Instead of the normal €5 million investment in Government Bonds in financial assets of Cypriot companies, Cypriot organizations in real estate, land development or infrastructure project or purchase or creation or participation in Cypriot businesses and companies the Council of Ministers has the right, to reduce the criteria to €2.5 million for investors, who demonstrably participate in a special collective investment scheme, provided that the total value of the investment is at least €12.5 million.
In addition to the criteria mentioned above, the applicant must fulfil the following Terms and Conditions:
Clean Criminal Record issued at the country of origin or the country of residence if it differs (to be obtained by the applicant)
Confirmation that the applicant’s name is not included in the list of persons whose property is ordered to be frozen within the boundaries of the European Union (the responsibility to obtain this is with the Ministry of Interior)
Own a private residence in the Republic of Cyprus, the purchase cost of which must exceed the amount of €500.000 plus VAT and must be fully paid.
The approval of Citizenship under the relevant Decision is granted by the Cyprus Council of Ministers. In order to obtain such approval, an application package must be submitted for examination to the Ministry of Interior. The Ministry of Finance assesses the economic criteria. After examination of the case by the two Ministries, the application is presented to the Council of Ministers, which is the official body taking the final decision.
It is noted that the application of the spouse is submitted for approval concurrently with that of the main applicant.
By ensuring that all required criteria are met, the time needed to process the application can be minimized. Following approval of the main applicant’s and his spouse’s application by the Council of Ministers, the applications of dependants may be filed. For the purposes of this citizenship process, the term dependents includes the adult dependent children.
The adult dependent children need to obtain the approval from the Council of Ministers. As per the relevant Council of Ministers Decision of the criteria for adult financially dependent children, eligible to apply for citizenship are University students who are over 18 years and under 28 years old, who at the time of application are studying and attending full time classes for a First Bachelor’s degree or a first Master’s degree. Any deviation from the above can only be approved at the discretion of the Minister of Interior.