Council of Ministers decision dated 24.5.2013 SCHEME FOR ATURALISATION OF INVESTORS IN CYPRUS BY EXCEPTION on the basis of subsection (2) of section 111A of the Civil Registry Laws of 2002-2013
A non-Cypriot citizen may by exception apply for the acquisition of Cypriot citizenship, if he/ she meets one of the following criteria:
A.1 Mixed investments and a donation to a state fund:
The applicant must have made the following investments and donation:
(a) At least €2,0 million for the purchase of shares and/or bonds of the Investment company of the state under formation and
(b) At least €0,5 million as a donation to the Research and Technology Fund
A.2 Direct Investments:
The applicant must have direct investments in Cyprus of at least €5,0 million.
Direct Investments may alternatively involve the following:
(a) the purchase of properties (houses, offices, shops, hotels etc or a development of a similar nature, excluding underdeveloped land), the applicant shall retain the said assets in his possession for a period of at least three years.
(b) the purchase of businesses or companies that are based and are active in the Republic of Cyprus.
(c) the purchase of companies registered in the Republic of Cyprus.
(d) the purchase of financial assets, the applicant shall retain the said assets in his possession for a period
of at least three years.
(e) participation in a company/ consortium of companies that has undertaken to carry out a public project
The Minister of Interior shall have the right, for the period ending on 30 June 2014, to reduce the amount required for Direct Investment to €2,0 million for non-Cypriot citizens, who demonstrably participate in a special collective real estate purchase scheme, which will comprise the purchase of property on the territory of the Republic of Cyprus, controlled by the Government of the Republic, of a total value of at least €10,0 billion.
A.3 Deposits in banks:
The applicant must have personal fixed term deposits for three years in Cypriot banks or deposits of privately
owned companies or trusts (in which he/she is the beneficiary owner) in the Republic of Cyprus of at least €5,0
A.4 A Combination of Mixed Investments and a Donation to a State Fund (A.1), Direct Investments (A.2) and Deposits in Cypriot Banks (A.3):
The applicant is required to have a combination of the above amounting to at least €5,0 million
A.5 Business Activities:
The applicant must be a shareholder or beneficiary owner of a company (or companies) the management of
which is in the Republic of Cyprus and that over the last 3 years prior to submitting the application has paid to
State Funds (corporate tax, V.A.T. or other fees and charges etc) and remuneration for the purchase of business
services (legal, accounting, auditing) as amount of at least €500.000 per annum.
A.6 Persons whose deposits with the Bank of Cyprus or Popular Bank have been impaired due to the
measures implemented in both Banks after the 15th March 2013
The applicant has incurred an impairment in deposits on one or both of the abovementioned Banks amounting to a total of at least €3,0 million.
B. TERMS AND CONDITIONS
1. Clean Criminal Record: the applicant must have a clean criminal record. Furthermore, his name must not be included on the list of persons whose property is ordered to be frozen within the boundaries of the European Union.
2. Residence in the Republic of Cyprus: In all cases listed in Part A, the applicant must hold a permanent privately-owned residence in the Republic of Cyprus, the market value of which must be at least €500.000, plus V.A.T.
3. In the case where following a periodic inspection it has been ascertained that any condition is being circumvented, the naturalisation may be revoked.