Requirements & Restrictions

TERMS & CONDITIONS

  1. An applicant of the Cyprus Investment Programme should be at least 18 years of age, or older
  2. Clean Criminal Record for the applicant and his/her spouse and depended children age 16 and above from the country of their residence. The applicant of the Cyprus Investment Programme should not have any frozen assets in EU in result of sanctions taken against him/her.
    An applicant (including family members if applicable) whose application for citizenship in any other member-state of the EU had been rejected, is not eligible to apply for the acquisition of the Cypriot citizenship through the Cypriot Investment Programme.
  3. Schengen Visa: The applicant and his dependents must be holders of a valid Schengen Visa. Third-Country nationals that do not require an entry visa for travelling in European Union member-states, as well as citizens of European Union Member States are excluded from this obligation.
  4. Residence Permit in Cyprus: The applicant of the Cyprus Investment Programme and all adult members of his/her family must hold a residence permit in Cyprus for at least 6 (six) months before applying for Citizenship. The six-months period commences on the issuance date of the residence permit (card). In case the applicant of the Cyprus Investment Programme and his/her dependents are not holders of a residence permit in Cyprus, they may apply for an immigration permit based on the Regulation 6 (2) of the Aliens and Immigration Law, at the same time with the submission of the application for Citizenship by Investment. In case the application for Citizenship is rejected, the immigration permit, obtained in accordance with the provisions of this Decision, will be cancelled immediately.
  5. According to the Cyprus Investment Programme requirements a Residence in the Republic of Cyprus with purchasing price not less than 500.000 EUR (+VAT) should be acquired by the applicant and should be kept for a Lifetime.
    • In case the purchase property is of higher value, the additional amount can be considered as a supplement to the total amount of investment.
    • All dependents of the applicant of the Cyprus Investment Programme, included under his/her application are covered.
    • Members of the same family, who apply separately as investors, based on the Cyprus Investment Programme, can collectively acquire a residence, provided that the total value of this home-property covers the amount of €500.000 per each applicant.
    • In case that the applicant has invested in housing unit/units on the basis of the criterion 2 of the Cyprus Investment Programme, the purchase of another permanent residence in Cyprus will not be required, provided that the purchasing price of one of these housing units is at least €500,000, plus VAT. However, if the applicant has invested in housing units that have already being used for the purpose of acquiring the Cypriot citizenship, the above provision will be in force provided that the total amount of the investments, including the privately-owned residence, is at least €2,5 million.

RESIDENCY REQUIREMENTS:

Not required during the process, or after that.

GOVERNMENTAL FEES:

Application submission – Main applicant, spouse and adult children € 2000/person
Application submission – Children under 18 € 80/person
Citizenship certificate issuance (Applicant, spouse and adult children) € 5000/person
Passport € 120/person
Identity card € 80/person
Immigration permit – Main applicant, spouse and adult children € 500/person
Immigration permit – Residence card € 70/person

REQUIRED DOCUMENTS:

For the Applicant and Dependents

  • Application Form (M127) fully completed and signed before a Registrar of a Cypriot court or a consular officer
  • Letter by the applicant of the Cyprus Investment Programme or by the representative of the applicant, in which the investment and criterion under which the application is submitted, are briefly explained.
  • “Self-Declaration by the Applicant who has received services for the purposes of the Cyprus Investment Programme” duly completed and signed by the investor.
  • “Self-Declaration by the Service Provider for the purposes of the Cyprus Investment Programme” duly completed and signed by the representative of the applicant.
  • Clean Criminal Record From country of Origin and Residence (if different) not older than 90 days from the date of submission.
  • Passport Copy
  • Birth Certificate
  • Due Diligence Report issued through an internationally accepted database (e.g World Check, LexisNexis Diligence, Regulatory DataCorp Inc. etc) not older than 30 days from the date of submission.
  • Declaration by the applicant concerning any citizenship applications he/she may have submitted in any other EU signed before Registrar of a Cypriot Court or a consular officer.
  • Copy of valid Shchengen Visa
  • Marriage Certificate/ Civil Partnership Certificate (if applicable)
  • Copies of advertisements in a daily newspaper (two consecutive posts)
  • Two passport size photographs
  • Curriculum Vitae
  • Copy of Residence Permit in the Republic of Cyprus
  • Documents concerning the permanent privately-owned residence of the applicant in Cyprus (see Residence in Cyprus below)

Spouse additional Documents (if applicable)

  • Copy of the investor’s Certificate of Naturalization (if the application is not submitted simultaneously with the investor)
  • Copy of the investor’s Cypriot passport (if the application is not submitted simultaneously with the investor)

Adult children additional Documents (Age 18 and over) (if applicable)

  • Copy of the investor’s Certificate of Naturalization
  • Copy of the investor’s Cypriot passport
  • Copy of the undergraduate degree (if the applicant is studying for a master’s degree)
  • Certificate of attendance at an Institute of Higher Education (Original)
  • or Medical Certificate attesting the disability (Original)

Investor’s minor children (under the age of eighteen)

  • Application Form M126 fully completed and signed by the parent before a Registrar of a Cypriot court or a consular officer
  • Copy of the investor’s Certificate of Naturalization
  • Child’s Birth Certificate
  • Parents’ marriage certificate
  • Copies of the child’s and parents’ passports
  • Certificate of criminal record from the country of residence of the applicant (if age from 16-18)
  • Written Consent of the non-Cypriot parent (if applicable)
  • Two passport size photographs

Residence in Cyprus

  • Contract of Sale
  • Title Deed or proof of Registration of the contract with Lands and Surveys Department
  • Proof of payment
  • Town Planning permit
  • Declaration by mortgage lender (bank waiver)
  • Completion certificate or Performance Bank Guarantee
  • Copy of Bank Transfer to the local account of the seller or his/her company
  • Evaluation certificate from independent land surveyor (if required)

Investment through a Legal Entity (if applicable)

  • Certificate of Incorporation
  • Certificate of Shareholders (to proof the Ultimate Beneficial Owners)
  • Audited accounts for the last 3 years prior the year of submission

High-ranking Senior Managers (if applicable)

  • Employment Contract
  • Receipt from the Department of Inland Revenue

Donation to the Reaserch and Innovation Foundation and the Cyprus Land Development Corporation

  • Copy of the wire transfer of the donation to the Research and Innovation Foundation to an account in a Cypriot commercial banking institution in the name of the Foundation.
  • Copy of the wire transfer of the donation to the Cyprus Land Development Corporation to an account in a Cypriot commercial banking institution in the name of the Corporation.
  •  Innovative enterprise certificate.
  •  Investment Agreement in Cypriot company or companies.
  •  Proof of payment of the agreed amount.
  •  Certificate of shareholders by the Registrar of Companies.
  • Copy of the wire transfer to a Cypriot commercial banking institution in the name of the company or the organization.
  •  Specific investment plan.
  • Copies of the employment contracts of the Cypriot or European Union citizens employed by the company in which the applicant has invested.
  • Confirmation from the Social Insurance Department as to the insurable income of the Cypriot or European Union citizens employed in the company.
  • Registration Certificate (MEU1) or Permanent Registration Certificate of Union Citizen (MEU3) for employees that are European Union citizens.

Investment made by the Spouse, or Jointly (if applicable)

  • Marriage Certificate

Investment in Real Estate, Land Development and Infrastructure Projects

  • Contract of sale.
  • Title Deeds or Proof of Registration of the contract with the Lands and Surveys Department.
  • Proofs of payment of the agreed purchase price.
  • Copy of the wire transfer to a Cypriot Bank in the name of the seller or the seller’s company.
  • Town Planning permit
  • Declaration by mortgage lender (bank waiver)
  • Completion certificate or Performance Bank Guarantee
  • An evaluation certificate from an independent registered land surveyor (if required by the Ministries).

Acquisition or Establishment or Participation in Cypriot Companies or Businesses

  • Investment Agreement in Cyprus company or companies.
  • Proof of payment of the agreed purchase price.
  • Certificate of shareholders by the Registrar of Companies.
  • Copy of the wire transfer to a Cypriot Bank in the name of the company or the organization.
  • Specific investment plan.
  • Copies of the employment contracts of the Cypriot or EU citizens employed by the company.
  • Confirmation from the Social Insurance Department as to the insurable income of the Cypriot or EU employees in the company.
  • Copy of the Social Insurance Contributions for every Cypriot or EU citizen employee.
  • Registration Certificate (MEU1) or Permanent Registration Certificate of Union Citizen (MEU3) for employees that are European Union citizens.

Investment in AIF or RAIF or financial assets of Cypriot companies or Cypriot organizations that are licensed by CySec

  • Title/Titles and other relevant documents of the financial assets / units purchased.
  • Copy of the wire transfer to a Cypriot Bank in the name of the company or the organization.
  • Specific investment plan.
  • Confirmation by the CySec.

Investment in government bonds

  • Proof from the Public Debt Management Office for the purchase of special government bonds.
  • Copy of the wire transfer into a bank account of the Treasury of the Republic of Cyprus.
  • Any other document that might be requested by the Ministry of Interior, or the Ministry of Finance.

IMPORTANT NOTE: All documents issued by foreign authorities should be translated into either Greek or English and be duly authenticated by APOSTILLE, or they should be sealed by the Ministry of Foreign Affairs of the issuing country and the diplomatic mission of the Republic of Cyprus in the issuing country).