The purpose of the Cyprus Investment Programme is to encourage Foreign Direct Investment and High Net Worth Individuals to relocate and undertake business in Cyprus subject to the below criteria.
CYPRUS AS AN ATTRACTIVE DESTINATION FOR INVESTMENT:
- Highly specialized human capital;
- Reliable legislative & regulatory framework;
- Stable tax system and one of the lowest tax jurisdictions in the EU;
- Advanced and high-rising economy;
- Cyprus is promoted as one of the safest & stable jurisdictions in the world;
- Cyprus offers a rare combination of culture, climate and business opportunities.
1. ECONOMIC CRITERIA:
On the basis of the Programme, a non-Cypriot citizen, who meets one (or more) of the Economic Criteria (as further detailed below) may apply through the Cyprus Investment Programme which may be done either: personally or through a company/companies in which he/she participates as a shareholder – in proportion of his holding percentage – or through investments undertaken by his/her spouse or jointly with the spouse or as a high-ranking senior manager of a company/companies.
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 (3) year period and provided that this tax has already been paid or prepaid.
The Applicant must have made the required investments during the three (3) years preceding the date of the application and must retain the said investments for a period of at least three (3) years as from the date of the naturalization.
In addition, the applicant must abide by and fulfill the Terms and Conditions as set down at point 2 below.
It must be noted that in the event where, following a periodic inspection, it has been established that an economic criterion or a term and condition has been breached, the granted naturalization may be revoked.
The CRITERIA are as follows:
(A) Investment in real estate, land development & infrastructure projects: the applicant must have an investment of at least €2.000.000;
(B) Purchase or Establishment or participation in Cypriot Companies or Businesses: at least €2.000.000 plus a residence in the Republic of Cyprus, the purchase price of which must be at least €500.000 plus V.A.T.;
(C) Investment in Alternative Investment Funds or financial assets of Cypriot Companies or Cypriot Organizations licensed by CySeC: at least €2.000 000 plus a residence in the Republic of Cyprus, the purchase price of which must be at least €500.000 plus V.A.T.;
(D) Combination of the aforementioned investments: provided that the total investment will amount to at least €2.000.000. With this Criterion, the Applicant may purchase special government bonds of the Republic of Cyprus, up to €500,000, which will be issued by the Public Debt Management Office of the Ministry of Finance, on condition that the investor will retain these bonds for a 3 (three) year period.
2. TERMS & CONDITIONS:
a) Clean Criminal Record;
b) Declaration – A Declaration by the Applicant and by the Service Provider duly completed and executed;
c) Due Diligence Report
d) Residence in the Republic of Cyprus – In all cases listed in Point 1 (above), 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.
e) 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 on the basis of Regulation 6(2) of the Aliens and Immigration Law, simultaneously with the application for naturalization.
Disclaimer: This brochure has been prepared for informational purposes only and is only intended to provide a general guide to the Cyprus Investment Programme. None of the information should be construed as legal advice.