Criteria and Conditions for Naturalisation of Foreign Investors/Entrepreneurs by Exemption on the basis of subsection (2) of section 111A of the Civil Registry Laws of 2002-2013

Applicants who satisfy the criteria for applying for the Cyprus Investment Program must have:

1. Clean Criminal record

The applicant must possess a clean criminal record from the country of origin and the country of residence (if different).

2. Confirmation

Confirmation that the applicant’s name is not included on the list of persons whose property is ordered to be frozen within the boundaries of the European Union. (this check is performed by Cyprus police through Interpol)

3. Residence in the Republic of Cyprus

The applicant must have a permanent privately-owned residence in the Republic of Cyprus, the value of which must exceed the amount of €500.000 plus VAT at current prices.

4. Residence Permit in the Republic of Cyprus

applicant must hold a residence permit in Cyprus prior to his naturalization and he can apply for an immigration permit on the basis of Regulation 6(2) of the Aliens and Immigration Law simultaneously with the application for Citizenship.

In addition the Applicant may choose one of the following investment options and schemes which can be disposed after three years following the acquisition of Citizenship:

• . Real Estate – Buying properties (houses, offices, shops, hotels etc or a development of a similar nature) residential or commercial developments, developments in the tourism sector or other infrastructure projects, Investment in land under development is included in this criterion, provided that an investment plan for the development of the purchased land will be included in the application. Building zone of zero development land is excluded; OR
• Purchase or Establishment or Participation in Cypriot Companies or Businesses operating in Cyprus, based on a specific investment plan OR
• Alternative Investment Funds (AIF) or financial assets of Cypriot Companies or Cypriot organizations that are licensed by CySec and whose investments are made exclusively in Cyprus OR
• Combination of the above criteria amounting to at least €2,0 million, the applicant may purchase special government bonds of the Republic of Cyprus up to €500.000.- which will be issued by the Public Debt Management Office of the Ministry of Finance.

Important notice:

• The applicant who invest in residential properties with total value of €2 million there is no need to buy a residential property worth €500.000.- plus VAT extra.
• When the applicant invests in government bonds and commercial properties, in addition to the investment of €2 million, he or she is required to purchase a residential property worth €500.000.- plus VAT. Thus the total investment is €2.5 million.
• Investor is entitled to sell its investments after 3 years however he or she must hold possession of at least €500.000.- plus VAT worth of residential property.

In summary the government fees are as follows: