Terms And Conditions For Citizenship Scheme Qualification
1.Clean Criminal Record: the applicant must have a clean criminal record. Furthermore, his name must not be included in the list of persons whose assets, within the boundaries of the European Union, have been frozen as the result of sanctions.
2. Residence in the Republic of Cyprus: In all cases listed in Part A, the applicant must possess a permanent privately-owned residence in the Republic of Cyprus, the purchase price of which must be at least €500.000, plus V.A.T.
It is noted that members of the same family, who apply separately as investors, can collectively acquire a residence, provided that the total value of this home-property covers the amount of €500.000 per each applicant.
In case that the purchase value of the permanent privately owned residence in Cyprus exceeds the amount of €500,000, part of this additional amount can be used for purposes of supplementing the total amount of the investment made on the basis of the criteria of Part A above.
Additionally, it is noted that if the applicant has invested in housing unit/units on the basis of the aforementioned criterion A.1, the purchase of another permanent residence in Cyprus will not be required, if at least one of these housing units is worth at least €500,000, plus VAT, provided that the applicant retains the possession of the residence for life.
3. Residence Permit in Cyprus: The applicant, prior to his/her naturalization as a Cypriot citizen must hold a residence permit in Cyprus.
If the applicant does not already hold a residence permit, he/she may apply for an immigration permit on the basis of Regulation 6 (2) of the Aliens and Immigration Law, simultaneously with the application for naturalization. If the application for acquiring an immigration permit is made solely for purposes of acquiring the Cypriot citizenship, in accordance with the provisions of this Scheme, there are no other conditions than those stated in both Part A and Part B of this Scheme.
It is noted that all of the above also apply for the adult members of the family of the investor, who will apply for naturalization.
In case the application for naturalization is rejected for any reason, the immigration permit, obtained in accordance with the provisions of this Decision, will be canceled immediately.
Submission Of Documents
1. Clean Criminal Record:
Certificate of Clean Criminal Record from the country of origin and the country of residence (if different).
2. Residence in the Republic of Cyprus:
(a) Contract of Sale.
(b) Title Deeds or Proof of Registration of the contract with the Lands and Surveys Department.
(c) Proof 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.
3. Criteria regarding the investment (when applicable):
(a) Certificate of Registration of the company/ companies by the Registrar of Companies.
(b) Certificate of shareholders by the Registrar of Companies or certificates evidencing that the applicant is the beneficiary owner of the company/ companies.
(c) Audited accounts of the company (or companies) for the last three years preceding the year of the application.
(d) If the applicant is a high-ranking senior manager, the submission of the employment contract and the receipt from the Department of Inland Revenue is additionally required.
(e) If the investment is made by the spouse of the applicant or jointly, a marriage certificate is required.