The Council of Ministers on 25 May 2013 approved a decision in order to make it easier for Investors to obtain Cypriot Citizenship and benefit from it.

A non-Cypriot may by exception apply for acquisition of Cypriot Citizenship if he/she meets one of the following criteria:

1.  Deposits and Donation to a State Fund

The applicant has made:

•  Mixed investments of at least €2,0 million for the purchase of shares and/or bonds of the Investment Company of the     State (deposited with the Treasury of the State until the shares/bonds are issued)
•  Donations of at least €0.5 million to the Research and Technology Fund.

Documentation required:

•  Receipts from the Treasury of Cyprus for the acquisition of shares and/or bonds from the state’s investment company     under formation.
•  Receipts for the investor’s donation to the Research and Technology Fund.

2.  Direct Investments

The applicant has direct investments in Cyprus of at least €5 million by any of the following ways:

•  Real estate, including residential, commercial, office space and accommodation developments or projects of similar      nature.
•  Purchase of Companies or businesses that maintain establishments and are operative in the Republic.
•  Purchase of shares in public companies in Cyprus.
•  Purchase of assets of financial nature, such as securities, bonds and debentures registered and issued in Cyprus,          including those to be issued by the National Solidarity Fund Law of 2013.
•  Participation of an investor in a company or joint venture undertaking the construction of a public project.

Documentation Required:

For Purchase of real estate:

•  Contract of Sale
•  Title deeds
•  Confirmation for submitting the contract to the Lands and Surveys Department
•  Receipts for paying the arranged price

For Purchase of a company or business:

•  Contract of Sale
•  Receipts for paying the arranged purchase price
•  Confirmation from the Registrar of Companies with regard to the shareholders.

For Purchase of shares:
•  Shares certificates
For Purchase of assets of financial nature:
•  Titles and other relevant documentation
3.  Deposits in Cyprus Banks

The applicant, or his privately owned companies or trusts must have personal fixed term deposits in Cypriot Banks for three years amounting to at least €5,0 million.

Documentation Required:

•  Confirmation of banking institutions with regard to the fixed terms deposits for three years of the investor or                 companies in which he is the beneficiary owner or of the trust in which he is the ultimate beneficiary.
•  As to the deposits of companies, the certificate of registration of the company by the Registrar of Companies and         any other relevant documentation need to be submitted.

4.  Combination of Mixed Investments and Donation to State Fund.

The applicant has made a combination of mixed Investments and a Donation to a State Fund, Direct Investments and Deposits in Cypriot Banks amounting to at least €5,0 million.

Documentation required:

Particular documentation includes the submission of the necessary documentation relevant to each condition.

5.  Business Activities

The applicant carries out business activities in Cyprus either as a shareholder, or beneficiary owner of a company or companies the management of which is in the Republic of Cyprus for over three years and has paid both to State Funds (corporate tax, V.A.T) and remuneration for the provided services (legal, accounting, auditing) of at least €500.000 per annum, reduced in €350.000 if it employs at least five (5) Cypriot citizens, or reduced to €200,000 if it employs more than ten (10) Cypriot citizens

Documentation Required:
•  Certificate of registration of the company by the Registrar of Companies.
•  Certificate of shareholders by the Registrar of Companies or certificates providing evidence that the applicant is the     beneficiary owner of the company.
•  Confirmation with regard to the amounts paid as to the remuneration for business services. The confirmation has to       be issued by the service providers.
•  Audited accounts of the company for the last three years prior to the year of application.
•  Confirmation from the Social Insurance Department as to the insurable income of the employees in the company of         the investor.

6.  Investors with impaired deposits after measures implemented against both banks after 15 March 2013.

The applicant’s deposits with the Bank of Cyprus or Popular Bank have been impaired due to the measures implemented in Both Banks after the 15th March 2013, amounting to a total of at least €3,0 million.
Documentation Required:

•  Confirmation with regard to the extent and date of the impairment of deposits.
• When it comes to deposits in companies in which the investor is the beneficiary owner, the certificate of registration    of the company by the Registrar of Companies and any other relevant evidence need to be submitted

Terms and Conditions:

•  The applicant must have a Clean Criminal Record and his name must not be included on the list of persons whose           property is ordered to be frozen within the boundaries of the European Union.
•  The applicant must hold a permanent privately-owned residence in the Republic of Cyprus with a market value of           €500,000 plus VAT (contract of sale and confirmation of settlement of the dwelling must be provided).
•  The naturalization may be revoked in the case where following a periodic inspection it has been ascertained that any     condition is being circumvented.