|RESIDENTIAL PROPERTIES||COMMERCIAL PROPERTIES|
2 mln (+VAT)
Optional investment 1,5 mln
Purchase of private property of minimum 500,000 (+VAT)
2 mln (+VAT)
2,5 mln (+VAT)
The whole family, including the spouse of the applicant, children under 18 years old and adult financially dependent children (university students – up to 28 years old who are not married) are eligible to apply for citizenship.
The parents of the investor are entitled to apply for citizenship provided they are owners of a Cyprus residential property with at least €500.000. Since changes of 2020, the parents of the investor’s spouse can also apply (for an additional € 500,000 investment). It is allowed for the parents of both spouses to buy one property for at least €1.000.000.
To acquire Cypriot Citizenship, on the basis of the Scheme, a third-country national, must meet one of the following economic criteria:
- Investment of at least €2,0 million in real estate, land development and infrastructure projects. Any application which includes resale property already used for a previous Citizenship application by other applicant, increases the amount of investment for the New Application to €2,5 million.
- Purchase or Establishment or Participation in Cypriot Companies or Businesses with investment costs of at least €2,5 million
- Investment of at least €2,5 million in Alternative Investment Funds or financial assets of Cypriot companies or Cypriot organizations that are licensed by CySec.
- The investor may proceed with a combination of the above investments, provided that the total investment will amount up to at least €2,5 million.
In addition to the qualifying investment criteria there are two new donation components added to the revised CIP that corresponds to €200,000:
– A donation of €100,000 to the Foundation for Research and Innovation to promote the creation of an entrepreneurial innovation system
– A donation of €100,000 contribution to the Land Development Agency to fund affordable housing initiatives.
- A planning permit shall be mandatory for properties under construction and certificate of completion. In the case of building a property it is necessary to maintain an amount equal to 5% of the value in a special account or the equivalent bank guarantee from the seller of the property to the buyer (Performance Bank Guarantee) and Bank waiver Certificate in case the property is mortgaged.
- An applicant who has applied for the acquisition of citizenship in any other Member State of the European Union and has been rejected will not be entitled to acquire Cypriot citizenship within the framework of the Cyprus Investment Program
- The applicant must hold a valid Schengen visa.
- Adult applicants must hold a Residence Permit in Cyprus for at least 6 months before acquiring the Cypriot Citizenship.
- Investments need to be retained for at least 5 years from the date of taking the Citizenship.
- Must keep for life a residential property valued €500.000 (+ VAT if any).
- The funds relating to all investments mentioned above as well as the purchase of permanent private residence under the provisions of the regulations, shall be wired from an overseas bank account of the foreign investor or his/her company or companies and all payments for the investments in the Republic shall end up in Cypriot credit institutions or payment institutions which are licensed and supervised by the Central Bank of Cyprus (copies of the wire transfers shall be attached to the investor application).
- Politically exposed persons should not held public office for one year at the time of applying for citizenship. This is provided that they did not occupy significant political positions (heads of states or governments, ministers or their deputies, ambassadors, mayors of cities, etc.);
- Adult applicants must hold a Clean Criminal Record from the country of origin and the country of residence if they differ. Their names must not be included in the list of persons whose assets are frozen within the EU as a result of sanctions.
- Citizenship cannot be claimed by applicants convicted of a serious criminal offense punishable by imprisonment of five (5) years or more, or another offense of a similar severity. The implication is that, if convicted in another country, it is required that the specific crime also be considered a crime in the Republic of Cyprus, punishable by similar imprisonment.
- Applicants who are under criminal investigation with a possible sentence of 5 years or more cannot apply for Cypriot citizenship either.