The investment in government bonds is restricted to €500,000
The exit strategy for the programme is 3 years but a primary residence of at least €500,000 (+VAT) value must be maintained in Cyprus to keep citizenship.
There is no requirement of residing in Cyprus after acquiring citizenship
If the investor does not have a Cyprus residency permit, the application for residency will be submitted simultaneously with the application for citizenship.
Parents of the applicant may purchase a joint permanent residency with the applicant so long as that property is valued at €100,000 (+VAT) and the total investment amount in real estate is increased by at least €500,000 (VAT)
In more details
The government of Cyprus has devised different incentives to attract foreign investments. One of these is The Cyprus Investment Program which allows foreigners to invest in Cyprus through 4 different options:
1. Investment in real estate, land development and infrastructure projects:
The applicant must make an investment of at least €2 million for the purchase or construction of buildings or for the construction of other land development projects (residential, commercial or in the tourism sector) or other infrastructure projects. The applicant's investment of €2 million must include a purchase of a property to be used as the main residence of the applicant with a minimum price of €500,000 + VAT. An investment in land under development is included in this criterion, provided that an investment plan for the development of the purchased land will be included in the application. However, an investment in land that is situated in a building zone of zero development, is excluded.
2. Purchase or Establishment or Participation in Cypriot Companies or Businesses:
The applicant should make an investment of at least €2 million based on a specific investment plan for a purchase, establishment or participation in companies or organizations established and operating in the Republic of Cyprus. 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 5 Cyprus or EU citizens. If more than one applicant invests at the same time or almost simultaneously in the same business or company, the minimum number of 5 Cypriot or EU employees shall increase. Furthermore, the employees of the companies need to have legally and continuously resided in Cyprus during the five years preceding the application submission date.
3. Investment in Alternative Investment Funds or financial assets of Cypriot companies or Cypriot organizations that are licensed by CySec:
The applicant should buy units of at least €2 million from alternative investment funds (AIF) established in the Republic of Cyprus, licensed and supervised by the CySec (Cyprus Securities and Exchange Commission). Investments should be 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. To confirm that the investments that meet the criteria of the current scheme will be kept for at minimum 3 years, the manager or the auditor of the Fund shall inform in writing and on an annual basis, the Ministries of Finance and Interior with reference to the value of the initial investment. A purchase by an AIF of units of other AIFs is not considered eligible. The applicant can also purchase financial assets of Cypriot companies or organizations of at least €2 million such as bills, securities and bonds issued with the approval of the CySec. The financial assets must be issued by companies that have a purpose of financing investment plans of companies or organisations exclusively in Cyprus which have proven an investment plan and a physical presence and substantial economic activity in the Republic of Cyprus.
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 million. With this investment option the applicant may purchase special government bonds of the Republic of Cyprus, up to €500.000, which will be issued by the Public Debt Management Office of the Ministry of Finance. The condition for this investment is that the investor retains these bonds for a 3-year period. The characteristics and the terms of these special bonds will be determined by the General and Special Issue Terms of the Government Bonds of the Republic of Cyprus. Investments in government bonds through the secondary market are not considered eligible.
Clean Criminal Record
The applicant must have a clean criminal record. Furthermore, his name must not be included in the list of persons whose assets, within the boundaries of the European Union, have been frozen as the result of sanctions.
Residence in the Republic of Cyprus
The applicant must possess a permanent privately-owned residence in the Republic of Cyprus, the purchase price of which must be at least €500.000, plus V.A.T. Members of the same family, who apply separately as investors, can collectively acquire a residence, provided that the total value of this home- property covers the amount of €500.000 per each applicant.
In case that the purchase value of the permanent privately-owned residence in Cyprus exceeds the amount of €500,000, part of this additional amount can be used for purposes of supplementing the total amount of the investment made on the basis of the 4 investment options described above.
Additionally, it is noted that if the applicant has invested in housing unit/units on the basis of the aforementioned criterion no.1, the purchase of another permanent residence in Cyprus will not be required, if at least one of these housing units is worth at least €500,000, plus VAT, provided that the applicant retains the possession of the residence for life.
Residence Permit in Cyprus
The applicant, prior to his/her naturalization as a Cypriot citizen must hold a residence permit in Cyprus. If the applicant does not already hold a residence permit, he/she may apply for an immigration permission the basis of Regulation 6 (2) of the Aliens and Immigration Law, simultaneously with the application for naturalization. If the application for acquiring an immigration permit is made solely for purposes of acquiring the Cypriot citizenship, in accordance with the provisions of this Scheme, there are no other conditions than those stated.
It is noted that all of the above also apply for the adult members of the family of the investor, who will apply for naturalization. In case the application for naturalization is rejected for any reason, the immigration permit, obtained in accordance with the provisions of this Decision, will be cancelled immediately.
Government Application Fees
Investor (Main applicant): €7 740
Spouse: €7 240
Adult Child: €7 740
Minor Child (Up to 17 years old): €230
Parents of the main applicant: €14 980