The government of Cyprus has now implemented a new immigration initiative aimed at facilitating (non EEA) migrant entrepreneurs and investors who, in return for obtaining Cyprus citizenship, are prepared to invest in Cyprus. The new scheme has been established pursuant to amendments to the Cyprus Civil Registry and Migration Law.
The scheme is operating efficiently and is based on a ‘fast track’ process, which avoids bureaucracy and unnecessary documents. The investment eventually allows the applicant (and eventually his wife and children) to hold a Cyprus passport and have all the benefits of a Cyprus citizen. This is especially useful for an individual, national of a country outside the European Union, to hold a passport and citizenship of an EU member state country.
According to the terms of the new scheme for Cyprus citizenship, the investors or entrepreneurs must follow one track out of four, depending on their needs and circumstances. These are:
(1) Deposit Track
The Applicant must bring deposits to Cyprus up to a minimum amount of 3 Million Euro which will be divided as follows:
a. Amount of 2 Million Euro in the Development and Investment Fund;
b. Amount of 0,5 Million Euro in the Technology and Research Fund;
c. At least an amount of 0,5 Million Euro in the Solidarity and Employment Fund.
The abovementioned deposits will remain blocked for a period of not less than five years. In the case whereas the requirement is circumvented, the citizenship may be revoked.
(2) Investment Track.
The Applicant must have investments in Cyprus of a minimum amount of 5 Million Euro. These investments may involve the following:
a. Purchase of Buildings (houses, offices shops, hotels etc, or developments of similar nature which reach the final stage of construction – excluding empty land (undeveloped land);
b. Purchase of businesses or companies;
c. Purchase of shares in public companies registered in Cyprus.
d. Purchase of financial instruments (i.e. bonds, securities, treasuries which are registered and issued in Cyprus including those which will be issued from the Solidarity Fund in accordance to the Law for the Establishment of a National Solidarity Fund of 2013)
e. Participation in a company/joint venture of companies which has undertaken the construction/development of a project of the Government.
(3) Business Activities Track
The Applicant must be a shareholder in a Cyprus Company (incorporated and trading/operating in Cyprus), provided that the Head Office of the Company is situated in Cyprus; that the Company for the past five years before the submission of the Application paid at least 0,5 Million Euro annually in taxes, contributions or other payments in governmental funds and also that the Company employs at least 10 Cypriot citizens. A maximum of two (2) shareholders from each such company can apply.
(4) Track for persons affected by haircut measures after 15th of March 2013:
The Applicant must have suffered losses to affected deposits in Bank of Cyprus or Cyprus Popular Bank (Laiki Bank) amounting to a total of at least 3,0 Million Euro. 2
In every track described above, it is an additional condition that the Applicant must, in addition to the satisfaction of the criteria under any one of the above tracks, be the owner of a residence/home in the Republic of Cyprus, having a market value of at least 0,5 Million Euro plus VAT.
Other general conditions of the scheme include the production of certain documents, such a clean criminal record.
Further to the above, kindly find attached a list of documents that need to be provided in order to proceed with the filing of the applications.
PLEASE NOTE that all public documents issued abroad must:
a) bear an official translation into Greek or English from Press and Information Office.
b) Be certified with APOSTILLE if the country has signed the Hague Convention of 1961 or
– Certified by the Ministry of Foreign Affairs of the country of origin of the applicant and then by the Embassy/Consulate of Cyprus in his country or
– The Ministry of Foreign Affairs of the country of origin of the applicant and then the Embassy / Consulate of his country in Cyprus and then certified by the Ministry of Foreign Affairs of Cyprus.
– In the instance that the country of origin of the applicant has not signed the Hague Convention of 1961and there is no Embassy /Consulate in the above mentioned country the documents must be certified by the Ministry of Foreign Affairs of the country of origin of the applicant and then the nearest Embassy / Consulate which is accredited to Cyprus.
Source: Harris Kyriakides LLC
