The Cyprus government has implemented various incentives so as to encourage foreign investment into the country. One of the most popular is the Citizenship Through Investment Program whereby an applicant can acquire Cypriot citizenship and receive a Cyprus (EU) passport through naturalisation if they make a €2mln investment in real estate and meet certain other criteria.
In addition, there is also the possibility that should the principal applicant require to include their parents in the application, an additional €500,000 plus VAT should be invested in the purchase of a private residence in Cyprus.
The application for Cypriot citizenship through Naturalisation by Exception may be made by a non-Cypriot national provided they meet one of the below investment criteria:
1. An investment of at least €2 million in order to purchase real estate or land development/construction.
2. An investment of at least €2 million in the purchase or establishment of a business or company based and operating in Cyprus, which can demonstrate its presence in the country and which employs at least 5 Cypriot citizens.
3. Other investments as follows:
The purchase of units from Alternative Investment Funds (AIFs) amounting to at least €2 million.
Investment in the financial assets of a Cypriot business or enterprise of at least €2 million in the form of bonds, securities and debt securities.
Investment in CYSEC regulated Cypriot business entities of at least €2 million in the form of bonds, securities and debt securities.
Our immigration specialists are at hand to assist you with any of your immigration needs, including the collation of all necessary documents and the completion of the required forms, so to ensure that all statutory requirements are met and that the process in acquiring residence in Cyprus is seamless and stress-free
In their continual efforts to attract foreign investment into Cyprus, the Cypriot government has amended Regulation 6(2) of the Aliens and Immigration Regulations so that Residence Permits can be issued to non-European applicants.
The approval rate of relevant residence applications are high if all criteria are met, with fast track applications taking only 2 months to be processed. Residence applies to the entire family, i.e. the applicant, their spouse, parents of the applicant, and any dependent children up to the age of 25.
For a residence permit to be issued, the following criteria must be met:
1. The purchase of new immovable property with a market value of no less than €300,000 plus VAT. The property can be purchased by a company if that company is registered in the name of the applicant (alone or together with spouse), and if they are the sole shareholders. An application form must be submitted by the applicant, together with a sale’s contract and proof payment of minimum €200,000 plus Vat. The sale contract also requires to have been submitted to the Cyprus Department of Land and Surveys.
2. A minimum capital of €30,000 deposited into a Cyprus account from abroad, which will be locked for a three year period. Proof thereof, i.e. a letter of confirmation issued by the Cyprus bank, needs to be submitted. The money will be released after the expiration of the three year period without restrictions.
3. The applicant requires to prove that he or she is earning an annual income of minimum €30,000 originating from abroad. For every additional child, the income needs to increase by €5,000 and €8,000 for each dependent parent. The source of income is permitted to be from employment, pensions, rents, dividends from shares, among others.