Cyprus Citizenship for Investors
After the approval by the Council of Ministers on the 13th of September 2016, amendments have been introduced to the Scheme for Naturalisation of Investors in Cyprus by Exception.
These include in brief the following:
Who may apply?
(i) A non- Cypriot who meets one of the following economic criteria (A), either personally or through a company/ companies in which he/ she participates as a shareholder – in proportion to his holding percentage, or through investments done by his/her spouse or jointly with the spouse or even as a high-ranking senior manager of a company/ companies that meets one of the economic criteria (A), may apply for the acquisition of the Cypriot citizenship through naturalization by exception.
(ii) A high-ranking senior manager may apply, provided that he/she receives such a remuneration that generates for the Republic tax revenues of at least €100,000 over a three year period and provided that this tax has already been paid or prepaid.
The applicant should have made the necessary investments during the three years preceding the date of the application and must retain the said investments for a period of at least three years as from the date of the naturalization.
Α.1 Investment in real estate, land development and infrastructure projects:
The Applicant should make an investment of at least EUR 2 million for the purchase or construction of real estate.
Α.2 Investment in financial assets of Cypriot companies or Cypriot organizations:
The applicant must make an investment of at least EUR 2 million in the purchase, creation or participation in businesses or companies that are based and operating in the Republic.
Α.3 Investment in Alternative Investment Funds or financial assets of Cypriot companies or Cypriot organizations that are licensed by CySec:
The applicant should have bought units of at least €2 million from alternative investment funds (AIF) established in the Republic of Cyprus.
Α.4 Combination of the above mentioned investments:
The applicant may proceed with a combination of the above investments, provided that the total investment will amount up to at least €2 million. The applicant may purchase special government bonds of the Republic of Cyprus, up to €500.000, which will be issued by the Public Debt Management Office of the Ministry of Finance, on condition that the investor will retain these bonds for a three year period.
For further information on this topic as well as the procedure to undergo please contact Ms. Nada Starovlah (email@example.com) at SOTERIS PITTAS & CO LLC, by telephone (+357 25 028460) or by fax (+357 25 028461)