A.1 Investment in residential, commercial, land development and infrastructure projects:

The applicant must have made an investment of at least €2 million for the purchase or Construction of buildings or for the construction of other land development projects (Residential or commercial developments, developments in the tourism sector) or other Infrastructure projects

The investment in land is eligible provided there is an investment plan in place. It is understood that investment in land that is situated in a building zone of zero development, is excluded.

Criteria based on residential real estate plan

Option A:
Purchase only (1) one single residential unit of at least €2 million and sell in 5 years’ time and at the same time purchase a privately owned residential unit in Cyprus, for at least €500.000.

Option B:
Purchase more than (1) one residential units (villas or apartments) worth of minimum €2.0 million and sell in 5 years’ time. Maintain private residence worth a minimum of €500,000.

Note: the parents of the main applicant can be included in the application if they purchase a residential unit worth of €500.000 plus VAT if applicable.

Note: As of May 15, 2019 investment must be kept for (5) five years. Additionally any investment relating to a property which was already subject of a passport application by a previous applicant, the threshold for investment in properties is increased to €2,5 million euros

All prices in relation to properties, are exclusive of VAT.

B. TERMS AND CONDITIONS :

1.Residence in the Republic of Cyprus: The applicant must possess a permanent privately-owned residence in the Republic of Cyprus, the purchase price of which must be at least €500.000, plus V.A.T.

It is noted that members of the same family, who apply separately as investors, 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 purchase value of the permanent privately owned residence in Cyprus exceeds the amount of €500,000, part of this additional amount can be used for purposes of supplementing the total amount of the investment made on the basis of the criteria of Part A above.

Additionally, it is noted that if the applicant has invested in housing unit/units on the basis of the aforementioned criteria, the purchase of another permanent residence in Cyprus will not be required, if at least one of these housing units is worth at least €500,000, plus VAT, provided that the applicant retains the possession of the residence for life.

C.SUBMISSION OF DOCUMENTS:

For the evaluation of the applications the form (M127) as well as the following documents must be submitted:
1.CLEAN CRIMINAL RECORD:

Certificate of Clean Criminal Record from the country of origin and the country of residence (if different). The eligibility of the Investors and their family members is subject to certain exceptions clearly defined. Applicants falling in any of the following categories are not eligible to apply for the CIP:

1. Politically exposed persons (PEPs), however it only applies to PEPs who hold such a position at the time of the application or within the 12 months prior to the submission of the CIP application; 2. Applicants who are subject to criminal investigation either in Cyprus or abroad at the time of the application and/or applicants convicted of serious criminal offences, in both cases applicable only for criminal offences punishable with imprisonment of 5 years or more; 3. Applicants that are connected with natural or legal persons who are included in the Restrictive Measures Lists of the European Union and/or applicants that they were connected (at the time of such inclusion in the List) with natural or legal persons who are included in the Restrictive Measures Lists of the European Union; 4. Applicants that are connected with natural or legal persons who are included in the Sanctions Lists of the European Union and/or applicants that they were connected (at the time when such sanctions were imposed) with natural or legal persons who are included in the Sanctions Lists of the European Union; applicants that are connected with natural or legal persons who are included in the Restrictive Measures Lists of either the European Union or the United Nations, against whom such Restrictive measures remained valid for a period ended up to 12 months prior to the submission of the CIP application; applicants who are included in the “Wanted List” of either EUROPOL or INTERPOL; and 5. Applicants the estate of whom has been seized within the borders of the European Union.

2. RESIDENCE IN THE REPUBLIC OF CYPRUS:
(a) Contract of Sale.
(b)Title Deeds or Proof of Registration of the contract with the Lands and Surveys Department.
(c)KYC Documents showing that the money used for the investment did not originate from illegal activities
(d) Proof of payment of the agreed purchase price.
(e) Copy of the wire transfer to a Cypriot commercial banking institution in the name of the seller or the seller’s company.
(f) An evaluation certificate from an independent registered land surveyor, if required by the Ministry of Interior or the Ministry of Finance.

3. CRITERIA REGARDING THE INVESTMENT (WHEN APPLICABLE):
(a) Certificate of Registration of the company/ companies by the Registrar of Companies.
(b) Certificate of shareholders by the Registrar of Companies or certificates evidencing that the applicant is the beneficiary owner of the company/ companies.
(c) Audited accounts of the company (or companies) for the last three years preceding the year of the application.
(d) If the applicant is a high-ranking senior manager, the submission of the employment contract and the receipt from the Department of Inland Revenue are additionally required.
(e) It is emphasized that the investment funds must emanate from the Investor’s personal account or from the Investor’s company/ies based and operating abroad.

In addition to the above criteria and as of Aug 18, 2020 donation to the Research and Innovation Foundation and the Cyprus Land Development Corporation will be mandatory:

a) The applicant must have donated at least €100.000 to either the Research and Innovation Foundation or The Industry and Technology Service or The Fund for Renewable Energy Sources and Conservation of Enery or the National Solidarity Fund

b) The applicant must have donated at least €100.000 to the Cyprus Land Development Authority for the financing of housing schemes for affordable housing, but also for the materialization of other housing schemes/measures.

Note that certain exceptions apply to the above: the obligation is lifted, if the applicant has made an investment of €400.000 in a company whose operations fall within the primary sector of the economy, or the secondary sector of the economy (excluding constructions), or in the sectors of research and development, education, health and renewable energy sources will be exempt from the requirement to make a donation to the Research and Innovation Foundation.

It is emphasized that the citizenship may be revoked if any of the economic criteria and/or requirements of the CIP are no longer satisfied

1. CLEAN CRIMINAL RECORD: the applicant must have a clean criminal record. Furthermore, his name must not be included in the list of persons whose assets, within the boundaries of the European Union, have been frozen as the result of sanctions.

2. RESIDENCE IN THE REPUBLIC OF CYPRUS: In all cases listed in Part A, the applicant must possess a permanent privately-owned residence in the Republic of Cyprus, the purchase price of which must be at least €500.000, plus V.A.T.

It is noted that members of the same family, who apply separately as investors, 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 purchase value of the permanent privately owned residence in Cyprus exceeds the amount of €500,000, part of this additional amount can be used for purposes of supplementing the total amount of the investment made on the basis of the criteria of Part A above.

Additionally, it is noted that if the applicant has invested in housing unit/units on the basis of the aforementioned criterion A.1, the purchase of another permanent residence in Cyprus will not be required, if at least one of these housing units is worth at least €500,000, plus VAT, provided that the applicant retains the possession of the residence for life.

1. All above mentioned investments need to be kept for at least (5) three years from the date of Naturalization.
2. All investments need to be concluded with fresh funds from abroad.
3. Schengen Visa: The applicant must hold 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. A further condition has been added providing that an applicant whose application for citizenship in any other member-state of the European Union had been rejected, is not eligible to apply for the acquisition of the Cypriot citizenship through the Cypriot Investment Program.

3. RESIDENCE PERMIT IN CYPRUS: The applicant, prior to his/her naturalization as a Cypriot citizen must hold a 6 month resi- dence permit in Cyprus.

If the applicant does not already hold a residence permit, he/she may apply for an immigration permit on the basis of Regulation 6 (2) of the Aliens and Immigration Law, simultaneously with the application for naturalization. If the application for acquiring an immigration permit is made solely for purposes of acquiring the Cypriot citizenship, in accordance with the provisions of this programme, there are no other conditions than those stated in both Part A and Part B of this programme.

It is noted that all of the above also apply for the adult members of the family of the investor, who will apply for naturalization.

In case the application for naturalization is rejected for any reason, the immigration permit, obtained in accordance with the provisions of this Decision, will be canceled immediately.

4. The required investments must be held for 5 years from the date of obtaining the Cyprus Nationality*. *In case one invests in immovable property under construction the 5 year period that the applicant is required to hold the investment, will start to count from the date of issuance of the planning permit.

For more information on the investment criteria and conditions of the Cyprus Investment Programme please refer to the PDF document.