Granting the Cyprus Citizenship by exemption, criteria and conditions
Cyprus as member of European Union, is an attractive jurisdiction for acquiring citizenship. The Ministry of Interior is able to issue Cyprus citizenship by exemption to any application which fulfills the below criteria.
Criteria and Conditions for Naturalization of Foreign Investors/ Entrepreneurs by Exemption
1. The applicant should make the following investments and donations to governmental funds:
a. An amount of at least €2 million be invested in shares and/ or bonds of the Cyprus Investment Company that will be formed (the amount must be deposited at the Cyprus Treasury Department until the shares and/ or bonds of the aforesaid company are issued)
b. An amount of at least €0.5 million shall be donated to the Research and Technology fund.
2. The applicant should have direct investments in Cyprus of at least €5 million, noting that investments include but are not limited to:
a. Purchase of real estate (houses, offices, shops, etc)
b. Acquisition of business/ companies that are based and have activities in Cyprus
c. Purchase of shares of companies registered in Cyprus
d. Purchase of financial instruments (e.g. bonds and debentures registered and issued in the Republic of Cyprus)
e. Participation in a company/ consortium that is in charge of the execution of a government project.
Regarding conditions (a) to (d) above, the applicant must have in his/ her possession the related investments for the period of at least three years. In case of a portfolio of shares or bonds, it should be ensured that the value of the portfolio during the period of three years, will not be less than the specified amount.
3. The applicant should have the deposits in Cyprus banks, amounting to €5 million, for a period of 3 years. The deposits can be either personal or deposits of the applicant’s private entity or of a trust whereby the he/ she is a beneficiary.
4. The applicant may choose to have a combination of:
a. Mixed investments and donations to a governmental fund (criterion 1)
b. Direct investments (criterion 2)
c. Deposits to Cypriot banks (criterion 3)
The application should have a combination of the above, amounting to €5 million.
5. The applicant should be a shareholder or the ultimate beneficiary of a Cyprus company that has its head office and business operations in Cyprus. Further, the Cyprus company should have paid in the Republic of Cyprus at least €500.000 per year, during the three years preceding the filing date of the application. The amount above can include payments made to public Cyprus funds (e.g. corporate tax, VAT) and the acquisition of professional services in Cyprus (e.g. legal, accounting, audit)
Alternatively, in the instance that the Cyprus company:
a. employs at least five Cypriot citizens, then the minimum amount that must be paid in Cyprus is reduced to €350.000 per year during the three years preceding the filing date of application, or
b. employs at least ten Cypriot citizens, then the minimum amount that must be paid in the Cyprus republic reduced to €200.000 per year during the three years preceding the filing date of the application.
in the scenario where the applicant has paid into the Cyprus Economy direct revenue or fees (as described above) lowers than the ones mentioned above, a combination can be with criteria 1,2 or 3. The sum of the payments made to the public Cyprus funds and the professional fees for the last three years shall be deducted from the required investment to satisfy criteria 1,2 or 3.
6. Any foreigner who was the holder of deposits in the Bank of Cyprus and/or Laiki Bank and suffered an impairment in the value of his/ her deposits of at least €3 million as at March 15th 2013, as a result of the measures imposed on the two banks.
In the instance that the foreigner has suffered an impairment in the above mentioned banks which is lower than three €3 million, s/he invests the remaining amount (e.g. to sum up to €3 million) in the mixed investments and donations to a governmental fund (criterion 1) or in direct investments (criterion 2)
It is noted that in addition to satisfying any one of the above criteria, the applicant must:
a. Have a clean criminal record, and
b. Own a permanent residence in Cyprus of a market value at least €500.00 +VAT
We would like to inform you that Globalserve Consultants Ltd is able to assist you in order to grant the Cyprus Citizenship. We remain at your disposal for any further information or clarification you need. For more information, please contact us at the below e-mail email@example.com or at the telephone number 00357 25 817181