Cyprus Investment Programme
Cyprus has become a very attractive destination for international businesses drawing a varied portfolio of investors and one of Europe’s leading countries in foreign investment. The underlying reasons that have promoted such growth are the highly specialized human capital, the reliable legislative and regulatory framework, the stable tax system encouraging businesses to make investment decisions and the safe environment of the country.
Furthermore, the Republic of Cyprus encourages Foreign Direct Investment as a valued part of its development strategy and leads high net worth individuals to settle and do business in Cyprus, determining economic growth.
The Cyprus Investment Programme applies to non-Cypriot citizens, who meet certain economic requirements either personally or through a company, participating as shareholders or through investments made by their spouses or jointly with their spouses or even as high-ranking senior managers of a company. Based on the Programme, a non-Cypriot citizen who meets one of the economic requirements may apply for the acquisition of the Cypriot citizenship through naturalization by exception.
REQUIREMENTS AND CONDITIONS:
Applicants are required to:
1. Make an investment of €2 million to keep for 5 years in one or in a combination of investment option as below.
• Investments in real estate, land development and infrastructure projects. This includes the purchase or construction of buildings and land development projects (residential or commercial) and investment in land under development provided that an investment plan is presented. It is provided that for investments in real estate there must be a planning permit in place for each property,
• Investments by purchasing or establishing or participating in Cypriot Companies or Businesses. The funds should be applied towards the financing of the investment objectives of the companies exclusively in Cyprus, based on a specific investment plan. The companies must have physical presence in Cyprus, with significant activity and turnover and employ at least five Cypriots or citizens of European Union member-states,
• Investments in Alternative Investment Funds (AIF), Registered Alternative Investment Funds (RAIF) or financial assets of Cypriot companies or Cypriot organizations that are licensed by CySEC. The purchase of units from AIF’s and RAIFs established in the Republic of Cyprus, licensed and supervised by the CySEC and whose investments are made exclusively in the Republic of Cyprus within the criteria of the CIO,
• Investments in the Cyprus shipping industry (specific criteria apply)
2. Make a Donation of at least €75.000 to each of the following (applicable from 15/05/2019):
• the “Research and Innovation Foundation” (exemptions apply subject to conditions)
• the “Cyprus Land Development Corporation” (exemptions apply subject to conditions).
TERMS AND CONDITIONS
1. Clean Criminal Record from the country of origin and residence.
2. Residence in the Republic of Cyprus: In all cases listed under Economic Criteria, the applicant must possess a permanent privately-owned residence in the Republic of Cyprus, the purchase price of which must be at least €500.000, plus V.A.T. and which must be retained for life. This condition may be satisfied with no further investment needed in a residence, if the applicant purchases €2 million worth of residential real estate under the economic criterion above for the Investment in Real Estate, provided that the residence has not been used under the CIP by previous applicants.
3. Residence Permit in Cyprus: 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 based on Regulation 6 (2) of the Aliens and Immigration Law, simultaneously with the application for naturalization.
*More information can be found on Ministry of Interior website