The Cyprus Government through the Ministry of Interior, has approved the revised criteria for granting the Cypriot citizenship by investment, in an effort to further promote foreign direct investments in Cyprus.
The most important new changes are as follows:
Criteria for granting Cypriot citizenship by exception:
1. Real estate and land developing
The applicant should have a direct investment in Cyprus of at least €2,0 million for the acquisition or development of real estate projects (residential, commercial, tourism or other infrastructure). It shall be noted that the acquisition of land is not considered to be a qualifying investment under this criterion.
2. Purchase or creation or participation in Cypriot businesses or companies
The applicant must have made an investment of at least €2,0 million in the purchase, creation, or participation in businesses or companies, that are based and operating in Cyprus. These businesses or companies should evidently have a tangible presence and substantial activity in Cyprus and employ at least five (5) Cypriot or EU citizens who have been legally residing in Cyprus for a continuous period of at least 5 years.
3. Investment in alternative investment funds (AIFs), financial assets of Cypriot businesses or organisations which are licensed by the Cyprus Securities and Exchange Commission
The applicant must have purchased financial assets of at least €2,0 million (units in AIFs, bonds, debentures, other securities, etc.) registered and issued in the Republic of Cyprus, in companies or organisations with substantial economic activity in Cyprus which are regulated by the Cyprus Securities and Exchange Commission.
4. Combination of the aforementioned criteria
The applicant may choose to have a combination of any of the above criteria amounting to at least €2,0 million.
In the context of this criterion (i.e. combination of investments), the applicant may also purchase governmental bonds of the Republic of Cyprus of a maximum amount of €500.000.
It is noted that in addition to satisfying any one of the above criteria, the applicant must:
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