The Cyprus Citizenship scheme is a simple and efficient vehicle to obtain European citizenship. Passports are issued within six months from the date of application and there is no language requirement, medical test or interview needed. There is an exit strategy after three years of making the investment and no physical residency is required. It is important to also to highlight the fact that Cyprus allows dual citizenship.
A non-Cypriot citizen, who meets one of the following financial criteria may apply for the acquisition of the Cypriot citizenship through Naturalization by exception. The main applicant can also apply for obtaining the Cypriot citizenship to the spouse, investor’s minor children (under eighteen years old) as well as the financially dependent adult children (eighteen years old or above) of the investor. Neither the spouse nor the children are obliged to meet any additional financial criteria.
Key financial criteria to be met by the applicant/investor
The Applicant must have made an investment of at least €2 million for the purchase or construction of building or for the construction of other land development projects.
The applicant must have made an investment of at least € 2 million in the purchase, creation or participation in businesses or companies, that are based and operating in the Republic
These businesses or companies should evidently have a tangible presence in Cyprus and employ at least five (5) Cypriot citizens or Citizens of the EU. The minimum number of employees shall be increased in case where more than one applicants invest at the same time or almost at the same time in the same company or business. In addition, the above mentioned employees should have had a legal and continuous stay in the Republic for the 5 years preceding the submission of the Citizenship application.
The applicant must have made an investment of €2 million from alternative investment funds that are established in the Republic of Cyprus, are licensed by the Cyprus Securities and Exchange Commission and are supervised by such. The investments shall be carried solely in the Republic of Cyprus in investments that comply with the criteria set out in the current scheme or in areas that are approved by the Ministry of Finance.
The auditor of the Funds shall inform the Ministry of Interior and Ministry of Finance on an annual basis that the investments still comply with the criteria set out above for a period of 3 years.
It is understood that the purchase of financial assets from Cypriot companies or Cypriot organizations of at least €2 million such as bonds / securities / debentures, that have been issued from companies that have a proven physical presence in the Republic and a significant financial activity fall into the above mentioned criterion.
The applicant can combine any of the above mentioned criteria provided that the total investment amounts to at least €2 million.
Under the above combinations the applicant has the option to purchase Government bonds for an amount up to €500,000 issued by the Ministry of Finance provided that the applicant shall maintain this investment for at least three years.
Our Firm can help in selecting the right property and has the expertise and knowledge to provide all the necessary legal assistance and support to the client. More specifically our Firm can provide an extended scope of services including but not limited:
1. Legal advice on the preparation and drafting of any agreements connected with the purchase or property in Cyprus;
2.Legal due diligence of Cyprus Companies;
3.Advise on the financial criteria and the relevant procedure;
4.Assist the applicant to find the property, arrange for valuators, land searches etc.;
5.Assisting with the collection and submission of all required documents;
6.Assisting the investor to acquire the Cypriot passports and IDs (once the citizenship is granted/approved).