NATURALISATION BY EXCEPTION (OBTAINING CYPRUS PASSPORT)

Legal Outline

In accordance to the decision of Council of Ministers’ Decision dated 19/03/2014, third country nationals can acquire Cyprus Citizenship by Naturalization based on their investment.

Main Benefits

There are many benefits in obtaining Cyprus Citizenship (Cyprus Passport). The main ones are listed below:

  1.  By this method of obtaining Cypriot citizenship, you can obtain Cyprus citizenship for
    yourself, your spouse, children under 18 years old and dependent children who are
  2. between the ages of 18 until 28 years old.
  3.  By obtaining a Cyprus Passport you can travel within the EU without any restrictions.
  4.  You will be able to live and work in Cyprus and in the EU.
  5. Generally you and your family can benefit from l advantages that EU Members
  6. benefit from such as transfer of money within EU Member states and purchasing
  7. property within EU Member states.

Economic criteria required for the application:

The decision of the Council of Ministers provides for two methods of investments in order to obtain Cyprus citizenship.

A. First Method – Individual Investment of at least €5.000.000 (Euro Five Million) investment in:

  • Government Bonds or
  • Financial Assets of Cyprus companies/organizations or
  • Real Estate, Land Development and Infrastructure Projects or
  • Purchase or creation or participation in Cyprus business/companies with aHead Office and business activities in Cyprus or
  • Deposits in Banks operating in Cyprus of €5.000.000 (Euro Five Million) or
  • Combination of the above criteria amounting to 5.000.000 (Euro Five Million) or
  • Impaired Deposits in the Popular Bank of at least €3.000.000 (Euro Three Million) In case of impaired deposits of less than 3.000.000 (Euro Three Million), the applicant can apply after making additional investments

B) Second Method – Taking part in a Large Collective Investment Scheme:

Using this method it is required that a total of 5 investors form a group with total investments amongst them of at least €12.500.000 (Euro Twelve Million Five Hundred Thousand) and provided that each invests at least €2.500.000 (Euro Two Million Five Hundred Thousand).

Additional criteria required for the application:

In addition to the criteria mentioned above, the applicant must fulfill the following conditions:

  1. Have a Clear Criminal Record.
  2. Own residence in Cyprus, the cost of which must be at least €500.000 (Euro Five Hundred Thousand) excluding VAT.
  3. In case an investor purchases solely a residence of minimum €5.000.000 (Euro Five Million), or €2.500.000 (Euro Two Million Five Hundred Thousand) (under the relevant criteria) he/she is not obliged to buy an additional residence of €500.000 (Euro Five Hundred Thousand).

Legal Advice

Our firm can provide full legal assistance, advice and support during all stages of the above application process. Our firm’s services and legal support includes amongst others:

  • Advise on the required economic criteria and conditions as well as the required steps for the submission and approval of the application for both the applicant and his family.
  •  Legal advice in relation to the applicant’s investment option and as well as assisting the applicant in determining the most effective way to meet the criteria.
  •  Assist with the legal review of the transaction documents for the investment.
  • Check the citizenship application packs prepared to ensure they are within the required quality standard.
  • Monitoring the status of the application and follow up.

For more information contact with Ms. Ellie Michaelidou, advocate

 

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