Due the a recent decision by the RoC Government it is now possible to obtain Cypriot citizenship by investing in Cyprus.

A decision issued by the cabinet of Ministers on the 15th of April 2013

Provisions for the granting of Cyprus Citizenship to foreign investors/businessmen in Cyprus

A. Requirements

A.1 Deposits:

The applicant must have deposits in Cyprus a minimum capital of €3.000.000 which has to be invested as follow:

a. €2.000.000 must be invested at Development and Investments Fund.
b. €500.000 must be invested at the Technology and Research Fund
c. €500.000 minimum at the Solidarity and Employment Fund

The abovementioned investments must have a minimum duration of 5 years. In case the applicant does not comply with this requirement, the citizenship will be revoked.

OR

A.2 Direct Investments

The applicant must invest directly in Cyprus the minimum amount of €2.500.000 in the following fields:

a. Purchase of properties (houses, offices, hotels, shops, etc or any other relative
developments which are in an advanced stage of completion. Undeveloped land is not included.
b. Purchase of companies or businesses
c. Purchase of shares of a public limited company registered in Cyprus.
d. Purchase of any financial asset such as bonds, securities registered and issued in Cyprus including bonds and securities issued from the National Solidarity Fund.
e. Participation in a company or joint venture which undertakes the execution of a public work.

A.3 Business activities

The applicant must be a shareholder of a company registered in Cyprus. The registered offices of the company must be located in Cyprus. The company should have paid yearly to the state an amount of Euro 500.000 for the last 5 years before the submission of the application. Further the company must have at least 10 Cypriot employees. Two shareholders, maximum, of such a company may apply for citizenship.

OR

Persons whom their deposits in Bank of Cyprus and Laiki Bank had been decreased due to the measures and restrictions taken and applied to the above mentioned banks after the 15th March 2013: Such applicant must have a decrease of his deposits from one or both of the above mentioned banks amounting to Euro 3.000.000.

B. Terms and Requirements

1. Criminal records certificate. The applicant must show that he/she has a clean criminal record. In addition his name must not be included in the list of persons of whom their property within EU is constrained.

2. Residence in Cyprus

In all cases referred in Part A, the applicant has to purchase a property of a minimum value of €500.000 plus VAT.

C. Submission of the documents.

For the examination of the applications (M127), there are some documents which are required to be lodged together with the application, such as the contract of sale and the receipts proving the full payment of the property.

1. Deposits

Along with the application the applicant needs to submit receipts proving deposits in the abovementioned funds.

2. Direct Investments

a. Purchase of property: Contract of sale, or Title deed, Certificate from the Land Registry Department after the lodging of the contract of Sale and receipts proving that the applicant has fully paid up the agreed amount.
b. Purchase of business/ company: Contract of sale, Receipt that the applicant paid in full the purchase price, Shareholder Certificate issued by the Companies Registrar
c. Purchase of shares: Title of ownership.
d. Purchase of financial assets: Ownership and other documents of the financial properties.

3. Business Activities

a. Registration Certificate from the registrar.
b. Shareholders Certificate
c. Registered/ certified financial accounts of the company /companies for the last 3 years before the application.
d. Confirmation certificate from social insurance department stating the income of the employees at the company /companies of the applicant.

4. Decrease of deposits at Laiki Bank and/or Bank of Cyprus

Certificate for the exact amount and the time of the decrease/cut is required.

None of the above mentioned affects the absolute discretion of the cabinet of Ministers to decide accordingly.