On the basis of section 111A (2) of the Civil Registry Laws 2002-2017, the Government of the Republic of Cyprus has established and subsequently revised (revisions dated 13th September 2016, 9th January 2018 and 21st May 2018) a “Cyprus Investment Scheme” (CIS).
This scheme contains the following 3 requirements:
Purchase of a residence in the Republic of Cyprus (Cyprus) for an amount of at least EUR 500,000 excluding VAT.
The investor is obligated to retain this residence for life. This does not prohibit the investor from selling the residence and immediately purchasing another;
Investment of an amount of EUR 2 million in one of the following options:
The investor is obligated to retain the investment under this requirement for 3 years. This does not prohibit the investor from disposing of the investment and immediately making another investment.
Provision of the following documents of the investor and the spouse (additional documents are requested from the investor’s family):
The documents should be translated by a governmental department/authority of the issuing country and legalized by Apostille, in the event that the issuing country has signed The Hague Convention. In the event that the issuing country has not signed The Hague Convention, the documents should be duly legalized by the Ministry of Foreign Affairs of the issuing country, the Embassy of Cyprus in the issuing country and the Ministry of Foreign Affairs of Cyprus.
The first and second requirement may be fulfilled either personally by the investor or through a company in which the investor is a shareholder, in proportion to the investor’s shareholdings percentage.
Moreover, a high-ranking senior manager of a company which has met the second requirement may apply for the CIS Scheme if:
In this case the following additional documents should be provided:
Furthermore, the investor, the investor’s spouse and the investor’s adult children will need to obtain a Permanent Residence Permit (PRP) on the basis of Regulation 6 (2) of the Aliens and Immigration Law.
Note that this requirement does not require the investor or the investor’s family to:
It does however, require the investor and the investor’s spouse to travel to Cyprus so as to provide their biometrics (digital photographs, signature and fingerprint) for the issuance of this PRP as these cannot be obtained by an Embassy of Cyprus abroad for this purpose.
Eligible persons under the CIS are:
The entire CIS procedure from filling the CIS application until receipt of the passport by the investor and the investor’s spouse will take approximately 6 months. The applications of the minor and adult dependants (including the investor’s parents) of the investor are filed after the issuance of the passport to the investor and the investor’s spouse.
Government fees for each adult application are approximately EUR 7,738.
Lastly, it is important to note that: