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Cyprus Investment Programme: 2019 Amendments for Candidates
The Cyprus Citizenship by Investment Programme allows successful candidates and their respective families to hold a Cyprus passport and enjoy all the benefits of a Cypriot and EU National in exchange for a sizable and legitimate investment into the Cypriot economy.
The following article discusses the comprehensive amendments to the Naturalisation of Investors in the Cyprus by Exception Scheme as per the official government announcement released earlier this year.
According a decision approved by the Council of Ministers, foreign investors can acquire the Cyprus Citizenship by Naturalisation and the Cyprus Passport for themselves and their immediate family members (by the exclusion based on the Civil Registry Legislation 2002 – 2017).
Cyprus Citizenship Benefits
Click to read more about the benefits of obtaining a Cyprus Passport.
Click to read more about the top tourist destinations and best beaches on the island.
Eligibility Requirements for the Cyprus Passport Programme
The whole family including the spouse of the candidate, dependents under 18 years of age and financially dependent university students (up to 28 years old) are eligible to apply for citizenship.
The passport is legally binding for life and can be passed onto new generations.
The candidate does not become a tax resident in Cyprus unless more than 183 days are spent physically on the island in one financial year.
Please note that there is currently a 6-month time frame to allow for the applications examination in full.
Cyprus Passport Programme Terms & Conditions
Adult candidates must hold a Clean Criminal Record from the country of origin and the country of residence if they differ.
The candidate must be the holder of a valid Schengen visa.
The candidate’s names should not be included in the list of persons whose property is ordered to be frozen within the EU.
A candidate whose application for citizenship had been previously rejected from any other EU member-state is not eligible to apply through the Cyprus Investment Programme.
Adult candidates must hold a Residence Permit in Cyprus for at least 6 months prior to acquiring the Cyprus Citizenship.
Investments need to be retained for at least three years from the date of taking the Citizenship. In case of purchase of immovable property under construction, the 3-year period will start to count from the date of issuance of the Planning Permit.
Must keep a residential property (House/Apartment) valued at a minimum of EUR €500,000 for life (reselling is not permitted).
Leasing the property to tenants is permitted. Click here to read more about landlord rights in Cyprus.
The investment funds have to be be sourced from abroad and transferred to Cyprus.
Cyprus Citizenship by Investment 2019 Programme Requirements
Candidates are required to purchase their property of main residency, at a minimum value of EUR €500,000 plus VAT.
And, to invest as follows in any of the below options:
A1. Investment in , land development, or construction projects as follows:
- Residential properties valued at EUR €1.5 million plus VAT. (Alternatively, this can be comprised of a single main residence for EUR €2 million)
- Commercial properties valued at EUR €2 million plus VAT.
A2. Purchase or incorporation of a Cyprus company for EUR €2 million. Click to browse our eligible properties.
A3. Investment in Alternative Investment Funds (AIFs) or financial assets of Cyprus companies that are licensed by CySec.
A4. The Purchase special government bonds of the Republic of Cyprus; or any combination of the above mentioned investments up to EUR €500,000.
In addition to the required investments to proceed as follows:
- A donation of EUR €75,000 to the Research and Innovation Foundation.
- A donation of EUR €75,000 to the Cyprus Land development Corporation.
- A minimum investment amount of EUR €75,000 into a certified innovative or social enterprise.
The above obligation is lifted if the candidate has made an investment under the criterion for investment, incorporation or participation in Cyprus Companies, of a total amount equal to a minimum of EUR €400,000 in a company active within the primary, or secondary sector of the economy, or in any of the following sectors:
- Research & development.
- Renewable energy sources.
Please note that Cyprus dual citizenship/nationality is permitted as per Cypriot Citizenship law.
There are 4 Different Investment Options
- Α.1 Investment in real estate, land development, and infrastructure projects
- Α.2 Purchase or establishment or participation in Cypriot companies or businesses
- Α.3 Investment in Alternative Investment Funds or financial assets of Cypriot companies or Cypriot organisations that are licensed by CySec
- Α.4 Combination of the aforementioned investments
Cyprus Passport Application Procedure & Timeline
Cyprus Citizenship by investment application is submitted to the Ministry of Interior. The candidate’s presence is not required.
The Main Candidate and spouse application are submitted primarily, with dependents and minors applications to follow. Once the application is approved and provided that the candidate holds a permanent residence permit for a minimum period of 6 months after the procedure of the application for citizenship is complete.
Following payment of the Naturalisation Certificate issuance fee; the Cyprus Civil Registry & Migration Department will issue the Certificate of Naturalisation within 7 working days.
Afterwards, the candidate will need to confirm faith to the Republic of Cyprus before a Registrar of a Cypriot court or a consulate official.
Where possible, the candidate needs to visit the Civil Registry or migration department or Embassy in order to disclose biometrics in order for the passport to be issued. Candidates are also entitled to apply for the issuance of the Cyprus identity card at on of several local district offices on the island.
The Cyprus passport is issued in 1 day and the Cyprus Identity card within about 7 days.
Please note that prior to the naturalisation as a citizen of the Republic of Cyprus, the candidate must hold a permanent residency permit in Cyprus for a minimum of 6 months.
- Birth Certificate for investor, spouse & children (official and certified translation).*
- Marriage Certificate (official & certified translation).*
- 2 Passport size photos for each family member.
- Criminal Record Certificate for the investor, spouse & adult children from the country of origin and the country of residence (official and certified translation).*
- A Due Diligence Report by an internationally recognised database.
- Curriculum Vitae for the investor, spouse & dependents over the age of 18.
- Dependents over 18 – Certificate of attendance by an academic institution (original copy).
* These documents require to be translated into English with an apostilled stamp, or to be certified by the Ministry of Foreign Affairs of the issuing country and the Ministry of Foreign affairs in Cyprus.
The translation should be duly completed by the Press and Information Office or by a Consular Authority of the issuing country or by a governmental body of the issuing country.
Read more about how Cyprus is amending its legislation to avoid cherry-picking between different programmes in Europe.