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Cyprus Citizenship By Investing

 

On the11th of November 2011 the Cyprus Council of Ministers set out new criteria and conditions for obtaining citizenship status on the island of Cyprus.


The main concept of these new standards is to draw foreign investments into Cyprus by way of either the purchase of properties in Cyprus, cash deposits in Cyprus banks and of purchases of shares including shares of existing companies in the Cyprus Stock Exchange. These changes have been made in order to all aiming at to advance the Cypriot economy.



The Conditions:


The following standard should be rigorously met by the applicant for them to qualify to apply:

1. They must be a minimum of 30 years of age,
2. They must have a clean criminal record which must be proved via a document from the police from their country of origin,
3. They must own a permanent property of residence in Cyprus, which is worth a minimum of €500,000


Only once these conditions are strictly met then the applicant is allowed to apply via a legal advisor to the Council of Ministers as long as one of the following activities is completed:

Direct Investments

There must be a direct investment of a minimum of 10 million Euros. These investments include the purchase of properties, shares and financial assets (only in Cypriot companies).


Entrepreneurial activities


The candidate must perform entrepreneurial activities through a Cypriot registered company or companies in Cyprus controlled by the candidate with a total turnover of €10 million minimum per annum on average over the last three years prior to the application and at least one third of the company’s employees must be residents of Cyprus and registered by the social security department.


Introduction of new and ground-breaking technology and research centres

The candidate must demonstrate through his business activities that he is introducing to a large extent, new and ground-breaking methods of technology in fundamental segments of the Cyprus economy or has placed a vital research centre to research on a large scale.


Bank deposits


The candidate must have a permanent deposit of €15 million minimum in a Cyprus bank for a minimum period of five years in his name or in the name of any of his personal companies or by means of a trust of which he is the beneficial owner.

A combination of direct investments, entrepreneurial activities in Cyprus and deposits

The candidate should have a mixture of the above which the amalgamation should be of a total of €15 million minimum.

Direct Revenue / Remuneration for services (fees)

The candidate must have registered a company whose administration and control is in Cyprus and over the last three years prior to the application has made payment to the Cyprus economy  by way of income tax, VAT or by way of professional fees for services rendered, the amount of €500,000 on average per annum.

Remuneration for the purchase of business services include legal fees, accounting and bookkeeping fees, audit fees, banking fees and other associated fees.


This information is a guide only and any individual interested in obtaining Citizenship via investment in Cyprus must speak with a specialist in this matter.

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