A proposal of the Interior Minister, Mr. Socrates Hasikos, concerning the relaxation of certain criteria for foreign investors in order to obtain Cypriot citizenship, was approved and announced on 19.3.2014 by the Council of Ministers, in an attempt to further promote foreign investment in Cyprus, namely in assets held by Cyprus companies and organizations, government bonds, real estate and development projects, setting up businesses in Cyprus.
1. The person concerned will be required to put up an investment at the reduced amount of €2.5 million, provided that such person is being part of a collective investment scheme worth at least €12.5 million (5 investors of €2.5 million)
2. The person concerned will be required to put up an investment at the reduced amount of €2.0 million, in return for such person to be part of a collective investment scheme worth in excess of €12.5 million. This provision (2) will be applicable only until 01.06.2014.
Despite the aforesaid, if an investor wishes to present a separate application for acquisition of Cyprus citizenship, then the amount to be invested is €5 million plus €500,000 + VAT for the purchase of a permanent residence in the Republic of Cyprus.
Another basic requirement provides for the applicants to have clean criminal record.
For the examination of the applications by the Civil Registry and Migration Department, it is requested to submit the Application Form (M127) and present the following supporting documentation:
1. Certificate of Clean Criminal Record (from the country of applicant’s origin)
2. Documents on Purchase of immovable property in the Republic:
- Contract of Sale
- Title Deed or Proof of submission of the Contract of Sale in the Department of Lands and Surveys
- Proof of payment of the agreed purchase price as per the Contract of Sale
- Proof of deposit in Cypriot bank in the name of the Seller, for the amount stated in the Contract of Sale
3. Company Documents:
- Certificate of Registration of the Company
- Certificate of the Shareholders or Certificates proving that the investor is the ultimate beneficiary of the company
- In case the applicant is an executive member it is required to provide his Contract of Employment and proceeds with its Certification from the Inland Revenue Department
- Financial Statements of the Company of the last three years
4. Documents regarding deposits in Cypriot Bank:
- Confirmation by a Cypriot Bank for five (5) years fixed term deposits made by the applicant or the Company or the trusts in which the applicant is the final beneficial owner
- Transfer of the deposit amount in a Cypriot commercial bank.
5. Any other document requested by the Ministry of Interior or the Ministry of Finance (depending on the case).
We would like to outline, that all public documents issued abroad must bear an official translation into Greek or English from Press and Information Office (PIO) and be certified with Apostille by the Ministry of Foreign Affairs of the country of origin of the applicant and then by the Embassy of Cyprus in the relevant country or by the Ministry of Foreign Affairs of Cyprus.
The time frame for the examination of an application usually takes not more than six (6) months.
Nasos A. Kyriakides & Partners LLC professional legal team, with its vast experience and in-depth knowledge of the relevant legislation in the field of Immigration and Citizenship, can assist its clients with confidentiality starting from the drafting of documentation required for submitting an application to the Civil Registry and Migration Department. We will be continuously monitoring the status of the application and keeping the applicant updated on the progress of the examination procedure. Once citizenship is granted, we will assist with obtaining the Cyprus Passport and Identity Card.