New Criteria for exceptional naturalization of investors (Non-EU)

Author: Multilysis Services Limited
Date: 2014-04-10
The Council of Ministers revised the “Scheme for naturalization of Investors in Cyprus by exception” on 19.3.2014 and published the new financial criteria based on which Cypriot citizenship may be acquired.
 
A non-Cypriot citizen, who fulfills one of the below Economic Criteria may apply for the acquisition of Cypriot citizenship through Naturalization by exception.
 
A high-ranked senior manager may also apply, provided that he receives such a salary that generates for the Republic tax revenue of at least €100,000 for a 3 year period and provided that this tax has already been paid or prepaid. 
 
The applicant must have concluded the necessary investment during the 3 years preceding the submission date of the application and must retain these for a period of at least 3 years since the date of the naturalization.
 
The applicant must also fulfill the Terms and Conditions set out in Part B.
 
Economic Criteria
 
Investment in government bonds
 
The applicant must have purchased state bonds of the Republic of Cyprus of at least €5 million.
or
 
Investment in financial assets of Cypriot companies or organizations
 
The applicant must have purchased financial assets of Cypriot companies or Cypriot organizations (bonds/securities/debentures) of at least €5 million.
or
 
Investment in real estate, land development and infrastructure projects
 
The applicant must have made an investment of at least €5 million for the purchase or construction of buildings or for the construction of other land development projects (residential or commercial in the tourism sector or other infrastructure projects). 
or
 
Purchase or creation or participation in Cypriot businesses or companies
 
The applicant must have made an investment of at least €5 million in the purchase, creation or participation in businesses or companies which are based and operating in Cyprus. These businesses or companies must have a presence in Cyprus and must employ at least five (5) Cypriot citizens”. 
or
 
Deposits in Cypriot banks
 
Applicant must have personal fixed term deposits for three years in Cypriot banks or deposits of privately owned companies or trusts in Cyprus of at least €5 million.  The total amount of the deposit can be deposited in various banks in Cyprus.
or
 
Combination of the aforementioned criteria A.1, A.2, A.3, A.4 and A.5 amounting to at least €5 million. 
or
 
Persons whose deposits with the Popular Bank Public Company Ltd have been impaired due to the measures implemented after the 15th March 2013
 
Such impairment should amount to a total of at least €3 million.   
 
In the case the impairment in deposits is under €3 million, applicant may apply, having made an additional investment through the criteria A.1, A.2, A3, A.4 and A.5.
or
 
Major Collective Investments
 
The Council of Ministers shall have the right on special occasions, to reduce the above criteria (Α.1, Α.2, Α.3 and Α.4):
i. To €2,5 millions for investors, who demonstrably participate in a special collective investment scheme, provided that the total value of the investment is at least €12,5 millions.
ii. To €2 millions for investors who demonstrably participate in a special collective investment scheme, provided that the total value of the investment is more than €12.5 millions. This provision will be in force until the 1st of June 2014.  This means that the application must be submitted until the 1.6.2014.
 
B. Terms and Conditions
  1. Clean Criminal Record
  2. Residence in the Republic of Cyprus. The applicant must hold a permanent privately-owned residence in the Republic of Cyprus, the purchase price of which must be at least €500.000, plus V.A.T.  
Members of the same family can collectively acquire a residence, provided that the total value of the property covers the amount of € 500.000 per applicant. 
 
Concerning the investor, his/her spouse and the adult child, the amount of €2.000 for each should be paid with the submission of the application and, if the application is approved, €5,000 for each should be paid as a fee for the issuance of the Naturalization Certificate.
 
Concerning the investor’s minor child the amount of €80 is paid at the submission of the application. The application is submitted to the Civil Registry and Migration Department.
 
Investors wishing to apply for citizenship using the above criteria and/or for any enquiries and/or questions, please contact us at info@multilysis.com and we will be happy to assist.
For more information on New Criteria for exceptional naturalization of investors (Non-EU).

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