Immigration Alert: Cyprus citizenship (naturalization by exception) by investment

Author: N. Pirilides & Associates LLC
Date:2018-07-18
Immigration Alert - Cyprus citizenship_Pirilides

The Cyprus Council of Ministers has revised and approved the “Scheme for naturalization of Investors in Cyprus by exception” to attract qualitative foreign direct investment in Cyprus.

 

 

 

 

 

 

The most significant modifications are as follows:

 

  • An annual quota of 700 applications is introduced (as from 2018);
  • The expected period for the examination of each application is now 6 months;
  • A newly set-up “Committee of Supervision and Control” for the Cyprus Investment Programme (consists of representatives from the Ministry of Finance, the Ministry of Interior and the non-profit company Invest Cyprus) is established to monitor the smooth implementation of the Cyprus Investment Program.
  • Investors must keep their investment for a minimum of 3 years, as was the case before the changes. Nevertheless, in case the investment is made in real estate that is under development, the 3-year period begins to count from the day the Town Planning Permit of the related real estate is issued. In the case where, the Town Planning Permit exists as at the time of the application, the minimum period of 3 years begins to count from the date of issuance of the naturalization certificate;
  • As from 1st August 2018, all applicants must submit a report containing the results of due diligence report from an internationally recognised and accredited firm (e.g. World Check, LexisNexis Diligence, Regulatory DataCorp Inc, etc.). The report must be dated not later than 30 days from the date of its submission.

 

Criteria:

 

Terms and Conditions

 

  1. Applicant should have a clean criminal record, and
  2. Must acquire a permanent residence in Cyprus.

 

Individual investors wishing to apply for Cyprus citizenship using the above criteria and/or for any enquiries and questions please contact us at info@pirilides.com and we will be happy to assist.

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