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Cyprus Investment Programme
What is the main objectives of the Cyprus Investment Programme?
- to encourage Foreign Direct Investment
- to attract high net worth individuals to settle in Cyprus
- to attract high net worth individuals to do business in Cyprus
Who can apply for the acquisition of the Cypriot citizenship through naturalization by exception?
non-Cypriot citizen through investments done
- personally or through a company/companies (as a shareholder)
- by his/her spouse or jointly
- high-ranking senior manager of a company/companies
How many years investments must retain?
For a period of at least three years as from the date of the naturalization.
For properties under construction 3 year from the date that the Town Planning Permit is issued.
Can granted naturalization may be revoked?
In the case where, following a periodic inspection, it has been established that a criterion, term or condition of the Programme has been breached.
What is the amount of investment must be made?
The applicant must have made an investment of at least €2,0 million.
What investments can be made?
Investment in real estate, land development and infrastructure projects
Purchase or Establishment or Participation in Cypriot Companies or Businesses
Investment in Alternative Investment Funds or financial assets of Cypriot companies or Cypriot organizations that are licensed by CySec
Combination of the aforementioned investments
What is terms and conditions of of the Programme?
- Clean Criminal Record
- Not in the list of persons whose assets have been frozen as the result of sanctions
- Residence in the Republic of Cyprus (purchase price €500.000, plus V.A.T.)
- Residence Permit on the basis of Regulation 6 (2) of the Aliens and Immigration Law
Who are Investor’s Family Members
- spouse or partner of the investor
- parents of the investor
- minor children of the investor (under the age of 18)
- financially dependent adult children of the investor (students up to the age of 28 and children with severe physical or mental disability)
Who can provide services for the purposes of the Cyprus Investment Programme?
Only service provider registered with the Registry of Service Providers of the Cyprus Investment Programme
What is the Code of Conduct of the Cyprus Investment Programme?
The primary purpose of the Code of Conduct is to set the parameters for the provision of services which will protect the service providers as well as the
applicants they serve, from unprofessional, unethical and/or incompetent practices.
Where the application for the Naturalization by Exception needs to be submitted?
needs to be submitted at the Ministry of Interior
What documents must be submitted with the application for the Naturalization by Exception?
The list of the documents depends on the type of investments and may include:
- Check List of Investors Application Documents
- Self-Declaration by the Applicant
- Self-Declaration by the Service Provider
- Letter by the applicant
- Application Form M127
- Birth Certificate
- True Copy of passport
- Certificate of Clean Criminal Record
- Due Diligence Report
- Marriage Certificate
- Copies of advertisements in a daily newspaper two consecutive posts
- Two passport size photographs
- Curriculum Vitae
- Copy of Residence Permit in the Republic of Cyprus
- Copy of the employment contract
- Receipt from the Department of Inland Revenue
- Contract of Sale
- Title Deeds or Proof of Registration of the contract
- Proof of payment
- Copy of the wire transfer to a Cypriot commercial banking institution
- Certificate of Registration of the company
- Certificate of shareholders
- Audited accounts of the company
- Specific investment plan
- Confirmation from the Social Insurance Department
- Confirmation by the CySec
- Proof from the Public Debt Management Office for the purchase of special government bonds
Do documents issued by a foreign authority must be legilized?
All the accompanying documents should be duly authenticated and should bear the stamp «APOSTILE» or bear diplomatic ratification
What languages of the accompanying documents must be?
Greek or English or certified translation by the Press and Information Office or by a Consular Authority
What is expected time-frame for the examination?
6 (six) months
What is the fee for the application for the Naturalization by Exception?
What is the fee for the Certificate of Naturalization?
Revisions of the scheme
The revisions of the scheme have been approved by the Council of Ministers’ Decision dated May 21, 2018.
The effective date is of June 15, 2018 when the Decision was published in the Government Gazette.
Cyprus Citizenship by Investment
Cyprus Citizenship by Investment - is the old name of “Cyprus Investment Programme” (CIP)
How many applications per year can be approved?
A limitation of 700 applications per year takes effect from 2018.
But it refers to the main applicants, not the applicant’s family members (spose, children, parents)
Official site of the Committee of Supervision and Control for the Cyprus Investment Programme
For any further information please contact legal and consulting services provider Mykola Kravets