The Naturalisation of Investors in Cyprus by Exception, is administered by the Cypriot Ministry of Interior and regulated through subsection (2) of section 111A of the Civil Registry Laws of 2002-2017.View Agents
Mobility : Visa-free access to 173 countries
Minimum Capital Outlay : € 2,008,120
Application Processing Time : ~ 6 Months
Physical Presence : One visit required. Two visits highly recommended
Minimum Criteria : Choice of Real Estate, Business or Fund
Pre-requisites : Main applicant must be at least 18 years of age;Residence Permit or Immigration Permit required, but available as part of application;Applicants are required to be in possession of a Schengen visa;Applicants whose application has been previously rejected by another EU country, are not eligible to apply.
Cyprus lies at the crossroads of Europe, Africa and Asia at the crux of the busy shipping and air routes linking the three continents. The population of Cyprus is about 847,000. The capital of Cyprus is Nicosia, situated at the heart of the island. The second largest city is Limassol on the south coast with a population of approximately 241,000 and the island’s major port. The official languages spoken are Cypriot Greek, which is a dialect of Greek, whilst English is also widely spoken. Cyprus adopted the euro as its official currency in 2008.
Cyprus has long established itself as a thriving business hub. The island is an ideal investment gateway to the European Union, as well as a portal for investment outside the EU, particularly into the Middle East, India and China. As a member of the wider EU and Eurozone community, Cyprus ensures safety and stability for investors, while also offering them market access to more than 500 million EU citizens.
Human talent constitutes Cyprus’ most compelling advantage, complemented by a broad range of high-quality professional services. As a dynamic business centre, Cyprus offers an abundance of highly educated and skilled individuals, multilingual in their majority, ready to serve the needs of any business. Cyprus, indeed, has all the right ingredients to maintain a strong and resilient economy, due to its small size, productive labour force, business friendly and flexible government.
Benefits of the Naturalisation of Investors in Cyprus by Exception
The NIC grants access to visa-free travel to 173 countries including the EU, Hong Kong, Singapore, and Canada, amongst others. Furthermore, with Cyprus being an EU member state, it grants the right to live, work and study in all 28 EU countries and Switzerland.
The NIC is renowned for being one of the programmes with a fast application process. The government typically issues a decision on an application after approximately three months, with the entire process taking circa 6-9 months to complete. The real estate option is amongst the more popular investment options due to its simplicity in comparison to the other options and because the entire capital is an investment rather than a contribution.
When it comes to the country’s economy, credit rating agencies such as Standard & Poor’s, Moody’s, Fitch and DBRS give Cyprus a stable outlook. Tourism is one of Cyprus’ most resilient and strong economic sectors with a significant contribution to the country’s GDP. A consolidated, recapitalised and modernised banking sector ensuring efficiency, security and transparency has attracted significant amounts of FDI in the past years, whilst developments in the energy sector have attracted worldwide interest and significant investment from leading energy giants.
An important hub in the heart of the Mediterranean at the crossroads of Europe, Africa and Asia, Cyprus is diverse, culturally rich and perfectly placed for working and traveling within and beyond the European Union.
To apply for citizenship in Cyprus through the NIC, the following commitment is required:
The main applicant may include spouse and children under 18 years of age, as well as children between the ages of 18 and 27 years who are enrolled full-time in a recognized post-secondary institution. In addition, the main applicant may include his or her parents, but they must also purchase a residential property with a value of at least EUR 500,000.
Further to this, the amount of government-related administrative fees varies from circa EUR 400 for minor dependents up to EUR 7,820 for the main applicant and adult dependents.
This means that the total capital outlay for a single applicant would amount to circa EUR 2,158,120 if choosing the real estate route, and circa EUR 2,508,120 if opting for any other investment option, excluding any taxes, duties and service providers’ professional fees.
The Application Process
The application process typically commences with the signing a client agreement with a service provider. This is followed by the opening of bank accounts, and the completion of the statutory forms. The residential property, together with the preferred investment route are chosen and due diligence is performed. Once the required contracts and agreements are signed, the application should be ready for submission. This stage of the process takes circa 30 days.
The Ministry of Finance and subsequently the Ministry of Interior review the application and conduct the required due diligence. This stage of the process takes circa 90 days at the end of which an approval in principal is issued.
Following the letter of approval in principle, you will be required to visit Cyprus within a definite period, to take an Oath of Faith to the Republic, after which your Cyprus passport and identity card will be available as the final stage.