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Cyprus Investment Programme

Cyprus Investment Programme

Cyprus Investment Program

On the 13.2.2019 the Council of Ministers introduced new criteria and terms aiming to further encourage Foreign Direct Investment and to attract high net worth individuals to settle and do business in Cyprus. Within this framework and taking into account the strong investor interest, the Government of Cyprus has established and revised the “Cyprus Investment Programme” (Programme) on the basis of subsection (2) of section 111A of the Civil Registry Laws of 2002-2019, with specific incentives, terms and conditions and control procedures in order to prevent abuse.

Harris Koufettas & Associates LLC is a registered official provider authorized by the Ministry of Finance of the Republic of Cyprus, keeping in line with the high standards set up by the Republic of Cyprus.

Reg. No. (CIP) 119

Who can Apply

On the basis of the Programme, a non-Cypriot citizen may apply for the acquisition of the Cypriot citizenship through naturalization by exception, if he/she fulfils the financial criterion A.1 and one of the financial criteria A.2-A.5, either:

  1. personally or through a company/ companies in which he/she participates as a shareholder – in proportion to his/her holding percentage, or
  2. through investments done by his/her spouse or jointly with the spouse, or
  3. even as a high-ranking senior manager of a company/companies that fulfils the financial criterion A.1 and one of the financial criteria A.2-A.5, provided that he/she receives such a remuneration that generates for the Republic of Cyprus tax revenues of at least €100,000 over a three year period and provided that this tax has already been paid or prepaid.

Family Members

  1. The spouse or partner of the investor can obtain the Cypriot nationality simultaneously with the applicant.
  2. The minor children of the investor have the right to acquire the citizenship according to the provisions of section 110 (3) of the Civil Registry Law after the naturalization of the applicant.
  3. The adult children of the investor can acquire the Cypriot nationality provided that they qualify under the below categories:
    1. Students up to the age of 28
    2. Children with severe mental or physical disability
  4. The parents of an applicant can also qualify for the Cypriot nationality, with an additional investment of €500.000 (Plus VAT) in residential property. The applicant and his/her parents can acquire together one residential property of total value €1 million.

Financial Criteria

A.1. Donation to the Research and Innovation Foundation and the Cyprus Land Development Corporation:

  • The applicant must have donated at least €75.000 to the Research and Innovation Foundation. It is noted that if the applicant wishes to donate an amount higher than the minimum of €75.000, this additional amount can be used for purposes of supplementing the total amount of the investment made on the basis of the criteria A.2-A.5.
  • Furthermore, the aforementioned obligation is lifted, if the applicant has invested at least €75.000 in a certified innovative enterprise (i.e. an enterprise that had acquired the relevant certificate by the Ministry of Finance) or a certified social enterprise.
  • In addition, the obligation is lifted, if the applicant has made an investment under the criterion A.3 (Purchase or Establishment or Participation in Cypriot Companies or Businesses) of a total amount equal to the 20% of the required investment amount (i.e. €400.000) of the abovementioned criterion A.3 in a company whose operations fall within the primary sector of the economy, or the secondary sector of the economy (excluding constructions), or in the sectors of research and development, education, health and renewable energy sources.
  • The applicant must have donated at least €75.000 to the Cyprus Land Development Corporation for the financing of housing schemes for affordable housing, but also for the materialization of other housing schemes/measures. It is noted that if the applicant wishes to donate an amount higher than the minimum of €75.000, this additional amount can be used for purposes of supplementing the total amount of the investment made on the basis of the criteria A.2-A.5.

The applicant must proceed additionally with any of the following investments in Cyprus:

A.2. Investment in real estate, land development and infrastructure projects of at least €2 million for the purchase or construction of buildings or for the construction of other land development projects (residential or commercial developments, developments in the tourism sector) or other infrastructure projects.

A.3. Purchase or Establishment or Participation in Cypriot Companies or Businesses of at least €2 million for the purchase or participation in companies or organizations established and operating in the Republic of Cyprus with investment costs of. Moreover, investments in the shipping sector are eligible on the basis of measurable criteria that will be determined jointly by the Ministry of Finance and the Shipping Deputy Ministry.

A.4. Investment in Alternative Investment Funds or Registered Alternative Investment Funds or financial assets of Cypriot companies or Cypriot organizations that are licensed by Cyprus Securities and Exchange Commission of at least €2 million. It is permitted for these AIFs or RAIFs to invest in secondary market stock-market values of the Cyprus Stock Exchange an amount that does not exceed the €200.000.

A.5. Combination of the aforementioned investments provided that the total investment will amount up to at least €2,0 million.

Other Conditions

  • The applicant must have a clean criminal record and his/her name must not be included in the list of persons whose assets have been frozen as a result of sanctions.
  • The applicant whose application for citizenship in any other member-state of the European Union had been rejected, is not eligible to apply for the acquisition of the Cypriot citizenship through the Cyprus Investment Programme.
  • The applicant must hold a valid Schengen visa. Third-Country nationals that do not require an entry visa for travelling in European Union member-states, as well as citizens of European Union Member States are excluded from this obligation.
  • 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 VAT). Additionally, it is noted that if the applicant has invested in housing unit/units on the basis of the above mention criterion A.1, the purchase of another permanent residence in Cyprus will not be required, if at least one of these housing units is worth at least €500,000 (plus VAT), provided that the applicant retains the possession of the residence for life.
  • 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 simultaneously with the application for naturalization.
  • 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 five years as from the date of the naturalization. The applicant may replace the investment during the said five-year period, provided that he/she has obtained beforehand an approval by the Ministry of Finance.