Further to filing of a Citizenship application, a decision by the Ministry of Interior normally takes three months. The Ministry of Interior website refers to a three month processing period, which we have found consistent, in our experience.
Cyprus government bonds/debentures are purchased by the applicant, directly from the Ministry of Finance (MoF), through the Cyprus Stock Exchange.
For the purposes of investing in government bonds as a means of obtaining Cyprus Citizenship, the Ministry of Interior announced that as at 1 August 2014 and onwards, only bonds purchased from the primary market (i.e.directly from the Ministry of Finance, Public Debt Management Office through the Cyprus Stock Exchange) are eligible.
Cyprus government bonds can be purchased by the applicant, between the 1st and 20th of each month. Payment is remitted to the bank account of the Central Bank of Cyprus. The application for the government bonds purchase, can be processed via a power of attorney issued in the name of the applicant’s local advisor (i.e. lawyer).
A holder of a PRP who wants to be granted Citizenship is entitled to legally reside in Cyprus for five consecutive years, therefore being eligible to file an application for Citizenship by naturalisation (as opposed to the Citizenship by Investment route).
There are no residency requirements, for the applicant to live in Cyprus before, during or after the granting of Citizenship. Cyprus is currently the only European country with a Citizenship by Investment program without such residency requirements.
Once Citizenship has been granted, the applicant receives their passport within a couple of days preceding the naturalisation certificate. The option is also available to have the passport issued in various foreign countries where a Cyprus embassy or consulate exist.
This pertains to a €2m investment in the participation rights or shares of a Cyprus company(ies) that maintains offices and operates in Cyprus, employing a minimum of five Cypriot citizens, for a period of three years.
An eligible business/company, can also be one that was acquired by the Investor up to three years prior to filing of the Citizenship application.
At all times the Investor must demonstrate the correlation with the company(ies) or business(ies) purchased. This requires the Investor to continue to be an owner and be directly involved in the business(ies).
Currently no expiry term has been designated, neither is there any cap in the number of applicants accepted.
Property that was purchased up to three years prior to filing the Citizenship application is eligible for citizenship. Additional properties may be purchased in order to meet the total investment required for this investment criterion, namely €2m.
Resale properties are eligible for both purposes, where it should be noted VAT is not applicable.