A. THE CHANGES INTRODUCED.

The level of investment is now €2M – €2.5M, as opposed to €2.5M – €5M under the previous Criteria.
Applications will be submitted on a stand alone basis; while the Collective Investments scheeme is abolished.
Further, a number of economic criteria were introduced like for example that the parents of the investor can now obtain the Cyprus Citizenship with an additional permanent residence of €500.000. In addition, the criterion of bank deposits was abolished.
Also, it is now possible to issue a Permanent Residence Permit prior to Naturalisation (unless the applicant(s) is a Temporary Permit holder already).
The revised Scheme came in full effect as from 1st November 2016.

B. ECONOMIC CRITERIA

For acquisition of Cypriot citizenship by a person either personally or through company/companies in which he/she participates as shareholder or through investment by him or his/her spouse or jointly are.
Α.1 Investment in real estate, land development and infrastructure projects:
The applicant must have made an investment of at least €2,0 million for the purchase or construction of buildings or for the construction of other land development projects (residential or commercial developments, developments in the tourism sector) or other infrastructure projects.
It is noted that 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. It is understood that investment in land that is situated in a building zone of zero development, is excluded.
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 €2,0 million. The invested funds shall be channelled 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 European Union member-states. The minimum number of employees shall increase, if more than one applicant invest simultaneously or almost simultaneously in the same business or company. In addition, the employees of the companies need to have legally and continuously resided in Cyprus during the five years preceding the application submission date.
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 €2,0 million 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.
In order to confirm that the investments that meet the criteria of the current Scheme will be kept for at least three 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.
The purchase of financial assets of Cypriot companies or organizations of at least €2,0 million, such as bonds, bills and securities, issued with the approval of the CySec, by companies that have proven physical presence and substantial economic activity in the Republic of Cyprus,
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 €2,0 million.
Within this criterion (combination of investments) 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, on condition that the investor will retain these bonds for a three 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.

C. TERMS AND CONDITIONS

1. 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.
2. Residence in the Republic of Cyprus: In all cases listed in Part A, 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. It is noted that 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 criteria of Part A above. Additionally, it is noted that if the applicant has invested in housing unit/units on the basis of the aforementioned criterion A.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.
3. 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 permit on 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 in both Part A and Part B of this Scheme.
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.

D. THE MAIN BENEFITS OF CYPRUS CITIZENSHIP TO SUCCESSFULL APPLICANTS:

An express procedure in 2-3 months to be approved;
The investment is as low as €2 million;
The investor must retain the investment for just 3 years after which s/he is free to release it;
Citizenship granted to the spouse of the investor and minor children as well as to the financially dependent adult children up to the age of 28, who are full time students;
VISA-free travel to over 150 countries worldwide.
No requirement to reside in Cyprus;
Access to all the rights of an EU citizen protected by EU legislation and regulations: freedom to work, study, reside in any EU-member state, as well as Switzerland, Norway, Iceland, Liechtenstein;
No language proficiency tests;
Dual-citizenship permitted and the acquisition of citizenship in Cyprus is not reported to other countries;
Low government fees for the filing of the application;
Wide choice of investment options;
Cyprus Permanent Residence -Accelerated

A. CRITERIA FOR ACQUISITION OF “Permanent Residency” IN 90 DAY ON THE BASIS OF REGULATION 6 (2): from the date of submission of the application.

Acquiring a house in Cyprus of Minimum Value of €300.000 plus VAT; proof of payment for at least €200.000 transferred from abroad irrespective of delivery date, of the property.

Having an annual income originated from abroad of €30.000 per applicant increased by €5.000 for each dependent person & by €8.000 per dependent parent. No criminal record; no work or employment allowed in Cyprus.
The applicant must submit a statement from a financial institution in Cyprus that he/she has deposited into an account an amount of at least €30.000 originated from abroad, which shall be pledged for a period of three years at least.

It is noted that the purchase of a dwelling may be accepted even when made in the name of a Company and not in the name of the applicant; provided that the Company is registered in the name of the applicant and/or spouse and he/they are the sole shareholder(s). In the event that the shareholder of the company is another legal entity, it must be proven that the sole shareholder of the said legal entity is the applicant and/or the applicant and his spouse.

For the purpose of implementing this policy, the applicant may purchase up to two housing units (apartments or houses), which can be independent, but be purchased from the same development company, or one housing unit and a shop of a surface of up to 100 sq.m., or a housing unit and an office of a surface of up to 250 sq.m., provided that the total market value amounts to €300.000+vat. As from 7/05/2013, for the purpose of this policy, applications in relation to the re-sale of dwellings will not be accepted. It should be stressed that sale contracts in relation to a re-sale of dwellings that have been officially filed at the Lands and Surveys Department prior to 07/05/2013, shall be accepted for the purpose of implementing this policy.

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