructure projects) and A4 (Purchase). or creation or participation in Cypriot businesses and companies):

I. EUR 2 million for investors apparently participating in a special collective investment scheme, provided that the total value of the investment is more than EUR 12.5 million.

Provision (I), investment criteria A1-A4, may be met by a different seller / supplier (natural or legal person).

Terms and conditions

Investors who meet the criteria for applying for naturalization must have a clean criminal record. In addition, their names must not be included in the list of persons whose assets have been ordered to be frozen within the European Union.

In addition, applicants must have a permanent private home in the country, the market value of which must be at least EUR 500,000 plus VAT. It should be clarified that family members who apply independently as investors are entitled to collective residence, provided that the total price of the particular home-property covers the amount of EUR 500,000 for each applicant.

The above conditions do not affect the absolute assessment of the Council of Ministers in making a decision. If, after an assessment, it is established that a condition has been circumvented, the Cypriot citizenship permit may be revoked.