ARTICLE
29 May 2013

Fast Track Economic Citizenship Program

EN
Elias Neocleous & Co LLC

Contributor

Elias Neocleous & Co LLC is the largest law firm in Cyprus and a leading firm in the South-East Mediterranean region, with a network of offices across Cyprus (Limassol, Nicosia, Paphos), Belgium (Brussels), Czech Republic (Prague), Romania (Budapest) and Ukraine (Kiev). A dynamic team of lawyers and legal experts deliver strategic legal solutions to clients operating in key industries across Europe, Asia, the Middle East, India, USA, South America, and China. The firm is renowned for its expertise and jurisdictional knowledge across a broad spectrum of practice areas, spanning all major transactional and market disciplines, while also managing the largest and most challenging cross-border assignments. It is a premier practice of choice for leading Cypriot banks and financial institutions, preeminent foreign commercial and development banks, multinational corporations, global technology firms, international law firms, private equity funds, credit agencies, and asset managers.
Cyprus has introduced an "economic citizenship" programme, granting accelerated citizenship to applicants who satisfy one or more of the following criteria:
Cyprus Immigration

Cyprus has introduced an "economic citizenship" programme, granting accelerated citizenship to applicants who satisfy one or more of the following criteria:

  • The applicant has invested at least €3 million in Cyprus, comprising €2 million in the Development and Investments Fund and €500,000 each in the Research and Development Fund and the Solidarity and Employment fund. These deposits should be for a minimum of five years.
  • The applicant has invested at least €5 million in Cyprus in the following:
    • acquisition of immovable property (residential properties, commercial properties, hotels, and other similar types of properties which are under construction or complete). Undeveloped land does not qualify;
    • acquisition of businesses or companies;
    • acquisition of shares of public companies registered in Cyprus;
    • acquisition of financial assets such as bonds issued by the Republic of Cyprus including bonds to be issued by the Solidarity Fund in accordance with the National Solidarity Fund Law of 2013;
    • participation in a company or a joint venture which has undertaken the execution of a project in Cyprus.
  • The applicant has significant business activities in Cyprus, being a substantial shareholder of a company incorporated and doing business in Cyprus, the principal offices of which are situated in Cyprus, which employs at least ten Cypriot citizens and which has paid at least €500,000 per year to public revenues over the preceding five years. Up to two applications for naturalisation may be submitted in respect of each such company.
  • The applicant was the holder of deposits in Bank of Cyprus or Laiki Bank at 15 March 2013 and incurred losses of €3 million or more as a result of the measures imposed on the two banks during March 2013.

Apart from satisfying the criteria set out above, the applicant must have a clean criminal record and be the owner of a permanent residence in Cyprus with a value of €500,000 or more excluding VAT.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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