CYPRUS (EU) CITIZENSHIP BY INVESTMENT PROGRAME
The Cabinet has approved new economic and procedure criteria changes to the program on 13 February 2019, to make the scheme more reliable and increase its transparency.
In order to obtain Cyprus citizenship under the CIP scheme, one of the following financial criteria must be met:
Direct investments in Cyprus amounting to a minimum of €2 million, held for at least 5 years, in any of the following:
- Investment in real estate, land development and infrastructure projects (application that include properties that have already been used for a previous citizenship application by another applicant (resale), increase the amount of investment to €2.5 million)
- Purchase, creation or participation in Cyprus businesses and companies based and operating in Cyprus. Such companies are required to have a physical presence in Cyprus and to employ at least 5 Cypriot or EU citizens. Investment in the shipping sector are eligible under the criterion
- Investment in Alternative Investment Funds (“AIFs”) or Registered Alternative Investment Funds (“RAIFs”), which invest exclusively in Cyprus. AIFS or RAIFs are permitted to invest in stocks in the CSE up to €200,000. This criterion also includes financial assets (bonds, bills, and securities) of Cypriot companies or organizations issued after approval by CySEC, or
- Combination of the aforementioned criteria amounting to €2 million.
Additional financial requirements
In addition to the above criteria the applicant must fulfil the following conditions:
- A donation of at least €75,000 to the Research and Innovation Foundation for the promotion of an entrepreneurial innovation ecosystem (can be waived if the applicant invests the same in a certified innovative or social enterprise, or €400,000 out of the main investment is in the primary, secondary sectors, R&D or renewable energy sources)
- A donation of at least €75,000 to the Cyprus Land Development Corporation for the purpose of providing affordable housing schemes
Besides the above financial criteria, there are some other conditions must be met:
- Hold a Clear Criminal Record from the country of origin and residence (if different) and not appear in the list of persons with frozen assets within the EU
- The applicant must be a holder of a valid Schengen visa
- Privately owned residence in Cyprus, of minimum €500.000 excluding VAT. If the direct investment is made in residential property, this requirement is not applicable In case the investor’s parents are included in the application either purchase an additional property of at least €500.000 or the investor and parents acquire one residential property of a total value, minimum, €1mn