According to the Council of Ministers’ decision of September 13, 2016, amending the Citizenship by Investment Programme, a non-Cypriot citizen may be entitled to Cypriot citizenship if he or she has made any of the below investments in Cyprus.
- Investment in real estate, land development and infrastructure projects. The applicants must have made an investment of at least €2,0 million for the purchase or construction of buildings or for the construction of other land development projects (for residential or commercial purposes) or other infrastructure projects.
- Investment in financial assets of Cypriot companies or Cypriot organizations. Applicants may invest at least €2 million in the purchase, creation or participation in businesses or companies providing that they are based and they are operating in the Republic of Cyprus. Thus, these businesses or companies must have a physical presence in Cyprus and employ at least five Cypriot citizens or European citizens.
- Investment in Alternative Investment Funds or financial assets of Cypriot companies or Cypriot organizations that are licensed by CySec. Applicants may invest at least €2 million in the financial assets of Cypriot companies or Cypriot organizations. This includes bonds, securities and debentures registered and issued in the Republic of Cyprus. Investors must maintain the purchased assets for a period of three years.
- Combination of the aforementioned investments. Applicants may invest in a combination of the above options. The combination of investments must total at least €2 million
- Applicants who satisfy the criteria for applying for Citizenship must:
- Have a clean criminal record
- 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.
- Applicants must hold a permanent privately-owned residence in Cyprus, the market value of which must be worth of minimum €500.000 plus V.A.T.
Benefits of Cypriot Citizenship:
- The applicant, his spouse and dependent children can acquire Cyprus citizenship based on the Applicant’s investment, and everyone shall enjoy the same rights and benefits.
- Cyprus passport holders automatically become EU citizens and are entitled to all rights, benefits and freedoms which EU guarantees amongst its’ citizens (for the advantages of a EU Passport see below).
- Cyprus passport holders have free access to all 28 EU countries and to other over 150 countries and regions in the world.
- Cyprus passport holders can vote in the local and national elections or can serve as electees to create a promising future.
- Public primary schools are free of charge in Cyprus, for Cyprus passport holders.Higher education also in public universities are free of charge in Cyprus, for passport holders, and they further are entitled to discounted education in private universities.
EU Passport Benefits:
- Wherever you live in the EU, there you will be taxed. So, its’ up to the Cyprus passport holder to choose which EU country fits’ him/her more according to their tax incentives, or otherwise.
- Cyprus passport holders have no immigration limits in seeking job opportunities in any EU country.
- EU passport holders can enjoy high standards of higher, postgraduate or other type of education in any EU member state.
Procedure & Timeframe of an application:
- The application for the Naturalization by Exception with all necessary documents need to be submitted at the Ministry of Interior.
- Once an application is submitted the examination process begins. The time frame for the completion of the process is approximately 3 (three) months.
- 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 passport. 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. When this procedure is completed the applicant will be able to acquire a Cypriot passport and Identity Card.