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Obtaining Cyprus citizenship under the special criteria of the Council of Ministers for investors/entrepreneurs
27.05.2013
Area(s) of Practice: Employment and Immigration Law


A 1 Combined Investment and Donation to a State Fund:

 The applicant should have made the following investments and donation:

(a) Amount of at least EUR2,000,000 for the purchase of shares and or bonds in the under establishment state investment company and;

Provided that the applicant may deposit the said amount with the Treasury of the Republic until the issue of the shares and bonds of the said company.

(b) Amount of EUR500,000 as a donation to the Research & Technology Fund.

or

A 2 Direct Investment:

 The applicant should have direct investments in Cyprus amounting to at least EUR500,000. The direct investments may alternatively include the following:

(a) purchase of buildings (residences, offices, shops, hotels etc and developments of a similar nature with the exception of undeveloped land);

(b) purchase of businesses or companies based and active in the Republic of Cyprus;

(c) purchase of shares in companies registered in the Republic of Cyprus;

(d) purchase of financial assets (e.g., bonds/securities/debentures registered and issued in the Republic of Cyprus, including those to be issued by the Solidarity Fund in accordance with the Establishment of a National Solidarity Fund Law, 2013);

(e) Participation in a company/joint venture that has undertaken the execution of a public work;

Provided that for the criteria (a)–(d) the applicant shall retain in his possession the said assets for a period of at least three years.  In case of a share or bond portfolio it must be ensured that the value of the portfolio shall not fall below the specified amount;

 or

A 3 Bank deposits

 The applicant should have personal deposits with Cyprus banks or deposits of his private companies or trusts (of which he is the ultimate beneficial owner) in the Republic of Cyprus of at least EUR500,000 spanning a 3 year fixed period.

 or

A 4 Combination of Combined Investment and Donation to State Funds (A1) and Direct Investments (A2) and Deposits in Cyprus Banks (A3)

 The applicant must have EUR5,000,000 by way of combination of the above.

or

A.5 Entrepreneurial activities:

The applicant should be the ultimate beneficiary of a company (or companies) the management of which is in the Republic of Cyprus and during the last three years prior to submission of the application he has paid to State Funds (corporate tax, VAT or other fees and levies, etc.) and as remuneration for buying business services (lawyer, accountants, auditors) the amount of EUR500,000 per year.

Alternatively, in case the applicant is a shareholder or ultimate beneficiary of a company (or companies) active in Cyprus having its main office in Cyprus and employs at least 5 Cypriot nationals then the minimum amount that must be paid for the above (direct income, corporate tax, VAT or other fees and levies and as remuneration for buying business services (lawyer, accountants, auditors) is reduced to EUR350,000 per year for the last three years prior to submission of the application.

In case the applicant is a shareholder or ultimate beneficiary of a company (or companies) active in Cyprus having its main office in Cyprus and employs at least 10 Cypriot nationals, then the minimum amount that must be paid for the above (direct income, corporate tax, VAT or other fees and levies and as remuneration for buying business services (lawyer, accountants, auditors is reduced to EUR200,000 per year for the last three years prior to submission of the application.

 For each such company (or companies) it is possible to submit applications for naturalisation from two shareholders maximum who should preferably hold the majority of the share capital.

 In case the applicant has paid to the Cyprus economy direct expenses or remuneration (as described above) of a smaller amount than the specified amounts, it is possible to have a combination with criteria  A1 (Combination of Combined Investment and Donation to State Funds) or A2 (Direct Investments) or A3 (Bank Deposits).  The aggregate of payments to State Funds and remuneration for services for the last three years shall be deducted from the required investment in order to meet criteria A!, A2 or A3.

 or

A.6 Persons whose deposits in the Bank of Cyprus or the Popular / Laiki Bank have depreciated due to the measures implemented against the two banks after 15 March, 2013.

 The applicant has sustained depreciation of deposits in one or both the above mentioned banks amounting to a total of at least EUR3,000,000.

In case the applicant has sustained depreciation of deposits in one or both the above mentioned banks below EUR3,000,000 he may apply after he has made an additional Direct Investment (A2) or Combination of Combined Investment and Donation to State Funds) (A1) for the balance of the required amount for the criterion in question.
 

B. TERMS &CONDITIONS:

1. Clean criminal record:  The applicant must have a clean criminal record. Also, his name must not be included in the list of persons whose property situated within the boundaries of the European Union is subject to a freezing order.

2 Residence in the Republic:  In all cases listed in Part A, the applicant must own a permanent residence in Cyprus valued in excess of EUR500,000 at current market prices, excluding VAT.

3. In case following periodic checks, it is ascertained that any condition has been violated then citizenship may be revoked.

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