Criteria and Conditions of Citizenship by exemption
Criteria and conditions for providing citizenship by exemption to foreign investors/entrepreneurs according to Annex 2(f) of the Third Table of the Population Records Laws 2002-2003 (Proposal no.879/2007) Extract from the minutes of the Council of Ministers meeting dated 11/7/2007 - Decision No.65.824
The Council for the reasons mentioned in the Proposal, decided to approve the following criteria and conditions for the provision of citizenship by exemption to foreign investors/entrepreneurs according to the Annex 2(f) of the Third Table of the Population Record Laws 2002-2004:
Direct Investments:
The applicant should have direct investments in Cyprus of more than CYP£15mil. (approx. 25 million EURO) (i.e. real estate, factories etc)
Entrepreneurial Activities:
The applicant should have established in Cyprus a company/ companies with a total annual turnover over CYPŁ50mil (approx. 85 million EURO). in the year preceding the application year
Introduction of new and innovative technologies, research centres:
The applicant should prove that by his activities he has introduced to a large extent new and innovative technologies in major sectors of the Cyprus economy or has created a significant research centre on a large scale for locally conducted research.
Bank Deposits:
The applicant should have personal deposits in Cyprus banks or deposits of privately owned companies (controlled by him) in Cyprus of over CYP£10mil (approx. 17 million EURO) with a five year duration period.
Combination of the Direct Investments, Entrepreneurial Activities and Bank Deposits:
The applicant should have CYP£15million (approx. 25 million EURO) through a combination of the above.
Other conditions:
- Age above 30 years old
- No criminal record
Cyprus residence:
The applicant should have permanent residency in Cyprus.
None of the above restricts the right of the Council of Ministers for taking any decision.
51. The above criteria and conditions will be in force until the final preparation of amendments to the relevant regulations in which they will be included.
- Director General
- Ministry of Internal Affairs
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