CYPRUS INVESTMENT PROGRAMME

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The investments should be made by a non-Cypriot citizen investor – applicant exclusively within the Republic of Cyprus either personally or through a company/companies in which he/she participates as a shareholder (in proportion to his/her holding percentage), or through investments done by his/her spouse or jointly with the spouse or even as a high-ranking senior manager of a company/companies that meets the said economic criteria and has a clean Criminal Record Certificate.

A high-ranking senior manager may apply provided that he/she receives such a remuneration that generates for the Republic tax revenues of at least €100,000 over a three - year period and provided that this tax has already been paid or prepaid.

The applicant should have concluded the necessary investments during the three years preceding the date of the application. The investments attached to the application must remain in their possession for a minimum period of five years from the date of the naturalization. The applicant may replace his investment during the five year period, provided that he/she has obtaining before-hand an approval by the Ministry of Finance.

After the lapse of the five -years period of obtaining Cypriot citizenship by exception, the applicant can sell his /her properties provided that he /she keeps always on his /her name a privately – owed permanent residence (house or apartment) in the Republic of Cyprus which he/she purchased for at least €500,000.

Registry of Service Providers of the Cyprus Investment Programme

Any applications for the Cyprus Investment Programme can be submitted on behalf of the applicants only by natural / legal persons registered with the Registry of Service Providers (Registry) of the Cyprus Investment Programme since July 31,2018.

A Self-Declaration by the Service Provider for the purposes of the Cyprus Investment Programme” duly completed and signed, is a pre-requisite on the List of Documents to be submitted along with the required documents in accordance with the said Programme.

GEORGIOS K GEORGIOU LLC is a registered Service Provider, keeping in line with the high standards lay out by the Republic of Cyprus.

Prerequisites:

It is important to note that such applicant must fulfill the following prerequisites whatever the mode of investment :

  • Clean Criminal Record
     
  • Copy of a valid Schengen visa   
     
  • Possession of residence in the Republic of Cyprus

    The applicant must possess 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. In the case that the purchase value of the residence exceeds the amount of €500.000, this additional amount can be used for purposes of supplementing the total amount of the investment made based on the selected option.

     - Members of the same family, who apply separately as investors, can collectively acquire a residence, provided that the total value of this home-property covers the amount of €500.000 per each applicant.

    if the applicant has invested in residential unit/units on the basis of the investment option Investment in real estate, land development and infrastructure projects, the purchase of another permanent residence in Cyprus will not be required, if at least one of these housing units is worth at least €500,000, plus VAT, provided that the applicant retains the possession of the residence for life.

    In the case of residential unit/units already used for the purposes of the Programme and reused under the same Programme, the above provision will be in force provided that the total amount of the investments, including the privately-owned residence, is at least €2,5 million.
     
  • Holder of Permanent Residence Permit in the Republic of Cyprus.
    The applicant, must be a holder of a permanent residence permit in Cyprus for a period of at least 6 (six) months.
      
  • Investment

 

Investment  Options

A. ( Obligatory)

  • Donation of at least €75.000 to the Research and Innovation foundation.

  • Donation of at least €75.000 to the Cyprus Land development Corporation.

B. (One choice)

Investment in real estate, land development and infrastructure projects.

Investment of at least €2.0 million for the purchase or construction of buildings or for the construction of other land development projects. These projects can be residential, commercial or tourism developments.

Purchase or Establishment or Participation in Cypriot companies or Businesses.

Investment of at least €2,0 million for the purchase or participation in companies established and operating in Cyprus.

Investment of at least €2,0 million in Alternative Investment Funds or Registered AIF or financial assets of Cypriot companies/organizations that are licensed by Cyprus Securities and Exchange Commission.

Combination of all the above mentioned  investment options, provided that the total investment will amount up to at least €2,0 million.

 

SUBMISSION OF DOCUMENTS

For the evaluation of the applications the form (M127) as well as the following documents must be submitted.

RESIDENCE IN THE REPUBLIC OF CYPRUS.

  • Contract of Sale.

  • Title Deeds or Proof of Registration of the contract with the Lands and Surveys Department.

  • Proof of payment of the agreed purchase price.

  • Copy of the wire transfer to a Cypriot commercial banking institution in the name of the seller or the seller’s company.

  • An evaluation certificate from an independent registered land surveyor, if required by the Ministry of Interior or the Ministry of Finance.

  • Town-planning permit, provided that it is required by the Town and Country Planning Law.

  • Declaration by the mortgage lender in the benefit of whom the purchased property or properties is mortgaged that will waive the mortgage, provided that the investor or the seller will pay the lender the amount conscribed in the declaration (bank waiver).

  • Project completion certificate signed by the architect of the project. If the purchased property is under construction it is required either to maintain an amount equal to the 5% of the purchase value in a special account or for the seller to issue in the benefit of the purchaser a performance bank guarantee equal to the 5% of the purchase value.

SCHENGEN VISA.

  • Copy of a valid Schengen Visa.

CLEAN CRIMINAL RECORD.

  • Certificate of Clean Criminal Record from the country of origin and the country of residence (if different).

  • Due Diligence Report issued through an internationally accepted database ensured through a subscription (e.g. World Check, LexisNexis Diligence, Regulatory DataCorp Inc. etc.). The report must be dated no later than thirty days from the date of its submission.

  • Declaration by the applicant concerning any citizenship applications he/she may have submitted in any other member-state or member-states of the European Union.
     

CRITERIA REGARDING THE INVESTMENT.

  • Certificate of Registration of the company/ companies by the Registrar of Companies.

  • Certificate of shareholders by the Registrar of Companies or certificates evidencing that the applicant is the beneficiary owner of the company/ companies.

  • Audited accounts of the company (or companies) for the last three years preceding the year of the application.

  • If the applicant is a high-ranking senior manager, the submission of the employment contract and the receipt from the Department of Inland Revenue are additionally required.

  • If the investment is made by the spouse of the applicant or jointly, a marriage certificate is required.
     

Required documents based on the mode of investment

Donation to the Research and Innovation Foundation and the Cyprus Land Development Corporation Donation to the Research and Innovation Foundation and the Cyprus Land Development Corporation.

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Investment in real estate, land development and infrastructure projects Investment in real estate, land development and infrastructure projects.

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Purchase or Establishment or Participation in Cypriot Companies or Businesses Purchase or Establishment or Participation in Cypriot Companies or Businesses.

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Investment in Alternative Investment Funds.

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