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You are here: Home arrow News arrow Recent changes in the Cypriot citizenship rules
Recent changes in the Cypriot citizenship rules
Following the Council of Ministers Decision dated 10 October 2011, Cyprus has amended the criteria required for high net worth individuals to apply for Cypriot citizenship; hence EU Citizenship.

Worldwide Market crisis has affected nowadays all the Countries who are struggling to attract new investors, and increase their liquidity.

There is an upcoming trend from high net worth individuals who are eyeing Europe as a destination for their investments which will give them the benefit to join the benefits applicable to Cypriot tax residents.

•    According to the recent changes in rules, the new requirements for an application are as follows:-

•    Direct investment

The applicant should have direct investments in Cyprus worth at least €10 million, which include immovable property, shares issued and registered in the Republic of Cyprus; or

•    Entrepreneurial activities

The applicant should establish/register a Company or Group of Companies which are controlled by the applicant with a turnover of €10 million per annum, on average, over the last 3 years preceding the year of the application and at least 1/3 of the applicant’s employees are Cypriot citizen; or

•    Introduction of new and innovative technologies, Research Centre:

The applicant should prove that he has introduced on a large scale new and innovative technologies in vital/major sectors of the Cyprus economy or that he has established an important Research Centre for the conduct of research locally, on a large scale; or

•    Bank Deposits

The applicant should have personal deposits in Cypriot Bank or deposits of privately owned Companies or of a trust (in which the Company is a shareholder) in the Republic of Cyprus amounting to a minimum of €15 million, which must be held in a banking institution within the Republic of Cyprus for a period of five years; or

•    Combination of Direct Investments, Entrepreneurial Activities and Deposits in Cypriot banks

The applicant should have a combination of the above mentioned assets amounting to €15 million; or

•    Direct income/Remuneration for services

The applicant should have established a Company (or companies), the management of which is in the Republic of Cyprus, and in the last 3 years preceding the year of the applicant to have paid in to the Cyprus economy either in the form of income tax payments/VAT and/or in the form of remuneration for the purchase of business services (legal, accounting, auditing, banking and other) at least €500.000 on average per annum.

•    Conditions:

The applicant should be at least 30 years old; have clean criminal record form the country of origin and from the Cyprus Police.

Confirmation that the applicants’ name is not included on the list of persons whose property is ordered to be frozen within the boundaries of the European Union.

Furthermore, the applicant is required to have a permanent privately owned residence in the Republic of Cyprus, the value of which exceed the amount of €500.000 at the current market prices.

•    Submission of Documents:-

In order to examine the applications the following documents must be submitted:

•    Direct Investments

(a)    for the purchase of immovable property: Contract of Sale and Title Deeds

•    For the purchase of a Business Company Manufacturing Company:  Confirmation from the Registrar of Companies as to Shareholders.

•    For the purchase of Shares:  Share Certificates

•    For Financial Assets:  Title/titles and other documents regarding het financial assets.

•    Entrepreneurial Activities

•    Certificate of Registration of the Company from the Registrar of Companies;

•    Audited Accounts of the Business for the last three years preceding the year of the application;

•    Confirmation from the Social Insurance as to the insured income of the employees in the applicant’s companies.

•    Introduction of New Technologies

Patent or other evidential document

•    Deposits in Banks

Confirmation from Bankers situated in Cyprus, of the applicant’s fixed term of five year deposits of personal accounted of the companies, controlled by him.

For further details please contact:

Polyvios A. Polyviou
Member of the Board of Directors
Email:  This e-mail address is being protected from spam bots, you need JavaScript enabled to view it

Palaceview House
Corner of Prodromos Street & Zinonos Kitieos
CY-2064 Nicosia
PO Box 16006
CY-2085 Nicosia

Tel. +357 22002700
Fax +357 22002800