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July 23, 2019
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Cyprus Investment Programme

The Cyprus Investment Programme (“Programme”) encourages Foreign Direct Investment to attract high wealth individuals to establish and carry out business in Cyprus. As a member of the European Union since 2004 and the Eurozone in 2008, Cyprus enhanced its role as robust and reliable destination for key players in various industries and sectors. The professional services industry evolved to cater for businesses of local and international clients, in line with the risks of the Digital Age and the challenges of globalisation.

In accordance with the Programme, non-Cypriot citizens can apply to acquire Cyprus citizenship through naturalization by exception, subject to the relevant financial criteria and additional terms and conditions. Amongst other things, the Applicant must make the requisite investments during the 3 years prior to the date of the relevant application, and must retain such investments for a period of at least 5 years following the date of its naturalization. It is possible for the Investor to replace its investments throughout the said 5 year period, if the Ministry of Finance approves so.

Financial Criteria

  • the Applicant must donate at least EUR75K to the Research & Innovation Foundation or in an innovative or social enterprise certified as such by the Ministry of Finance
  • the above criterion is waived if the Applicant invests an amount equal to 20% of the required investment amount (EUR400K) in a company that operates in the primary sector of the economy, or the secondary sector of the economy (excluding construction), or in the sectors of R&D, education, health and RES
  • the Applicant must donate at least EUR75K to the Cyprus Land Development Corporation for financing affordable housing schemes

 

and

  • the Applicant must invest at least EUR2mln to purchase or construct buildings and infrastructure

 

or

  • the Applicant must invest at least EUR2mln for the purchase or participation in entities based and operating in Cyprus

 

or

  • the Applicant must invest at least EUR2mln in Alternative Investment Funds (AIFs) or Registered AIFs - established in Cyprus and licensed by the Cyprus Securities & Exchange Commission

 

Alternatively, the Applicant can invest in a combination of the above; if the total amount of investment is at least EUR2mln.

Terms & Conditions

  • the Applicant must have a clean criminal record and not be part of any sanctions
  • the Applicant must not have been rejected for citizenship in any other MS of the EU
  • the Applicant must hold a valid Schengen visa

 

The above also apply for the family members of the Applicant who may apply alongside the Applicant.

  • as regards all the Financial Criteria, the Applicant must purchase for EUR500K (+ VAT) a permanent privately-owned residence in Cyprus, subject to certain exemptions
  • prior to its naturalization as a Cyprus citizen, the Applicant must have a Cyprus residence permit for at least 6 months

 

The above condition for a Cyprus residence permit can be fulfilled upon simultaneous application with the application for naturalization.

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We advise our clients on the most appropriate corporate structure and governance for the purpose of their particular enterprise. We establish companies, partnerships, collective investment vehicles, trusts, foundations and charities, and assist with maintenance throughout their business cycle.

Please do not hesitate to contact us if you require further information or support on such matters.

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