Α.1 Investment in real estate, land development and infrastructure projects:
The applicant must have made an investment of at least €2,0 million for the purchase or construction of buildings or for the construction of other land development projects (residential or commercial developments, developments in the tourism sector) or other infrastructure projects.
It is noted that investment in land under development is included in this criterion, provided that an investment plan for the development of the purchased land will be included in the application. It is understood that investment in land that is situated in a building zone of zero development, is excluded.
Α.2 Investment in financial assets of Cypriot companies or Cypriot organizations:
The applicant should have made a purchase or should have participated in companies or organizations established and operating in the Republic of Cyprus with investment costs of at least €2,0 million. The invested funds shall be channeled towards the financing of the investment objectives of these companies exclusively in Cyprus, based on a specific investment plan.
The applications shall be evaluated to verify that the companies or organizations have proven physical presence in Cyprus, with significant activity and turnover and employ at least five (5) Cypriot or citizens of European Union member-states. The minimum number of employees shall increase, if more than one applicant invest simultaneously or almost simultaneously in the same business or company. In addition, the employees of the companies need to have legally and continuously resided in Cyprus during the five years preceding the application submission date.
Α.3 Investment in Alternative Investment Funds or financial assets of Cypriot companies or Cypriot organizations that are licensed by CySec :
The applicant should have bought units of at least €2,0 million from alternative investment funds (AIF) established in the Republic of Cyprus, licensed and supervised by the CySec and whose investments are made exclusively in the Republic of Cyprus, in investments that meet the criteria of this Scheme or in areas approved by the Minister of Finance.
In order to confirm that the investments that meet the criteria of the current Scheme will be kept for at least three years, the manager or the auditor of the Fund shall inform in writing and on an annual basis, the Ministries of Finance and Interior with reference to the value of the initial investment. The purchase of financial assets of Cypriot companies or organizations of at least €2,0 million, such as bonds, bills and securities, issued with the approval of the CySec, by companies that have proven physical presence and substantial economic activity in the Republic of Cyprus, and have as a purpose the financing of the investment plans of these companies or organizations exclusively in Cyprus, based on an investment plan, fall under this criterion.
It is noted that the purchase by an AIF of units of other AIFs is not considered eligible.
Α.4 Combination of the aforementioned investments:
The applicant may proceed with a combination of the above investments, provided that the total investment will amount up to at least €2,0 million.
Within this criterion (combination of investments) the applicant may purchase special government bonds of the Republic of Cyprus, up to €500.000, which will be issued by the Public Debt Management Office of the Ministry of Finance, on condition that the investor will retain these bonds for a three year period. The characteristics and the terms of these special bonds will be determined by the General and Special Issue Terms of the Government Bonds of the Republic of Cyprus. Investments in government bonds through the secondary market are not considered eligible.
Furthermore, depending on the case, the following are required:
1. Investment in real estate, land development and infrastructure projects
a) Contract of sale.
(b) Title Deeds or Proof of Registration of the contract with the Lands and Surveys Department.
(c) Proofs of payment of the agreed purchase price.
(d) Copy of the wire transfer to a Cypriot commercial banking institution in the name of the seller or the seller’s company.
(e) An evaluation certificate from an independent registered land surveyor, if required by the Ministry of Interior or the Ministry of Finance. 6
2. Investment in financial assets of Cypriot companies or Cypriot organizations
(a) Contract of sale.
(b) Proof of payment of the agreed purchase price.
(c) Certificate of shareholders by the Registrar of Companies.
(d) Copy of the wire transfer to a Cypriot commercial banking institution in the name of the company or the organization.
(e) Specific investment plan.
(f) Copies of the employment contracts of the Cypriot or European Union citizens employed by the company in which the applicant has invested.
(g) Confirmation from the Social Insurance Department as to the insurable income of the Cypriot or European Union citizens employed in the company.
(h) Copy of the Social Insurance Contributions for every Cypriot or European Union citizen employee.
(i) Registration Certificate (MEU1) or Permanent Registration Certificate of Union Citizen (MEU3) for employees that are European Union citizens.
3. Investment in Alternative Investment Funds or financial assets of Cypriot companies or Cypriot organizations that are licensed by CySec:
(a) Title/Titles and other relevant documents of the financial assets / units purchased.
(b) Copy of the wire transfer to a Cypriot commercial banking institution in the name of the company or the organization.
(c) Specific investment plan.
(d) Confirmation by the CySec.
4. Investment in government bonds:
(a) Proof from the Public Debt Management Office for the purchase of special government bonds.
(b) Copy of the wire transfer into a bank account of the Treasury of the Republic of Cyprus.
Any other document that might be requested either by the Ministry of Interior, or by the Ministry of Finance.
None of the above affects the absolute discretion of the Cabinet of Ministers on taking a decision.
