Cyprus Investment Programme through Real Estate

Background
Cypriot citizenship to non-Cypriot investors is available according to the “Cyprus Investment Programme” on the basis of Section 111A (2) of the Civil Registry Laws of 2002-2013, based on a Council of Ministers decision which established the financial criteria where the Cyprus Council of Ministers grants citizenship by naturalization.
 

Financial Criteria

Investment in Real Estate and Land Development
 
Minimum of €2 million in residential property investments.
Total: €2 million net of Tax
or
Minimum of €2 million in any property investments and at least €500,000 in a single residential property.
Total: €2.5 million net of Tax
 

Naturalization of parents of the investor

Available with an additional purchase of a single residential property worth at least €500,000.


Contributions

Donate contributions of €75,000 to the Research and Innovation Foundation, and €75,000 to the Cyprus Land Development Corporation.

 

Benefits of the program

• Simple, non-disruptive procedure

The requirements are clear and straightforward to achieve approval of the citizenship application.
 

• Applies to all nationalities

Any nationality is eligible to apply for the program.
 

• Citizenship for the whole family

The spouse of investor, the parents and children under the age of 18 or financially dependent
children up to the age of 28 will also acquire the citizenship.
Investor and parents of the investor may collectively purchase and maintain a residence worth at least €1 million net of Tax.
 

• Approval within 6 months

The fastest and most direct way to citizenship with less than 6 months duration on approval time, while the whole procedure takes a total of 6 months.
For the duration of the 6 month process, the applicant will poses a permanent residence card for ease of travel or living permanently in Cyprus.
Limited places up to 700 per year apply.
 

• Flexible Investment

Any excess amount over the minimum of €500,000 for the private residence, counts towards
the investment financial criteria.
 

• The investment can be sold after 5 years

After naturalization approval, the investment can be sold while only needing to maintain a
residence worth €500,000 or €1 million if the parents of the investor naturalized as well.
 

• Cyprus allows dual citizenship

You do not need to renounce or withdraw your existing citizenships.
 

• No minimum stay requirement

There is no requirement to live or reside in Cyprus prior or during the
application, or even after citizenship has been granted.
 

• No health certificate and no language test are required

 

Required Documents & Requirments

Main Applicant
• Documents proving financial criteria are met
• True copy of passport
• Birth certificate of applicant
• Detailed biography (CV)
• Two passport size photos
• Clean criminal record of applicant
• Marriage Certificate (if applicable)
• Copies of advertisements in a daily newspaper
• Residence permit in Cyprus
• Valid Schengen Visa
• Applicant has not been rejected when applied for the acquisition of a Citizenship in any other Member State of the European Union
• Due diligence and background checks shall be carried out by a specialized foreign firm for each application
 

Spouse, children and parents (if applicable)

• Documents proving financial criteria for investor’s parents are met
• True copy of passport
• Copies of advertisements in a daily newspaper
• Birth Certificate
• Marriage certificate
• Clean criminal record of spouse and adult children
• Residence permit in Cyprus
• Copy of the investor’s Naturalization Certificate and/or Cypriot Passport
• Valid Schengen Visa
• Applicant has not been rejected when applied for the acquisition of a Citizenship in any other Member State of the European Union
• Due diligence and background checks shall be carried out by a specialized foreign firm for each application
 
Documents issued by a foreign authority should be translated to either English or Greek and duly authenticated
 
 
GOVERNMENT APPLICATION FEES
• Submission fee €2,000 per adult
• Approval fee €5,000 per adult
• Submission fee €80 per investor’s
dependant children
• Immigration Permit Application fee €500
 

Categories of applicants who will not be approved for Citizenship. The Categories include the following:
1) Politically Exposed Persons (PEP) who hold an office or those who have held an office in the previous 5 years.
2) Persons who are under criminal investigation but are not yet convicted.
3) Persons who have been convicted for a criminal case.
4) Persons who have been convicted of serious crimes and whose conviction has been subsequently overturned.
5) Persons who have are connected with legal entities to which sanctions have been imposed by the EU.
6) Persons who are no longer connected with entities stated above (5) but were connected when the relevant sanction was imposed. Persons who resigned before sanctions were imposed are exempted.
7) Persons to which sanctions are imposed by other jurisdictions.
8) Perons who are connected with legal entities to which sanctions have been imposed by other jurisdictions.
9) Persons who are being prosecuted for criminal offences and are wanted by Europol or Interpol.
10) Persons who have been prosecuted for criminal offences by Europol or Interpol in the past, irrespective of the outcome of the prosecution.
11) Persons who are sanctioned by the UN.
 

PROCEDURE

 
Step1
Select your property
• Review and choose the property/ies
you want to purchase.
 
 
Step2
Invest
• Sign contract of sale
• Transfer funds to a secure account & fulfill financial requirements.
• Receipt issued by Patroclos Group of Companies.
 
 
Step3
Submission of the Citizenship Application
• Submit all necessary documents to the Ministry of Interior for Naturalisation and Immigration permit. Biometric information collected from the applicants during submission process
• Immigration Permit card issued within 5 days
• Investor and his/her spouse can apply together
 
 
Step4
Citizenship application approval
• Approval within 6 months
 
 
Step5
Issue of the certificate & collection of passport ID
• The Civil Registry and Migration Department will issue the certificate of Naturalization provided that the applicant holds an Immigration permit for a period of at least 6 months
• Payment of the Contributions
• Process to issue passport and ID takes under 1 day in Cyprus or 2 weeks at a number of Cypriot Consulates abroad. Biometric information collected from the applicants during passport issue process
 
Step6
Naturalization of children & parents (if applicable)
• Submit and pay the applications of minor children to be naturalized. The applications are processed within 1-2 months and they can visit Cyprus anytime to collect their papers.
• Adult children and parents apply following Steps 3-5 and are subject to a submission fee and approval fee.


source: http://www.moi.gov.cy/moi/moi.nsf/All/36DB428D50A58C00C2257C1B00218CAB

 
 

 
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