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The Cyprus Council of Ministers on the 19th of March 2014 has decided to introduce a program of fast track Cyprus passport of Economic Citizenship for foreign investors.
According to this decision Cyprus is granting fast track Cyprus Passport to foreign investors of non EU countries. The foreign citizens before they are granted Cyprus citizenship and a Cyprus passport must satisfy one of the following choices of investment:
The applicant for a Cyprus passport must make the following investments and one donation:
a. An amount of 2.000.000 Euros for the purchase of shares of equal value and/or bonds of the National Investment Company and the applicant must deposit the said amount at the Treasury of the Republic of Cyprus until the shares of the said company are issued.
b. An amount of 500.000 Euros shall be donated at the Research and Technology Fund.
a. A purchase of immovable property (such as a house, an office, a shop, a hotel etc) will support your fast track Cyprus passport application. However a Direct investment does not include buying undeveloped land.
b. The acquisition of a company or firms that are based and operating in Cyprus. Such an investment may include a chain of restaurants, a factory producing cheeses, a unit producing soft drinks etc.
c. The purchase of shares of companies registered in Cyprus mainly public Cyprus companies, listed on the Cyprus Stock Exchange are good enough to get your Cyprus passport.
d. Purchase of financial assets (e.g. bonds or securities such as securities issued and registered in the Republic including those to be issued from the Fund under establishment of the National Solidarity Fund Act of 2013.
e. Participation in a company and or a consortium which undertakes the execution of a public project is a valid reason for getting a Cyprus passport. It is a term for the granting of the Cyprus Citizenship and Cyprus passport, that in relation to conditions in par. a. to d. above, the applicant must keep in his legal ownership the related investments, for a period of at least 3 years.
f. Major Collective Investments:
a. To €2,5 million for investors, who demonstrably participate in a special collective investment scheme, provided that the total value of the investment is at least €12,5 million.
b. To €2,0 million for investors who demonstrably participate in a special collective investment scheme, provided that the total value of the investment is more than €12.5 million. It is noted that this present provision (I), will be in force until the 1st of June 2014.
In case of a portfolio of shares or bonds it has to be guaranteed that the value of the portfolio for the 3 year period will not drop below the specified amount. So the assistance of experts in this respect is required.
There is a provision in the law that the Minister of Interior shall have the power, for the period ending on 30 June 2014, to reduce the amount required for Direct Investments to €2.000.000 million for foreign citizens, who can prove by evidence that are participating, in a special collective real estate purchase scheme, which will comprise the purchase of property on the territory of the Republic of Cyprus, controlled by the Government of the Republic of a total value of at least €10.000.000.
Get professional facts, information and advice on Real Estate in Cyprus by following this link.
The applicant for a Cyprus passport, can make deposits in any of the Cyprus Banks, of not less than 5.000.000 Euros. That money must be blocked in that account for a period of 3 years. The deposits can be personal or corporate or as trust property, whereby the applicant is the beneficiary. Find our more on how to open a Cyprus Bank Account.
The applicant for a Cyprus passport must have a combination of the above amounting to 5 million Euros.
The applicant for a Cyprus passport, must be the shareholder or the final beneficiary of a company that has been set up and it is operating in Cyprus. In addition, the Company must have paid to the Government of Cyprus and for professional services an amount of at least €500.000 Euros annually during the last 3 years (before the application has been made). That amount can include Cyprus Corporate Tax and/or Cyprus VAT Tax and the use of professional services like legal services from any Law Firm in Cyprus and/or any accounting and audit services from any Accountants in Cyprus.
Alternatively the Council of Ministers ‘decision provides that in the scenario where the applicant is the sole shareholder or the real beneficiary of the company which has been registered and is operating in Cyprus and provided that the headquarters of this Cyprus Company are located in Cyprus and it is currently employing 5 Cypriot local citizens, then the minimum amount that must have been paid (as described above) should be €350.000 Euros annually for the last 3 years and not before the application has been made.
If the applicant for a Cyprus passport, employs 10 Cypriot citizens in the example above, then the amount decreases to €200.000 Euros annually for the last 3 years, before the application can be made. For every such company (or companies) it is possible file applications for naturalization for 2 shareholders which will be the majority shareholders of the company.
Such applicant must have suffered impairment on his deposit in one or both of said banks amounting to a total of at least 3 million Euros. In the scenario where the applicant has suffered impairment in one or in both of the aforementioned Banks less than 3 million Euros he can still file an application if he invests in an extra amount to total the amount that remains in order to sum up to 3 million Euros.
The applicant for a Cyprus passport, must have clear criminal record. He must produce a certificate from local police that he has no criminal convictions.
For the examination of the application forms (M127) the applicant is required to submit the following documents: a. Form M127 b. Sale and Purchase Agreement c. Certificate of payment of residence.
For more information about Cyprus visa regulations and how to get a long stay visa follow this link: Cyprus Long Stay Visa.
He must produce evidence such as the receipt of deposit of the money to the corresponding fund. b. He must produce evidence such as the receipt from the Treasury of the Republic of Cyprus for the purchase of shares and/or bonds of the Investment Company to be.
A copy of the Purchase of immovable property Sale and Purchase Agreement or the Title of the Property and/or Evidence of the registration of the purchase agreement at the Department of Land Registry and of course receipt of payment of the agreed purchase price b. In cases where the investment takes the form of purchase of a Cyprus company then the sale and purchase agreement must be produced and/or Proof of payment of the agreed price plus a Certificate from the Registrar of Companies showing the new shareholders of the company who must be the investors of course c. In cases of the purchase of shares, then the Title the shares is necessary to be submitted d. Purchase of financial assets: Proof of ownership and purchase of the financial assets.
A Bank Statement as confirmation from any bank in Cyprus, with regards to the deposits of the applicant or of any company where he is the beneficiary owner or of the trusts whereby he is the owner. b. In cases in which there have been made company deposits where the owner of this Cyprus Company is the beneficiary, then a certificate of the registration of the company from the Cyprus Registrar of Companies must be presented and any other evidence considered important.
An original copy of the Company Registration Certificate must be produced. b. Certificate of Shareholders from the Registrar of Companies showing the new Shareholders c. Confirmation that the fees for the professional services have been paid. The receipt should be issued by the service providers. d. A set of audited accounts of the Cyprus Company, for the last 3 years, before the submission of the application of naturalization e. A confirmation from the Social Insurance Department in proof that the payment of the social insurance of the employees of the Cyprus Company has been effected.
a. Proof providing for the amount lost, such as bank statement or a certification by the bank. b. In a case where the foreign investor is the Real Owner of a Cyprus Company, which has deposits in a Cyprus bank account, the Incorporation Certificates of the company must be produced including the Certificate of Incorporation. Despite all the above, the Council of Ministers reserved the power to refuse the Applicants` request for reasons of public interests.