Cyprus Republic is one of the few countries of EU where by means of investment an Immigration Permit or the Cypriot Citizenship can be the acquired. The country provides the easiest and the fastest way of acquiring Cypriot Citizenship by means of buying property. Starting from 19 march 2014, buying residential or commercial property in Cyprus, foreign investor ( and the members of his family) acquire the Cypriot Citizenship, and therefore, the Citizenship of European Union.
According by Scheme for naturalization of investors in Cyprus by exception issued by Ministry of Interior, eligible persons who meet the following conditions may apply for the acquisition of the Cypriot Citizenship:
1.1 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.
1.2 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.
1.3 Investment in Alternative Investment Funds or financial assets of Cypriot companies that are licensed by the Cyprus Securities and Exchange Commission of at least €2,0 million;
1.4 Purchase of special government bonds of the Republic of Cyprus (maximum 500000 euro);
1.5 Combination of all above investments, provided that the total investment will amount up to at least €2,0 million.
Other terms and conditions
2.1 An investor must own a permanent privately-owned residence in Cyprus of at least €500000 (+VAT). If investment is made into residential property, as the first financial criterion , this requirement is not applicable, if at least one of the units is worth at least €500.000 (+VAT), provided that applicant retains the possession of the residence for life.
2.2 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.
2.3 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.
2.4 Keeping investments for at least 3 years.
Documents required from the applicant:
- Application Form M127 fully completed and signed before a Registrar of a Cypriot court or a consular officer
- Birth Certificate
- True Copy of passport
- Certificate of Clean Criminal Record from the country of origin and the country of residence (if different)
- Marriage Certificate/ Civil Partnership Certificate
- Copies of advertisements in a daily newspaper two consecutive posts
- Two passport size photographs
- Curriculum Vitae
- Copy of Residence Permit in the Republic of 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.
- clean criminal record for applicant from the country of origin;
- a contract of sale;
- a title deed (ownership certificate) for residence in Cyprus or Proof of Registration of the contract with the Lands and Surveys Department;
- proof of the payment of the agreed purchase price;
- copy of the wire transfer in the name of Seller’s account in Cyprus commercial banking institution;
- the documents relating to business and investment activities of the applicant. The documents are required depending on the case.
All required documents are sent to the Ministry of Finance and the Ministry of Interior to investigate whether the applicant meets any of above- mentioned financial criteria and other terms and condition. Provided that the criteria and conditions are satisfy with the above-mentioned requirements the application package with a proposal of the Ministry of Interior are submitted to the Ministerial Council which takes a final decision for approval of the application. Upon approval by the Ministerial Council and after payment of the applicable fees, the Civil registry and Migration department will issue the Certificate of Naturalization.
The procedure takes from 3 to 6 months – the fastest an Europe.
The following investor’s family members may also acquire the Cypriot Citizenship:
- the investor spouse or partner;
- dependent children up to the age of 18, after the investor acquires the Cypriot Citizenship and provided that the other parent consents to the grant of the citizenship;
- adult financially dependent children of the investor if they are students up to the age of 28 or children with severe physical/mental disability that prohibits employment;
- the investor’s parents may also apply for Cypriot Citizenship after the investor has acquired the citizenship, provided that they are owners of a private residence of at least €500.000 (+VAT).
There is no requirement of residing in Cyprus after acquiring citizenship.