Cyprus Citizenship by Investment Program - CSB Group

Cyprus Citizenship by Investment Program

Scheme for the Naturalisation of Investors in Cyprus by Exception

General Information

Cyprus’ Scheme for the Naturalisation of Investors by Exception has been very successful in the past years and has recently been revised to an even more attractive naturalisation scheme.  With this programme, the Government of the Republic of Cyprus attracts direct foreign investment and investors of good character and a high personal net worth. In return, the eligibility of an investor under this programme provides them and their families with numerous benefits such as low tax rates and free trade within the EU, freedom of movement within the EU Schengen area, excellent educational and health care facilities, benefits of dual-citizenship, safety at times of unrest, visa-free travel to 158 countries worldwide and more. With this programme, Cyprus offers the fastest Citizenship-by-Investment Programme in Europe.
Qualifications and General Requirements

The main applicant must:

  • Be at least 18 years of age;
  • Commit himself to make the established contribution or investment;
  • Meet the application requirements;
  • Be in possession of a clean police conduct;
  • Possess a valid passport;
  • Provide proof that shows a high personal net worth;
  • Does not have frozen assets within the boundaries of the EU; and
  • Own a permanent private residence in the Republic of Cyprus with a purchase price of at least €500,000 and applicable VAT.

Documents Required

The application must be accompanied with the following documents:

For the main applicant; –

  • A certificate of clean criminal record from the country of origin and the country of residence (when different);
  • Original birth certificate;
  • True copy of passport
  • Medical certificate;
  • Curriculum Vitae;
  • A certified copy of the Marriage certificate or Civil Union certificate (where applicable);
  • A letter by the applicant or his representative explaining the investment and criterion under which the application is submitted
  • A fully completed application form signed before the Registrar of a Cypriot court or a consular officer; and
  • A residence permit in the Republic of Cyprus.

For family members; –

The spouse, minor children, adult children under the age of 28 attending a course at a higher education level and parents of the main applicant can all apply for citizenship after the main applicant has acquired the Cypriot citizenship by way of this programme. Together with their application, family members need to present the following documents:

  • A completed ‘Check List of Investors Family Members Application Documents’;
  • A fully completed application form signed before the Registrar of a Cypriot court or consular officer;
  • Copy of the investor’s Naturalization certificate;
  • Copy of the Investor’s Cypriot passport;
  • Birth Certificate;
  • True copy of passport;
  • Certificate of clean criminal record from the country of origin and the country of residence (when different);
  • A certified copy of the Marriage certificate or Civil Union certificate (where applicable);
  • Two passport sized photographs;
  • Curriculum Vitae;
  • Copy of Residence Permit in the Republic of Cyprus or a copy of an immigration permit;
  • Copy of undergraduate degree and a Certificate of attendance by an academic institution

(required for the adult child of the main applicant pursuing postgraduate education and who is under the age of 28 years); and

  • Documents showing acquisition of a permanent residential property (required for parents of the main applicant).

CSB Group assists international clients in obtaining citizenship and residency. Contact us for further information or to arrange for an initial personal consultation.

The Minimum Eligibility Criteria

  • The applicant and his dependants need to be cleared of any criminal record and a clean police conduct certificate that is not older than 3 months is to be presented;
  • The applicant, or any of his dependants, are not individuals indicted before an International Criminal Court or who appeared at any time before an International Criminal Court;
  • The applicant, or any of his dependants, shall not be individuals who, at any time, had pending charges related to crimes of terrorism, money laundering, funding of terrorism, crimes against humanity, war crimes, or crimes that infringe upon such Protection of Human Rights and Fundamental Freedoms;
  • The applicant, or any of his dependants, shall not be individuals who at any time were found guilty, or, at the time of the application, are being interrogated and suspected for any criminal offence;
  • The applicant has to pass the due diligence clearance; and
  • The applicant’s name cannot be on the list of those whose assets have been frozen or blocked within the EU.

Government Fees

For the submission and processing of an application a non-refundable fee is required as follow:

  Application fee on submission of application Issuance fee on approval of application
Adult applicant Eur 2,000 Eur5,000
Child Eur 80  

 

The Investment Required

The applicant has either of the following options through which one may apply for Cyprus’ Scheme for the Naturalisation of Investors by Exception:

Option 1
Investment in Real Estate, Developments and Infrastructure Projects

Under this option, the main applicant has to purchase or construct a real estate project having an investment value of at least €2 million. The main applicant can also opt to acquire a land which is under development as long as the application is accompanied by a development plan. A land which is agricultural in nature is not considered to be a qualifying investment under this scheme.


Option 2
Purchasing, Establishing or Participating in Cypriot Businesses and Companies

The main applicant has to either purchase, establish or participate in businesses or companies that are based and operate within the Republic of Cyprus. The minimum investment in such activity has to be of at least €2 million. The businesses or companies require the employment of at least 5 Cypriot and/or EU citizens. In case more than one citizenship application is made while making use of the same company, the number of employees required increases. The employees referred to need to have resided in Cyprus for at least 5 years before the filing of such application.

A senior member of a company can also apply for citizenship if his remuneration in the company creates local tax revenue amounting to €100,000 or more, over a period of 3 years and provided they maintain their investment in the said company for another 3 years from the day citizenship is granted.

Option 3
Investing in Financial Assets of Cypriot Companies or Organizations which are licenced by the Securities and Exchange Commission

Under this option, the main applicant has to purchase financial assets of Cyprus enterprises regulated by the Cyprus Securities and Exchange Commission, such as units from the Alternative Investment Funds (AIF) and bonds/shares/securities/debentures of Cyprus companies (regulated by the Cyprus Securities and Exchange Commission). Such purchase needs to have a value of at least €2 million. This investment has to be maintained by the main applicant for at least 3 years from date of purchase.

Option 4
A combination of the above-mentioned investments

Under this option, the main applicant can choose to invest in a combination of the above investment options. The total value of the investments combined however has to be no less than €2 million.

Dependants

When investing in the above investment options, the main applicant’s spouse and children who have not yet obtained the 28 years of age and are still financially dependent on the main applicant are also granted citizenship under Cyprus’ Citizenship-by-Investment Programme. In the case the main applicant wishes to include his parents within the application, the following is applicable:

  • Parents have to own real estate having a value of not less than €500,000; or
  • Parents have to own a share of €500,000 in a residential property of the main applicant

Residence

There is no physical residency requirement with respect to Cyprus Citizenship-by-Investment Programme. The only requirement is one visit every seven years.

Time Frame

After the completion of the application forms, supporting documents and the payment of funds, the application process time is approximately 3-6 months.

For further information about how CSB Group can assist you with Cyprus’ Scheme for the Naturalisation of Investors by Exception, kindly forward your query to [email protected]

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CSB Group
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