SCHEME FOR NATURALISATION OF INVESTORS IN CYPRUS BY EXCEPTION – On the basis of subsection (2) of section 111A of the Civil Registry Laws of 2002-2015
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.
Within this framework and taking into account the strong investor interest, the Government of Cyprus has established and revised a “Scheme for Naturalization of nonCypriot investors by exception” on the basis of subsection (2) of section 111A of the Civil Registry Laws of 2002-2015, with specific incentives, terms and conditions and control procedures in order to prevent abuse.
Read the entire framework below:
On the basis of the Scheme, a non-Cypriot citizen, who meets one of the following economic criteria (A), either personally or through a company/ companies in which he/ she participates as a shareholder – in proportion to his holding percentage, or through investments done by his/her spouse or jointly with the spouse or even as a high-ranking senior manager of a company/ companies that meets one of the economic criteria (A), may apply for the acquisition of the Cypriot citizenship through naturalization by exception.
A high-ranking senior manager may apply, provided that he/she receives such a remuneration that generates for the Republic tax revenues of at least €100,000 over a three year period and provided that this tax has already been paid or prepaid. The applicant should have made the necessary investments during the three years preceding the date of the application and must retain the said investments for a period of at least three years as from the date of the naturalization.
Introducing the citizenship scheme
- Fast track procedure: Approval will be issued within approximately 3 months.
- A €2.000.000 (two million) plus VAT (if applicable) investment in a single Residence. A single property to be used as a residence at a minimum value of €2 million. The residence must be retained by the investor 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.
- A €2.000.000 (two million) plus VAT (if applicable) 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. The remaining €1.500.000 can be invested in a range of residential properties only, which may be resold after 3 years.
- In case that the purchase value of the permanent privately owned residence in Cyprus exceeds the amount of €500.000, part of this additional amount can be used for purposes of supplementing the total amount of the investment made in the basis of the criteria of Part A as set out in the Scheme for Naturalization of Investors in Cyprus by exception (vide attached PDF for full details).
- It is noted that members of the same family, who apply separately as investors, can collectively acquire a residence, provided that the total value of this property covers the amount of €500.000, per each applicant.
- 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.
- Any property or properties purchased during the past 3 years, can also be included in the required investment amount.
- The program applies to the immediate family of the applicant i.e the spouse and dependent children up to the age of 28 if full time university students.
- Applicants must hold a clear criminal record from the country of origin and the country of residence (if different).
- No requirement to physically reside in Cyprus before or after approval.
Benefits of the scheme
- Same rights as any European Citizen.
- The whole family can obtain the Citizenship.
- Cyprus allows multiple citizenship.
- Travelling, living, working and studying anywhere in the European Economic Area (European Union, Iceland, Liechtenstein and Switzerland).
- The investor is able to rent out his/her privately-owned residence.
- Free movement of capital, services and goods.
- The eligible investment is not limited to properties purchased for the first time.
- This is an investment NOT a donation.
The fastest route to EU Citizenship