Timotheou Law | Cyprus Investment Programme
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CYPRUS INVESTMENT PROGRAMME

On the basis of Cyprus Investment Programme, a non- Cypriot citizen may apply for the acquisition of the Cypriot citizenship through naturalization by exception, if he/she fulfills the below criteria:

 

  1. Clean Criminal record
    The applicant must possess a clean criminal record from the country of origin and the country of residence (if different).
  2. Confirmation
    Confirmation that the applicant’s name is not included on the list of persons whose property is ordered to be frozen within the boundaries of the European Union. (this check is performed by Cyprus police through Interpol)
  3. Not rejected in another EU country An applicant whose application for citizenship in any other member state of the EU has been rejected, is not eligible to apply for acquisition of the Cypriot citizenship.
  4. Residence in the Republic of Cyprus
    The applicant must have a permanent privately-owned residence in the Republic of Cyprus, the value of which must exceed the amount of €500.000 plus VAT at current prices.
  5. Schengen Visa Must hold valid Schengen visa. Those that do not require an entry visa for travelling in EU are excluded from this obligation.
  6. Residence Permit in the Republic of Cyprus                                                                                                                            The applicant must hold a residence permit in Cyprus prior to his  naturalization and he can apply for an immigration permit on the basis of Regulation 6(2) of the Aliens and Immigration Law simultaneously with the application for Citizenship.
  7. Donation to the Research and Innovation Foundation and the Cyprus Land Development Corporation -The applicant must have donated at least €75.000.- to the Research and Innovation Foundation. This obligation is lifted, if the applicant has invested at least €75.000.- in a certified innovative or social enterprise or if the applicant has invested a total amount equal to the 20% of the required investment amount of criterion ‘B’ below in Cypriot Companies or Businesses under the criterion           -The applicant must have donated at least €75.000.- to the Cyprus Land Development Corporation.

 

In addition the Applicant may choose one of the following investment options and schemes which can be disposed after five years following the acquisition of Citizenship:

 

The applicant must invest €2 million in:

A.  Real Estate – Buying properties (houses, offices, shops, hotels etc or a development of a similar nature) residential or commercial developments, developments in the tourism sector or other infrastructure projects,

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. Building zone of zero development land is excluded.

OR

B.  Purchase or Establishment or Participation in Cypriot Companies or Businesses operating in Cyprus, based on a specific investment plan, OR

C.  Alternative Investment Funds (AIF) or Registered Alternative Investment Funds or financial assets of Cypriot Companies or Cypriot organizations that are licensed by CySec and whose investments are made exclusively in Cyprus  OR

D.  Combination of the above criteria amounting to at least €2,0 million.

Important notice:

  • The applicant who invest in residential properties with total value of €2 million there is no need to buy a residential property worth €500.000.- plus VAT extra.
  • When the applicant invests in commercial properties or in Companies, in addition to the investment of €2 million, he or she is required to purchase a residential property worth €500.000.- plus VAT. Thus the total investment is €2.5 million.
  • Investor is entitled to sell its investments after 5 years however he or she must hold possession of at least €500.000.-  plus VAT worth of residential property.

 

In summary the government fees are as follows:

 

APPLICANT APPLICATION SUBMISSION FEE CERTIFICATE ISSUANCE FEE TOTAL
INVESTOR €2.000 €5.000 €7.000
INVESTOR’S SPOUSE €2.000 €5.000 €7.000
INVESTOR’S ADULT

CHILD

 €2.000 €5.000 €7.000
INVESTOR’S MINOR

CHILD

 €80 – €80

 

Procedural Steps

A.We shall receive all documents in Cyprus and have them officially translated by Sworn Translators in Cyprus and legalized.

 

PLEASE NOTE that all public documents issued abroad must:

Be certified with APOSTILLE if the country has signed the Hague Convention of 1961 or

– Certified by the Ministry of Foreign Affairs of the country of origin of the applicant and then by the Embassy/Consulate of Cyprus in his country or

– The Ministry of Foreign Affairs of the country of origin of the applicant and then the Embassy / Consulate of his country in Cyprus and then certified by the Ministry of Foreign Affairs of Cyprus.

– In the instance that the country of origin of the applicant has not signed the Hague Convention of 1961 and there is no Embassy /Consulate in the above mentioned country the documents must be certified by the Ministry of Foreign Affairs of the country of origin of the applicant and then the nearest Embassy / Consulate which is accredited to Cyprus

B. We then prepare the application, which the client needs to sign in Cyprus, in the presence of a Court Registrar.

C.The application is submitted and we receive Confirmation of Submission of Application for Naturalization by exception and this document will be used for the submission of the Immigration permit application at Migration Department. The applicant shall visit the Migration office to give biometric data (fingerprints and photograph). After the collection of the biometric data, the Immigration Permit (card) is issued within 5 working days.

D. Within three to six months approximately, we expect to receive the official letter from the Council of Ministers that they have processed and approved (or rejected) the application.

E. The procedure will be completed, provided that the applicant holds a residence permit for a period of at least 6 (six) months. If the applicant does not hold a residence permit for the aforementioned time period, he/she will need to wait until the six month period is completed.

F. Provided that we have approval, we have to collect the blue naturalization certificate, from the Ministry of Interior and pay the fees.

G. Then we shall go to the court with the applicant, so that the client will give oath that he/she will respect the laws of the Republic of Cyprus. The Court Registrar will stamp the blue certificate.

H. We shall lastly, visit with the applicant the immigration office to apply and get a passport and I.D card. The passport and ID card can be issued same day through the expedition procedure.

 

Time Frame

Provided that we have in our possession all the necessary documents, we need approximately six months from the day the applicant obtained the Immigration permit card to complete the procedure.