The new Cyprus Investment Scheme, adopted in September 2016, as amended in March 2019, streamlines and simplifies the criteria for Cyprus eligible investments, rendering the scheme more coveted and attractive than ever.
WHO MAY APPLY
- INVESTOR Non-Cypriot citizen who acts on his/her own capacity or as a shareholder of a company or through investments done by his/her spouse or jointly.
- HIGH-RANKING SENIOR MANAGER Physical person who receives remuneration in which the tax revenue for the Republic of Cyprus amounts to at least a total of €100.000 for a period of 3 years and such tax has already been paid or prepaid.
- INVESTOR's PARENTS The new scheme gives the opportunity to the investor's parents to also apply for citizenship without having to proceed to an additional investment, provided that they fulfil the prerequisites set out below.
The spouse, the underage children, as well as the financially dependent adult children1 of the qualifying applicant also qualify automatically without any further requirements.
- CLEAR CRIMINAL RECORD The applicant must be of a clear criminal record in his/her country of origin, Cyprus and the country of residence as applicable. Any persons sanctioned by the EU are not qualified to apply.
- POSSESSION OF RESIDENCE IN THE REPUBLIC OF CYPRUS The applicant must own a private residential property/ies in the Republic of Cyprus, the total net price of which must be at least of €500.000. It is clarified that in case the applicant(s) is/ are the investor's parent(s), the acquisition of one family residence of at least €1.000.000 is also acceptable.
- PERMANENT CYPRUS RESIDENCY PERMIT The applicant must possess or apply for a permanent residence permit in Cyprus prior or simultaneously with the application for naturalisation.2
- SCHENGEN VISA The applicant must hold a valid Schengen visa at the time of application
- NOT PREVIOUSLY REJECTED An applicant must not have been rejected for naturalisation in another EU member state.
SOCIAL FINANCING CRITERIA
The applicant must meet cumulatively the following donation prerequisites, that aim to highlight the social aspect of the scheme:
- DONATION TO THE RESEARCH AND
- The applicant must donate a minimum of €75.000 to the Research and Innovation Foundation.
- Alternatively, the applicant may choose instead, to invest at least €75.000 in a certified innovative enterprise or a certified social enterprise.
- Otherwise, if the applicant's investment is in the participation or establishment of Cyprus Companies in an amount of over €400.000 and such company operates in manufacturing, agriculture or in the sectors of research and development, education health and renewable energy, any further donation is not necessary.
- DONATION TO THE CYPRUS LAND
- The applicant must donate a minimum of €75.000 to the Cyprus Land Development Corporation.
1 Financially dependent adult children: are the undergraduate and postgraduate university students up to 28 years of age that are undertaking their first undergraduate or postgraduate degree and are not studying to acquire professional title (e.g. ACA, ACCA, barrister) as well as any legally incapacitated defendants
2 No application will be reviewed before the passing of 6 months from the obtaining of the Permanent Residency permit
Originally published 22 May, 2020
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