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The Council of Ministers decision dated 19th of March 2014 laid the updated and reduced economic criteria by which Cypriot/E.U. Citizenship can be acquired by foreign investors.
Obtaining a Cyprus (E.U.) Passport/Nationality by Investing in Cyprus
Non Cypriot citizens are allowed to apply for Cypriot citizenship, either personally or through company as a shareholder or as a senior member in a company/organization, given that they satisfy one of the following criteria:
A.CRITERIA
The applicant must:
A.1 Investment in Government Bonds
Invest at least €5.000.000 in Government Bonds of the Republic of Cyprus.
OR
A.2 Investment in Financial Assets of Cypriot Organizations/Enterprises
Purchase financial assets of Cyprus companies, Cyprus enterprises or Cyprus government, of at least €5.000.000 (bonds/securities and debentures – registered and issued in the Republic of Cyprus).
OR
A.3 Investment in Real Estate, land Development and Infrastructure Projects
Invest in Cyprus at least €5.000.000 for the purchase or construction of buildings or for the construction of other land development projects.
OR
A.4 Purchase or Creation or Participation in Cypriot Enterprises/Companies
Invest at least €5.000.000 in purchasing or creation or participation in companies that are based and operating in Cyprus. These companies need to have a tangible presence in Cyprus and employ at least 5 citizens of the Republic of Cyprus.
OR
A.5 Bank Deposits
Have fixed term bank deposits in Cyprus Financial Institutions of at least €5.000.000 for a period of three years. The deposits can be personal and/or of privately owned companies and/or of trusts of which the applicant is the beneficial owner.
OR
A.6 Combination of Investment in Government Bonds (A.1), Investment in Financial Assets of Cypriot Organizations/Enterprises(A.2), Investment in Real Estate, Land Development and Infrastructure Projects (A.3), Purchase or Creation or Participation in Cypriot Enterprises/Companies(A.4), and Bank Deposits (A.5)
Cumulatively invest at least €5.000.000 in any combination of criteria A.1, A.2, A.3, A.4 and A.5.
OR
A.7 Persons whose deposits at the Popular Bank of Cyprus or at the Bank of Cyprus have been impaired as a result of the measures enforced on the two banks after 15th March 2013
The applicant’s deposits in one or both of the aforementioned banks must have been impaired by at least €3.000.000 aggregately.
In case the applicant’s deposits in the aforementioned banks have been impaired at a smaller amount than €3.000.000, he/she can still apply for citizenship through additional investment in one of the following in order to reach the €5.000.000 threshold: Government Bonds(A.1), Financial Assets of Cypriot Organizations/Enterprises(A.2), Real Estate, Land Development and Infrastructure Projects (A.3), Purchase or Creation or Participation in Cypriot Enterprises/Companies(A.4) and Bank deposits(A.5).
OR
A.8 Collective Investments
The council of Ministers, in special cases, has the right to reduce thresholds for Investment in Government Bonds (A.1), Investment in financial Assets of Cypriot Organizations/Enterprises (A.2), Investment in Real Estate, Land Development and Infrastructure Projects (A.3), Purchase or Creation or Participation in Cypriot Enterprises/Companies (A.4):
(a) To €2.500.000 for investors who are participating in a collective investment scheme, given that the
total investment is at least €12.500.000.
(b) To €2.000.000 for investors who are participating in a collective investment scheme, given that the
total investment is higher than €12.500.000. This threshold (b) will be valid until 1.6.2014
A.9 Senior Member of a Company – Tax Payment
In case where a senior member of a company would like to apply for obtaining Cypriot passport/nationality can proceed with the application given that he/she has such remuneration in this company that creates tax revenue for the Republic of Cyprus at least €100.000 for a three years period and given that this tax liability has been paid or prepaid.
B. TERMS AND CONDITIONS
Along with the above mentioned criteria, applicant must fulfil the following terms and conditions:
1. Clean Criminal Record: The applicant must have a clean criminal record. Also, his name shall not be included in the list of persons whose assets are frozen within the European Union.
2. Residence in Cyprus
The applicant must be the owner of a residence in Cyprus, the market value of which is at least €500.000 plus V.A.T.
*Regular inspections will be made and in the event that any requirement is not duly met the Cypriot citizenship might be revoked.
* In cases where family members apply separately as individual investors, can jointly buy a residence, given that the total value of the residence covers the amount of €500.000 for each applicant.
Other considerations
Successful applicants receive a Cypriot passport within 3 to 4 months of filing an application, being by far the fastest route to EU Citizenship. Applicants are not required to live on the island prior or during the application, or even after citizenship has been granted, unlike many other EU countries, including Malta, which requires applicants to physically reside in Malta one year prior to filing an application. Also no requirement to make a donation to the local government, unlike the Maltese citizenship scheme which requires a donation of EUR 650,000.
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