What is the time frame for the examination of an application?
Approximately 3 months.
Is there a time frame where the investor needs to remain in Cyprus during the application?
It will usually be required to remain in Cyprus for a few days before finalizing the application for the citizenship.
Are there any requirements in relation to the time required to reside by the investor in Cyprus before and after obtaining the Cyprus citizenship?
No, there are no such requirements.
Is there any future possibility of the Cyprus citizenship to be deprived from the investor?
How much fees should be paid upon the submission of the application?
Investor 2.000 euro
Investor’s Spouse 2.000 euro
Investor’s Adult Child 2.000 euro
Investor’s Minor Child 80 euro
What is the amount of fee upon the issue of Certificate of Naturalization?
Investor 5.000 euro
Investor’s Spouse 5.000 euro
Investor’s Adult Child 5.000 euro
Investor’s Minor Child - No fees
Can investor’s civil wife/husband apply for the citizenship (not registered marriage)?
Unfortunately the investor’s spouse can apply for the citizenship only if the marriage is registered.
Can investments be made through the company or few companies or investment fund?
Investments can be made through the company/companies or fund. But upon the submission of the application the investor should provide the documents to confirm that he is the Ultimate beneficial owner.
Is it possible to apply for the citizenship immediately after investments was made?
In accordance with the provisions of the Scheme, the investor must have concluded the investment during the three years preceding the submission date of the said application. That is to say, if the applicant will submit an application in 2014, the investment must have been concluded during the period 2011 – 2014.
Furthermore, the investor is obliged to retain the investment for at least three years following the acquisition of the Cypriot citizenship. The three-year period begins on the date of the approval of the application by the Council of Ministers.
Can parents of the investor apply for the citizenship together with their son/daughter?
Investment in Government Bonds
Can government bonds be purchased from the secondary market?
For purposes of the citizenship application are eligible bonds purchased both from the primary market as well as from the secondary market.
Investment in Real Estate
Do investments in Real Estates include purchase of land?
No. Investments only can be made by the purchase or construction of buildings, or the creation of other land developments (residential or commercial developments, in the tourism sector or other infrastructure projects).
Is the VAT included in the amount of the €5,0 million investment or in the amount of the €500.000 purchase value of the privately-owned residence?
The VAT is neither included in the amount of €5,0 million for the "Direct Investments", nor in the amount of €500.000 required as a minimum purchase value of the privately-owned residence.
The transfer duties are also not included in the amount of the investment, as no other charges or taxes are.
Can the property be purchased from the secondary market?
The eligible investment is not limited to properties purchased for the first time.
Deposits in Cypriot Banks
Can the deposits be made in any banks in Cyprus?
There is a list of banks prepared by Central Bank of Cyprus, which can be found at its website.
Cyprus compensation scheme for lost investments
If an individual suffered a haircut for an amount of less than 3 million is it possible to utilize this scheme?
According to the content of the Decision, if the impairment amount is less than € 3,0 million, the investor can make an additional investment through the criteria A.1 - A.5, to supplement the amount of €5,0 million.
Why the investors who suffered a haircut in Bank of Cyprus are not included in compensation scheme for lost investments?
Since the deposits of those investors were converted into shares they are included in the scheme of investments through purchase or creation or participation in Cypriot companies and business.
Residence in Cyprus.
Is the purchase of residence value 500.000 euro and more compulsory for every category? Is it included in the amount of the investments?
Yes, the purchase of the residence value 500.000 euro and more + VAT is compulsory for all the categories and it is not included in the minimum investment which is required provides for the submission of the application, but rather it is additional.
The only exception is the case when an applicant decides to invest the whole amount in the purchase of a privately-owned residence solely. Then he/she is not obliged to make such purchase.
Can privately owned residence be rented or sold to someone else?
The residence can be rented or it can be sold with the condition that the purchase of different residence of equal or higher value will be made.