High net worth individuals wishing to relocate may do so by opting for the Cyprus Investment Programme by investing in Cyprus. To be eligible for this programme, an applicant must invest a minimum of ?2 million in one of the available options, including ?500,000 in residential property to be held for life, as well as satisfy the good standing criteria.
Benefits of acquiring Cyprus Investment Programme
Many are the benefits of acquiring a Cyprus Investment Programme
- Protection by the diplomatic or consular authorities
- Right to vote and stand for Parliament elections
- Visa-free travel to over 171 countries including Europe and Canada
- Citizenship can be passed to future generations by descent
- No need to renounce the previous nationality as dual citizenship is allowed
- Cypriot Investment Programme can be obtained within 6 months
- Cyprus is a common law jurisdiction
- Cyprus Residence Permit is issued within 5 days from the submission of a joint application for residency
Legal basis of Cyprus Investment Programme
Cyprus Investment Programme is available to investors pursuant to the "Scheme for Naturalisation of Investors in Cyprus by Exception" on the basis of Section 111A (2) of the Civil Registry Laws of 2002-2013, based on a Council of Ministers decision dated 19th March 2014. In virtue of this law, the Cyprus Council of Ministers may grant citizenship by naturalization to foreign entrepreneurs. Additionally, the Cyprus Investment Programme law provides for the granting of the Cypriot citizenship by investment to the spouse as well as financially dependent adult children and parents of the investor. Amendments to the law carried out in September 2016 allow for the inclusion of parents in the same application, provided an additional investment in real estate is made.
Eligibility for Cyprus Investment Programme
- The Investor must have a clean criminal record from his country of origin and the country of residence (if it differs).
- The Investor's name must not be included on the list of persons whose property is ordered to be frozen.
- The Investor must be aged 18 or over.
- One visit required to obtain biometrics and receive PR Permit
- The Investor may include the spouse and children, as well as his/her parents in the same citizenship application. Children include minors up to the age of 18 and children aged 18-27 if they are financially dependent on the main applicant. An investors' child with severe physical or mental disability that makes him or her unable to work is also considered as financially dependent. Parents may also be included in the same application, provided an additional ?500,000 investment in real estate is made.
- The Investor must own a private residence in the Republic of Cyprus, the purchase cost of which must exceed the amount of ?500.000 plus VAT and must be fully paid. It is to be noted that members of the same family, which apply separately as investors, can collectively acquire a residence, provided that the total value of this home property covers the amount of ?500,000 per each applicant.
Investments Eligible for Cypriot Investment Programme
Investment in real estate, land development and infrastructure projects
Investment in financial assets of Cypriot companies or Cypriot organizations
Investment in Alternative Investment Funds or financial assets of Cypriot companies licensed by the Cyprus Securities and Exchange Commission (CySec)
A combination of investments, with the option of purchasing up to ?500,000 in Cyprus Government bonds, which must be retained for a 3 year period.
Cypriot Processing Fees
|Applicant||Application Submission Fees||Certificate Issuance Fee|
Cyprus Investment Programme Application Process
- An Application for Cyprus Investment Programme and Cyprus Residence Permit is submitted to the Ministry of Interior with original supporting documentation and ?2,000 as government fees. All the documents issued by a foreign authority should be translated either in Greek or in English and be duly authenticated.
- If the Investor meets the criteria and conditions required, the application is submitted by the Ministry of Interior to the Council of Ministers for approval.
- The application of the spouse is submitted concurrently with the application of the main applicant. Upon the approval of these applications, the children's application will follow.
- Once the Cyprus Investment Programme application is approved, the Civil Registry and Migration Department issues the Certificate of Naturalisation, following payment of ?5,000 that constitutes the certificate issuing fee.
- Provided that such an application is duly submitted and accompanied by all the necessary supporting documents, and the investor meets the criteria and conditions of the decision of the Council of Ministers, the time frame for the completion of the process is approximately 6 months. It should be noted that the application submission date is the date on which the submission fees were paid.
- The Council of Ministers has complete discretionary power regarding approval of Citizenship Application.
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.