Frequently asked questions regarding the application for investor's citizenship via naturalisation.

Concerning the investor the amount of €2.000 is paid at the submission of the application and, if the application is approved, the amount of €5.000 is paid as a fee for the issuance of the Naturalization Certificate.

Concerning the investor’s spouse the amount of €2.000 is also paid at the submission of the application and, if the application is approved, the amount of €5.000 is paid as a fee for the issuance of the Naturalization Certificate.

Concerning the investor’s adult child the amount of €2.000 is also paid at the submission of the application and, if the application is approved, the amount of €5.000 is 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.

In summary the fees are as follows:

APPLICANTAPPLICATION SUBMISSION FEECERTIFICATE ISSUANCE FEETOTAL
INVESTOR€2,000€5,000€7,000
INVESTOR’S SPOUSE€2,000€5,000€7,000
INVESTOR’S ADULT CHILD€2,000€5,000€7,000
INVESTOR’S MINOR CHILD€80Nil€80

An investment through a company or fund or foundation is eligible, provided that there is a proven correlation between the investor and the company or fund or foundation.

The first condition that needs to be fulfilled is that the company/ companies that employs the manager must have concluded in Cyprus such an investment that meets one of the economic criteria stipulated in the Decision of the Council of Ministers. If and when the investment is completed the executive may apply for Naturalization provided that he/she has paid or prepaid an income tax amounting to €100.000 for a three-year period and has acquired a permanent residence of purchase value at least €500.000.

It means that for the purpose of filing a Naturalization application in accordance with the provisions of this Scheme, the investor must have concluded the investment during the three years preceding the submission date of the said application. That is to say, if the applicant will submit an application in 2014, the investment must have been concluded during the period 2011 – 2014.
Furthermore, the investor is obliged to retain the investment for at least three years following the acquisition of the Cypriot citizenship. The three-year period begins on the date

INVESTMENT IN GOVERNMENT BONDS

INVESTMENT IN REAL ESTATE, LAND DEVELOPMENT AND INFRASTRUCTURE PROJECTS

This criterion includes investments for the purchase or construction of buildings, or the creation of other land developments (residential or commercial developments, in the tourism sector or other infrastructure projects). Therefore, the term cannot be interpreted broadly and the restriction concerning the purchase of land has not been lifted.

The VAT is neither included in the amount of €5,0 million for the "Direct Investments", nor in the amount of €500.000 required as a minimum purchase value of the privately-owned residence.

The transfer duties are not included in the amount of the investment, as no other charges or taxes are.

According to the contents of the Council of Ministers’ Decision, the eligible investment is not limited to properties purchased for the first time.

PURCHASE OR CREATION OR PARTICIPATION IN CYPRIOT BUSINESSES OR COMPANIES

We mean that the companies or businesses in which the applicant shall invest must maintain offices in Cyprus.

The creation or participation is proven by the purchase of the company’s or business’ shares, either existing shares, or through capital increase.

DEPOSITS IN CYPRIOT BANKS

We mean Local Banks and the Subsidiaries of Foreign Banks. The list is being prepared by the Central Bank of Cyprus and is posted on its website. You may see the List following the link below:

http://www.centralbank.gov.cy/nqcontent.cfm?a_id=8154&lang=en

The total amount can be deposited in various banks, provided that all the banking institutions lie within the two categories referred in the previous Question.

Is not necessary to make the deposit/ deposits in euro. They can be made in a different currency.

PERSONS WHOSE DEPOSITS WITH EX LAIKI BANK HAVE BEEN IMPAIRED

The investor is eligible to apply, provided that there is a proven correlation between the investor and the company (or companies).

According to the Decision of the Council of Ministers investors, who suffered a deposits impairment with the Bank of Cyprus, are not included in this criterion, but rather in the Criterion A.5 (Purchase or creation or participation in Cypriot companies and businesses), since their deposits were mandatory converted into shares.

According to the content of the Decision, if the impairment amount is less than € 3,0 million, the investor can make an additional investment through the criteria A.1 - A.5, to supplement the amount of €5,0 million.

RESIDENCE IN CYPRUS

The purchase value of the privately-owned residence of the applicant investor in Cyprus is not included in the minimum investment which is required provides for the submission of the application, but rather it is additional.

However, if an applicant decides to invest in the purchase of a privately – owned residence solely, of a purchase price either €5,0 million (criterion A.3), or of €2,5 million (criterion A8(I)), or of €2,0 million (criterion A8 (II)), he/ she is not oblige to bur a further privately – owned residence of purchase value €500.000.

Yes, he/ she may, provided that he/she will buy a different residence of equal or higher purchase value.