The Cyprus Council of Ministers of Cyprus within the implementation framework of its objectives, one of which is to further encourage Foreign Direct Investment and to attract high net worth individuals to settle and do business in Cyprus, proceed to a further review of the economic criteria and other terms and conditions of the Cyprus Investment Program (“CIP”) and has approved revisions on it in order to make to even “more targeted and trustworthy”.
On the basis of the Scheme, a non-Cypriot citizen, who meets one of the following economic criteria (A), either personally or through a company/ companies in which he/she participates as a shareholder – in proportion to his holding percentage, or through investments done by his/her spouse or jointly with the spouse or even as a high-ranking senior manager of a company/ companies that meets one of the economic criteria (A), may apply for the acquisition of the Cypriot citizenship through naturalization by exception and can obtain Cypriot citizenship in six (6) months. The economic criteria are the follows:
Α.1 Investment in real estate, land development and infrastructure projects:
The applicant must have made an investment of at least €2.000.000 in the purchase or construction of buildings or for the construction of other land development projects or other infrastructure projects. If the property was acquired from another investor who had also used it to apply for Cypriot citizenship, the investment amount must be €2.500.000 instead of €2.000.000. In any case, the planning permit, the certification of completion of the property and a bank waiver in case that there is a mortgage on the property are required. For property which is under construction, at least the 5% of the property’s total value must be blocked by a bank guarantee and this amount will be released upon the completion of the property.
Α.2 Investment in financial assets of Cypriot companies or Cypriot organizations:
The applicant should have made a purchase or should have participated in companies or organizations established and operating in the Republic of Cyprus with investment costs of at least €2.000.000. The invested funds shall be channeled towards the financing of the investment objectives of these companies exclusively in Cyprus, based on a specific investment plan. The applications shall be evaluated to verify that the companies or organizations have proven physical presence in Cyprus, with significant activity and turnover and employ at least five (5) Cypriot or citizens of Member States of the European Union.
Α.3 Investment in Alternative Investment Funds or financial assets of Cypriot companies or Cypriot organizations that are licensed by CySec:
The applicant should have bought units of at least €2.000.000 from alternative investment funds (AIF) established in the Republic of Cyprus, licensed and supervised by the CySec and whose investments are made exclusively in the Republic of Cyprus, in investments that meet the criteria of this Scheme or in areas approved by the Minister of Finance.
Α.4 Combination of the aforementioned investments:
The applicant may proceed with a combination of the above investments, provided that the total investment will amount up to at least €2.000.000.