Acitizen of a non-EU country or a high-ranking senior manager of a company who meets the requisite economic criteria may apply for the acquisition of the Cypriot citizenship through “Naturalization by Exception”.
Benefits of Obtaining the Cypriot Citizenship
• Passport obtained in approximately 3 months of the application.
• Visa free travel to more than 150 countries with the right to live, work, study in any EU country.
• Dual citizenship is allowed.
• The citizenship is also granted to the spouse of the applicant as well as to the applicant’s children.
• No requirement to reside in Cyprus.
• No tax on dividends for non-tax residents. No inheritance tax. Low corporation tax.
• Excellent climate, safe to live, English speaking.
• Access to EU health-care and education systems.
• Investment need not be permanent but only be held for 3 years.
A 3rd country national may apply for citizenship in Cyprus by naturalisation under one of the following categories:
Α.1 Investment in government bonds
The purchase of over €5 million of state bonds by the applicant (as from 1st of August 2014 these must be purchased from the primary market – directly from the Ministry of Finance).
Α.2 Investment in financial assets of Cypriot companies or Cypriot organizations
Purchase by the applicant of financial assets (these include bonds, securities or debentures registered and issued in Cyprus) of Cypriot companies or Cypriot organizations of over €5 million.
The financial assets can be purchased either at issuance, or subsequently by the market.
Α.3 Investment in real estate, land development and infrastructure projects
An investment by the applicant of over €5 million (not including VAT or other levies or taxes) for the purchase or construction of buildings or for the construction of other land development projects (such as residential, commercial developments, developments in the tourism sector or other infrastructure projects). Note that land which is not intended for development is not included. However, real estate sold for a second time is still considered an investment.
Α.4 Purchase or creation or participation in Cypriot businesses or companies
An investment by the applicant of over €5 million in the purchase, creation or participation in businesses or companies, that are based and operating in Cyprus – i.e. maintaining offices in Cyprus. These businesses or companies should evidently have a tangible presence in Cyprus and employ at least five (5) Cypriot citizens.
It is noted that the mandatory conversion of deposits into shares under the hair-cut provisions (from Bank of Cyprus and/or Laiki Bank) is included in this criterion.
Α.5 Deposits in Cypriot banks
The only requirement is that the applicant must keep personal fixed term deposits or keep deposits of his privately owned companies or deposits of trusts (in which he/she is the ultimate beneficial owner) in Cypriot Banks of an amount over €5 million for a specific term of at least 3 years. Cypriot Banks include any Local Banks or Subsidiaries of Foreign Banks and for the purposes of the deposit an applicant can deposit money in more than one bank the deposit being in a currency of his choice. (For a list of Local and Subsidiaries of Foreign Banks, please do not hesitate to contact us.)
Α.6 Combination of the criteria in Α.1, Α.2, Α.3, Α.4 and Α.5
Under this category, the applicant is allowed to apply for naturalization by combining in the above categories investments amounting to over €5 million.