Investing in Cyprus, Investing in a New Lifestyle

INVEST in Cyprus through the Cyprus Investment Programme.

As a part of its policies aiming to further encourage Foreign Direct Investment and to attract high net worth individuals to settle and do business in Cyprus the Council of Ministers, on the 13th of September 2016, revised the “Cyprus Investment Programme” and, thus, established the new criteria and terms based on which non–Cypriot entrepreneurs/ investors and members of their families may submit applications in accordance with the provisions of the “Programme”.

The criteria for applying for the Cyprus Investment Programme have been recently amended, becoming now more favorable to potential investors as the required amount to be invested is now €2 million. Acquiring property in Cyprus, either as an investment or as a second home, has always been a popular choice among foreign investors. Applying to the Programme to obtain Cyprus citizenship through real estate is a straight-forward process, with applications being examined in a period of 6 months.

ELIGIIBLITY / NATURAL PERSONS

The following non-Cypriot natural persons who meet one of the set economic criteria, are eligible to apply for application to the Cyprus Investment Programme
∙ natural persons, either personally or through a company in which they are participating as shareholders, in proportion to their holding percentage
∙ through investments made by their spouse or jointly with the spouse
∙ as high-ranking senior managers of a company provided that they receive a remuneration that generates paid tax revenues of at least €100.000 over three years

ELIGIBILITY / FAMILY MEMBERS

∙ Spouse/ partner: the investor’s spouse or partner may acquire the Cypriot Citizenship. Their application may be filed simultaneously
∙ Minor children: dependent children up to the age of 18 may apply, after the investor acquires Cyprus citizenship and provided that the other parent consents to the grant of the citizenship
∙ Adult financially dependent children: the right to apply for citizenship is also granted to the financially dependent adult children of the investor belonging to i. students up to the age of 28 and  ii. children with severe physical/mental disability that prohibits employment
∙ Parents: The investor’s parents may also apply for citizenship after the investor has acquired his/ her citizenship, provided that they
are owners of a private residence of at least €500.000 (+VAT). The investor and his/ her parents may collectively acquire one residential
property of a total value of at least €1 million (+VAT)

REQUIREMENTS

∙ The minimum investment amount is €2 million
∙ Keeping investments for a period of minimum 3 years
∙ Clear criminal record for applicant, spouse, adult children and parents
∙ The investor must own a private residence(ies) in Cyprus, purchased for at least €500.000. If investments are made into residential property(ies), this requirement is not applicable∙The investor must be the holder of a residence permit in Cyprus to qualify for receiving Cyprus citizenship.

1. Investment in real estate, land development and infrastructure projects
∙investment of at least €2 million for the purchase or construction of immovable property, residential or commercial or for the construction of other land development projects (residential or commercial developments, developments in the tourism sector) or other infrastructure related projects.
∙the investment in land under development is also included, provided that the investment will be supported with an investment plan for the development of the purchased land.

2. Investment in financial assets of Cypriot companies
∙an investment in the purchase, incorporation or participation in companies that are based and operating in the Republic of Cyprus, amounting to at least €2 million. The respective amount must be invested to financially support the local operations of the companies.
∙company needs to acquire substance (proven physical presence and significant activity in Cyprus with substantial turnover and employ at least five Cypriot or European Union citizens).

3. Investment in Alternative Investment Funds (AIF’s) or financial assets of Cypriot companies or Cypriot companies licensed by the Cyprus Securities and Exchange Commission (CySec)
∙the applicant must have invested in of at least €2 million of AIF’s which are established, licensed and
supervised in Cyprus by CySec.
∙such investments must be exclusively made in the Republic of Cyprus, fulfil the criteria of the Scheme and be
approved by the Minister of Finance.
∙an investor may acquire financial assets of Cyprus companies such as bonds, bills and securities amounting
to at least €2 million, issued with the approval of CySec, and maintained for a period of three (3) years.

4. Combination of the aforementioned criteria 1 to 3
∙the applicant may proceed in investing at least €2 million, in a combination of the abovementioned investment criteria.
∙it is noted that under this criterion, the applicant may also purchase government bonds of the Republic of Cyprus of up to €500.000 issued by the Public Debt Management Office of the Ministry of Finance, provided that the investor will retain these bonds for a three(3)-year period

Benefits of the Cyprus Investment Programme

Investing in Cyprus, Investing in a New Lifestyle