Cypriot Nationality by way of exception
OIKONOMAKIS CHRISTOS GLOBAL LAW FIRM possesses relevant know-how so as to have a residence permit granted in Cyprus by way of investing in real estate property in Cyprus, and even have to a non-EU national both Cypriot Nationality and Passport granted (as mentioned below):
In particular, and according to Cypriot Law, the residence permit applicant should have been residing and working in Cyprus continuously for at least 7 years.
However, article 111A regarding the Law as to Archived Population 141 (I) OF 2002, as amended, provides for the Ministerial Cabinet to be able to override all requirements posed by Table 3 of the aforementioned Law and grant Cypriot Nationality by way of Exception to investors for public interest purposes.
First of all, nationality by way of exception offers the following advantages:
a) The Cypriot Passport is a full blown European passport. The investor himself/ herself along with his/ her family are free to reside, work, study, be entrepreneurial active in any of the member-states of the EU, as well as in Switzerland, Lichtenstein, Norway and Island.
b) The Cypriot passport holder is able to travel without any visa restrictions to 157 countries.
c) The passport is issued also for his wife/ he husband and for all their financially dependent children (up to 28 years of age). All the descending generations from the investor’s side reserve their nationality. Wife/ husband and children under the age of 18 are eligible to submit their own petition for Cypriot nationality after their parent has been granted his/ hers. Children who are about to get their first degree or master’s degree and ae between the ages of 18 and 20, are also eligible for such a petition. In addition, the age limit is of no importance regarding all children permanently disabled.
d) The applicant’s parents are eligible for nationality should they purchase a second residence wirth of 500.000, 00€, whereas members of the same family who are also applicants are allowed to invest collectively should the overall investment amounts to 500.000, 00€ per applicant.
e) Double nationality is permitted. Being granted Cypriot nationality is not to be announced to other state entities.
f) The procedure lasts three months’ time to be properly concluded (official holidays are exempt).
g) No donation necessary to the Cypriot government.
h) No tests regarding language history or language are necessary.
Secondly, in order to be granted Cypriot nationality by way of exception the applicant should:
a) have clear criminal record
b) be at least of 30 years of age
c) must invest in a permanent residence in Cyprus of at least 500.000, 00€ of commercial value plus VAT
d) must not appear in any list of people whose properties bear restrictions within the EU
e) must travel at least once every 2 years in Cyprus to justify his/ her relation to the Country
f) must reserve his/ her investment in Cyprus for at least 3 years’ time, besides the 500.000, 00€ plus VAT residence which must remain to his/ her possession
g) must have made his/ her investment at least 3 years before the application date
h) Must be a non-Cypriot citizen, who has been investing either himself/ herself or through a company or companies where he/ she has been a shareholder, through investments made by his wife/ her husband or mutually, or as a high ranking senior manager of a company or companies for a three years’ time period and who is able to invest in one of the four ways as described below.
Please do bear in mind that there is no option for reducing the said investment through Collective Investments
Furthermore and in addition to the aforementioned including point c), there are 4 different ways for an applicant to get a Cypriot nationality by way of exception:
Investing on Investment Funds, financial property assets of Cypriot Companies of Cypriot Organizations
The applicant must invest as a whole 2.500.000, 00 plus VAT, at least 2 million € plus VAT in an Alternative Investment Fund (AIF), registered and whose activities take place within the Republic of Cyprus, which is authorized and monitored by the Cyprus Securities and Exchange Commission (CySec) , or in financial property assets of Cypriot companies or Organizations, on top of the purchase of a residence which is of 500.000, 00€ worth plus VAT.
The Manager of the Organization is obliged to report to the competent Ministries, on an annual basis, that the initial investment amount is always available.
Any other investments that have been approved by the Ministry of Finance could be made available for the present investment plan. Financial property assets do include bonds, debt instruments, debt securities as registered and issued by the Republic of Cyprus and can be purchases at issuance or at later after the purchase stage. The investment has to remain as such for at least 3 years’ time
Direct investment on real estate, development & infrastructure
The applicant has to invest a total amount of 2.500.000, 00 plus VAT, at least 2.000.000, 00 + VAT on companies with a seat and activity at Cyprus which have been purchased, established or in which he/ she has participated, plus the purchase of a residence of at least 500.000, 00 € +VAT worth. That investment has to remain as such for a minimum of 3 years’ time
These companies should have their physical presence in Cyprus (in essence) and they should employ at least 5 Cypriot nationals or EU Citizens that permanently reside within Cyprus for a continuous time period of at least 5 years. Furthermore, they are obliged to turn their deposit money to shares
The applicant may select a combination of the aforementioned and invest in total 2.500.000, 00€ +VAT, at least a sole investment of 2.000.000, 00€+VAT plus the purchase of a residence of at least 500.000, 00€ +VAT worth. That investment should remain as such for at least 3 years’ time
a) Investing on state bonds of 500.000, 00 worth
b) Investing on investment capital, financial property assets of Cypriot companies or Cypriot organizations
c) Direct investing on real estate, development and infrastructure
d) Establishing, purchasing or investing on Cypriot companies