A non Cypriot citizen will be eligible to obtain a Cypriot passport if one of the following criteria is met:
Investment and Donation to state funds:
The applicant must have investments and donations in Cyprus of at least €2.5 million, as follows:
An amount of € 2 million for the purchase of shares and/or bonds of the National Investment Company that will be formed.
The applicant must deposit the amount said at the Treasure of the Republic until the shares and/or bonds of the aforesaid company are issued.
An amount of €0.5 million donated in the Research & Technology Fund.
The applicant should proceed with direct investments in Cyprus amounting to a minimum of €5 million. Direct investments include, among others, the purchase of immovable property, businesses, shares of companies, financial assets (including securities to be issued from the National Solidarity Fund under the relevant 2013 Act), participation in a company / consortium which was awarded the execution of a public project.
These investments must remain committed for a period of not less than 3 years.
The applicant must have personal deposits in Cypriot banks or through private companies or trusts (in which he is the ultimate beneficiary himself) in the Republic of at least €5 million in a fixed deposits of not less than 3 years.
Combination of investments
A combination of investments and donations to state funds
Deposits in Cyprus banks
The applicants must have a combined investment of at least €5 million.
The applicant must be the shareholder or the final beneficiary of a company or companies that has been set up and is operating in Cyprus. The company paid at least €500.000 annually in State funds (corporate tax, VAT or other charges and duties etc) and for the purchase of corporate services (lawyers, accountants, auditors’ fees) for the 3 years preceding the submission of the application.
Alternatively in the scenario where the applicant is a shareholder or the final beneficiary of the company that is set up and operating in Cyprus and provided that the headquarters of the Company are located in Cyprus and it is currently employing 5 Cypriot citizens then the minimum amount that must have been paid should be 350.000 Euros annually for the last 3 years before the application has been made.
If the applicant employs 10 Cypriot citizens then the amount decreases to € 200.000 annually for the last 3 years before the application has been made.
For every such company (or companies) it is possible to file applications for naturalization for 2 shareholders which will be the majority shareholders of the company.
In the case the applicant has paid to the Cypriot economy direct income or fees (as described above) of a smaller value than the abovementioned amounts , a combination may be made with criteria:
1 (Investments and Donations to State Funds)
2 (Direct Investments)
3 (Bank deposits)
The sum of the payments to State funds and the services fees of the last three years will be deducted from the required investment for fulfillment of criteria 1,2 or 3.
6. Persons whose deposits in BANK OF CYPRUS or in LAIKI BANK have been impaired due to measures implemented in both Banks after the 15th of March 2013:
A new regulation has been announced for those with a loss at least € 3 million due to the levy imposed on the bank deposits in Bank of Cyprus and Laiki Bank.
In the event where the applicant has suffered impairment in one or in both of the aforementioned Banks less than €3 millions he can still file an application if he invests in 1 or 2 for the amount that remains in order to sum up to 3 million Euros.
B.Terms and conditions for being eligible to apply for a passport:
Age: The applicant must be 30 years of age and above.
Criminal Record: The applicant must have a clean criminal record and his name must not appear in any list of individuals whose property within the European Union has been placed under restrictions.
Accommodation in Cyprus: In all cases listed in Part A, the applicant must be holder ownership of property in Cyprus, market value at least 500.000 Euros plus VAT.
If it is proven that any of the conditions has been breached then the naturalization may be cancelled.
C. Submission of Documents:
For the examination of the application forms (M127) the applicant is required to submit the following documents including, among others, the sale and purchase agreement and certificate of payment of residence for section A(2) above and for:
1.Combination of investments and donation to a government fund.
a) Receipts for the donations to the Research and Technology Fund.
b) Receipts from the Treasury of the Republic of Cyprus for the purchase of shares and / or bonds of the under formation investment company of the State.
2. Direct Investments
a) Purchase of immovable property: Sale and Purchase Agreement, Title of the Property, Evidence of submission of the agreement to the Department of Land Registry, Proof of payment of the agreed purchase price.
b) Purchase of a company: Sale and purchase Agreement, Proof of payment of the agreed amount, certificate from the Registrar of companies showing the shareholders of the company.
c) Purchase of shares: Share Certificates
d) Purchase of financial assets: Proof of ownership and purchase of the financial assets.
3. Deposits in banks
a) Confirmations by Cypriot banks regarding the deposits of the applicant of the companies of which they are the beneficial owner of the trusts of which is the beneficiary of a fixed term deposit of three years.
b) In the case of company deposits whereby the owner is the beneficiary the certificate of the registration of the company from the Cyprus Registrar of companies must be presented and any other evidence considered important.
4. Business Activities
a) Certificate of corporation for the company, certified by the company Registrar
b) Certificate of shareholders from the Registrar of companies
c) Confirmation for the amounts paid for the business activities of the Company/ies. Such confirmation letter should be issued by the providers of those business activities
d) Audited accounts for the last three years before the submission of the application of naturalization
e) Confirmation by the Department of social insurance for the insured of the employees of the applicant’s company / companies.
5. Impairments of the deposits in Bank of Cyprus and Laiki Bank.
a) Confirmation providing for the amount impaired and the timing of it.
b) In the case of deposits of companies of which the applicant is the beneficial owner, the Certificate of Incorporation of the Company by the Registrar of Companies should be presented and any other evidence considered important.
The documents below must support the letter / application for granting Cyprus Citizenship to the Minister of interior, immaterial of the category of the financial criteria the applicant satisfies.
Birth certificate, officially translated and apostille from the country of issue.
Valid passport copy, officially translated and apostille from the country of issuance
Criminal Record, which is evidence that the applicant does not have any previous criminal convictions, either is Cyprus, current country or residence or country of birth. Clear Criminal record to the officially translated and apostille from the country of issue.
Letter introducing the applicant, i.e.CV, small history of the applicant (residence history), family status (married, age of children if any), business activities of the applicant or his/her family in general , small description of assets worldwide, etc.
Council of Ministers’ Decision dated 24/05/2013
Naturalization for Investors by Exception in Cyprus
Based on subsection (2) of section 111A of the Civil Registry Laws 2002-2013
For those foreigners who are not E.U. citizen, but have purchased property in Cyprus and are retiring in Cyprus , they must apply for a residents permit. This permit is based on the level of foreign income available to support this person and can include pensions and income from investements.
Categories eligible to apply for a Residence Permit
Under Regulation 5 of the Aliens and Immigration Regulations of 1972, alliens may apply for a residence permit in Cyprus if they fall under either of the categories described below:
Persons with the intent to invest in agricultural, fishing, animal farming sectors, provided they have acquired the analogous land and they have available a capital of approximately € 475,500.
Persons who intend to work as self-employed in the mining sector provided that they have available capital of €380.400 and provided that a permit for mining is secured.
Persons who intend to work as self-employmed in a trade or profession in the Republic provided that they have in their possession a relative permit, and they have freely a capital of €286.000 and provided that they can recure such business permit from the authorities.
Persons who intend to work as self-employed in a profession or science in the Republic provided that they have the corresponding academic or professional qualifications and provided that there is demand for such professions in Cyprus.
Persons who have been offered permanent employment in the Republic, which will not create undue local competition.
Persons who possess and have fully and freely at their disposal a secured annual income, high enough to give them a decent living in Cyprus, without having to engage in any business, trade or profession. The annual income required should be at least € 11,000 for a single applicant and moreover at least €5,500 for every dependent person.
International Business Companies entitled to hire foreigners
A company may hire foreigners only upon the condition that it has a strict ownership structure and transparent capital sources, it has fully operative administrative office and it has stable financial growth confirmed by annual accountancy sheets.
For new Companies established in Cyprus there is the need to prove that the owner can support himself and hiis dependent persons financially during one year of stay in Cyprus until the new company fully operates as well as receive a certificate from the Registrar that the total prossessions of the Company are not less than €48,000.
For existing Companies established in Cyprus there is an administrative procedure which needs to be performed and documents to be submitted.
The Cyprus Governments issues two types of Residence Permits:
Temporary Residence Permit: For applying for this type of residence permit the applicant shall need to have an account in the Cyprus bank and purchase-sale contract of real estate in the Republic. You may obtain a Residency permit for a period from one up to four years.
Permanent Residence Permit: For applying for this type of residence permit the applicant shall need to have annual income of at least € 10,000.
A permanent residency permit will be given to eligible persons that can be prove that they want to immigrate to Cyprus. For this reason the authorities will need to be " convinced" that the applicant/or his family lives in Cyprus for at least 6 months per year (approximately 185 days).
Applicants will not have the right to seek a Cypriot passport outright, but can seek a Cypriot passport/nationality after 7 years of stay through a corresponding application.
A new Procedure for obtaining a Residence Permit
A new and fast procedure for obtaing a Residence Permit has been recently adopted by the Cyprus Government for applicants who buy a residence in Cyprus of a value not less than €300.000. Further the applicant will have to demonstrate that he has at its disposal a secured annual income of at least €30.000 and that the applicant visits Cyprus at least once every two years.
A permanent resident under this new category may apply after 7 years for a Cypriot passport/nationality. In this case he will be treated as a local with no restrictions.