NEW SCHEME FOR GRANTING A CYPRUS PASSPORT
A new improved scheme for a granting a Cyprus passport is now in place. A foreign investor in Cyprus must fulfil at least one of the four criteria below:
1. The Deposits criterion
The applicant must have deposits in Cyprus of at least €3 million, broken down as follows:
a. An amount of €2 million in the Growth and Investment Fund
b. An amount of €0,5 million in the Research and Technology Fund,
c. An amount of €0,5 million in the Solidarity and Employment Fund.
These deposits must remain committed for a period of not less than five years.
2. The Direct Investment criterion:
The applicant must have direct investments in Cyprus of at least €5 million, in any of the following:
a. Purchase of buildings (houses, offices, shops, hotels etc or developments of similar nature at an advanced stage of completion, excluding unused land),
b. Acquisition of companies or firms
c. The purchase of shares of public companies registered in Cyprus
d. Purchase of financial assets (e.g. bonds/ securities/ securities issued and registered in the Republic , including those to be issued from the Solidarity Fund under 2013 Act for the establishment of a National Solidarity Fund)
e. Participation in a company / consortium in charge of the execution of a public project
3. The Business activities criterion:
The applicant must be a shareholder in Company set up and operating in Cyprus, provided that the headquarters of the Company are located in Cyprus, that the Company paid at least €500.000 annually in State funds for the last five years before the submission of the application and that the Company employs at least 10 Cypriot nationals. For each such Company it is allowable for citizenship applications to be submitted by a maximum of two shareholders.
4. Cyprus comprehensive scheme for lost investments:
Cypriot president, Nicos Anastasiades, announced a regulation on the lines of “citizenship in exchange for investment”, for those with a three million euro and greater loss to the levy on the island’s bank deposits in the Bank of Cyprus and Laiki Bank.