- Preparation of document for main applicant and spouse and signing before a Cypriot council or Court Registrar in Cyprus.
- Application preparation for main applicant and spouse, signing of Sale Agreement for Residential Property and all the required steps for the property transaction and bank transaction.
- Settlement of investment funds into the Cypriot bank, remittance of full property purchase price into the developer’s account, and payment of fees and costs.
- Submittion of application to the Ministry of Interior.
- Approval, settlement of purchase price of residential property, settlement of remaining legal and processing fees.
- Issuance of naturalization certificate(s) and issuance of passport(s) for the main applicant and spouse.
- Preparation of document for family members and signing before a Cypriot council or Court Registrar in Cyprus.
- Submittion of application for family members to the Ministry of Interior.
Qualifications / Investment Options
Foreign investors who wish to obtain Cypriot citizenship by investment need to meet the following requirements:
- Must hold a permanent privately-owned residence in the Republic of Cyprus, the purchase price of which must be at least €500,000 plus applicable VAT;
- Must choose one of the prescribed investment options and maintain it for the required duration.
The applicant must choose one of the following investment options:
- Mixed investments and a donation to a state fund: Applicants choosing this option must deposit €2 million for the purchase of shares and/or bonds of the State Investment Company (under formation) and should make a donation of at least €500,000 to the Research and Technology Fund.Investors need to maintain the shares and/or bonds for a period of three years.
- Direct Investment: Applicants choosing this option must make a direct investment of at least €5 million in the purchase of a property, businesses or financial assets. Investors need to maintain ownership of the assets for a period of three years.
- Bank Deposit: Applicants choosing this option must have a fixed term deposit of at least €5 million for three years in a Cypriot bank
- Combination of options 1, 2 and 3: The total amount must be at least €5 million.
- Business Activities: Applicants choosing this option must be shareholders or beneficiary owners of a company, the management of which is in the Republic of Cyprus and the company has contributed at least €500,000 per annum, in the past three years to state funds (corporate tax, VAT, etc.).
- Persons whose deposits with the Bank of Cyprus or Popular bank have been impaired: Applicants that have incurred an impairment in deposits on one or both of the aforementioned Banks amounting to a total of at least €3 million can apply for Cypriot citizenship. In case that the impairment incurred is less than €3 million, one can cover the difference by making an additional investment in the above-mentioned options.
Residency Obligation: There is no physical residency obligation, however the Cypriot citizen must hold a permanent privately-owned residence in the Republic of Cyprus, the purchase price of which must be at least €500,000 plus applicable VAT.