Cyprus Passport for Non-European Citizens
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EU Citizenship Program – Cyprus Passport
A Cypriot Passport/Citizenship offers several benefits to the applicants once acquired. Primarily, as EU citizens, their family will also be recognized as EU citizens. Further, they will have the right to reside, work, invest and purchase property wherever they wish within the Europe. Finally, as EU citizens they have the advantages and privileges attained by any EU citizen, for instance they are eligible to vote in European elections, and the right to health and education privileges that EU citizens benefit from.
A Non-European citizen has the opportunity to be granted a Cypriot passport and therefore an EU passport without needing to be granted a Permanent Residence Visa. The applicant needs to meet one of the following criteria as stated under the SCHEME FOR NATURALISATION OF INVESTORS IN CYPRUS based on subsection (2) of section 111A of the Civil Registry Laws of 2002-13.
1. Mixed Investments and Donations to a State Fund
The applicant should invest at least 2 million Euros for the acquisition of shares and/or bonds of a state Investment company and donated 500,000 Euros to the Research and Technology Fund.
2. Direct Investments
The applicant should directly invest at least 5million Euros in Cyprus. Direct investments involve the following:
a) Acquisition of property
b) Acquisition of businesses or companies located and are active in the Republic of Cyprus
c) Acquisition of companies registered in the Republic of Cyprus
d) Acquisition of financial assets
e) Participation in a company or a group of companies that are involved in carrying out public projects
3. Deposits in Banks
This involves applicants who have personal fixed term deposits for the duration of three years in a Cyprus bank or deposits of private companies or trusts in Cyprus of at least 5 million Euros.
4. A Combination of Mixed Investments and Donations to a State Fund, Direct Investments and Deposits in Cyprus Banks.
The applicant may have a combination of the criteria mentioned above of at least 5 million Euros.
5. Business Activity
The applicant should obtain shares or be a beneficiary owner of a company in the Republic of Cyprus for at least 3 years before submitting the application. The applicant needs to prove they have paid State Funds, like VAT and Corporate Tax and business services such as legal, accounting and auditing fees. The amount paid should amount to at least 500,000 Euros annually.
6. Applicants whose Deposits with either the Bank of Cyprus or Popular Bank were impaired as a result of the measures applied after 13th of March 2013.
This section refers to applicants whose deposits were impaired in either the Bank of Cyprus or Popular Bank. The deposits impaired should amount to at least 3million Euros. However, if the applicants’ deposits were impaired for an amount lower than 3 million Euros, they may still apply by making an additional Direct Investment, or Mixed Investment or Donation to a State in order to reach the amount required.
7. The Ministry of Interior in Cyprus has announced alterations made to the criteria needed to grant Cypriot Citizenship to Non-Europeans. The changes have been made so as to increase and further promote foreign investments within the Republic of Cyprus.
- The Non-European applicant should invest the reduced amount of 2.5 million Euros in any of the investments mentioned above, under the condition that they participate in a collective investment scheme that is valued at least 12.5 million Euros.
- The Non-European applicant should invest the reduced amount of 2 million Euros in any of the investments mentioned above; under the condition that they participate in a collective investment scheme which value is more than 12.5 million Euros.
Terms and Conditions
The applicant needs to purchase a permanent residence in the Republic of Cyprus of at least 500,000 Euros. The applicant must also have a clean Criminal Record within the European Union.
Documents required for submission
According to each category, the applicant needs to submit documents that will accompany their application form (M127) and Contract of Sale for the acquisition of their property. The documents vary according to each case. For instance, receipts for the donations made to the Research and Technology Fund, receipts from the Treasury of the Republic of Cyprus, Title Deeds, Shares Certificates, and Certificate of registration when concerning a business or Confirmation Statements from Banks.