The Cypriot Council of Ministers issued a decision on the 19th of March 2014, in relation with the scheme for naturalization of investors in Cyprus by exception on the basis of subsection (2) of section 111A, of the Civil Registry Laws of 2002-2013. The information provided below, have been taken and used as published in official web site of the Ministry of Interior of Cyprus.
The Decision states that a non-Cypriot citizen, who meets one of the following economic criteria (A), either personally or through a company/ companies in which he/ she participates as a shareholder – proportionally based on the percentage of participation, or even as a high-ranking senior manager of a company/companies that meets one of economic criteria (A), may apply for the acquisition of the Cypriot citizenship through Naturalization by exception.
A high-ranking senior manager may apply, provided that he/she receives such a remuneration that generates for the Republic tax revenue of at least €100,000 for a three year period and provided that this tax has already been paid or prepaid.
The applicant should have concluded 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 three years since the date of the Naturalization.
The applicant must have purchased state bonds of the Republic of Cyprus of at least €5 million.
The applicant must have purchased financial assets of Cypriot companies or Cypriot organizations (bonds/ securities/ debentures registered and issued in the Republic of Cyprus) of at least €5 million.
It is noted that these financial assets can be purchased either at issuance, or subsequently by the market.
The applicant must have made an investment of at least € 5 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).
The applicant must have made an investment of at least €5 million in the purchase, creation or participation in businesses or companies, that are based and operating in the Republic. These businesses or companies should evidently have a tangible presence in Cyprus and employ at least five (5) Cypriot citizens.
It is noted that the mandatory conversion of deposits into shares is included in this criterion.
The applicant must have personal fixed term deposits for three years in Cypriot banks or deposits of privately owned companies or trusts (in which he/she is the beneficiary owner) in the Republic of Cyprus of at least € 5 million.
Α.1 (Investment in government bonds),
Α.2 (Investment in financial assets of Cypriot companies or organizations),
Α.3 (Investment in real estate, land development and infrastructure projects),
Α.4 (Purchase or creation or participation in Cypriot businesses or companies)
Α.5 (Deposits in Cypriot banks): The applicant is required to have a combination of the above amounting to at least €5 million.
The applicant has incurred an impairment in deposits amounting to a total of at least €3 million.
In the case where the applicant has incurred an impairment in his/her deposits under €3 million he/she may apply, having made an additional investment through the criteria A.1 (Investment in Government bonds), A.2 (Investment in financial assets of Cypriot companies or Cypriot organizations), A3 (Investment in real estate, land development or infrastructure projects), A.4 (Purchase or creation or participation in Cypriot businesses and companies) and A.5 (Deposits in Cypriot Banks) for the balance of the required amount of the aforementioned criteria.
The Council of Ministers shall have the right on special occasions, to reduce the above criteria (Α.1 (Investment in Government Bonds), Α.2 (Investment in financial assets of Cypriot companies or Cypriot organizations), Α.3 (Investment in real estate, land development or infrastructure projects) and Α.4 (Purchase or creation or participation in Cypriot businesses and companies):
In addition, it is noted that for the above mentioned provisions (1) and (2), the investment for the Criteria Α1 until Α4 may be realized through a different salesman/ provider (physical or legal entity).
All applicants must fulfil the Terms and Conditions set out in herewith:
It is 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.
In the case where, following a periodic inspection, it has been ascertained that any condition is being circumvented, the Naturalization may be revoked.
In order to examine any applications the submission of the form (M127) and of the following is required:
As for the investment Criteria the following are required, depending on the case:
Any other document that might be requested either by the Ministry of Interior, or by the Ministry of Finance.
Furthermore, depending on the case, the following are required:
None of the above affects the absolute discretion of the Council of Ministers in taking a Decision.
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