Scheme for Naturalisation of investors in Cyprus by exception

SCHEME FOR NATURALISATION OF INVESTORS IN CYPRUS BY EXCEPTION[1]

Investor’s family members, such as the spouse, partner, parents or even the financial dependent adult children, can obtain Cypriot citizenship as well, after the decision of the Council of Ministers taken on 13^th of September 2016[2]. 

In order for the above to be applicable, the investor’s adult family members must already hold a resident permit in Cyprus. However, if such permit is not granted, the application for an immigration permit can be submitted at the same time with the application for naturalisation[3]. 

It is notable that in case where the application for naturalisation is rejected upon the discretion of the Civil Registry & Immigration Department, the immigration permit, obtained in accordance with the provisions of this Decision, will be cancelled immediately.

 

Spouse/Partner:

Application M127 must be filled by the relevant person in order to acquire the Cypriot citizenship. As already mentioned, the Council of Ministers decided to allow the submission of the investor’s application alongside with that of the spouse or partner, so that both spouses/partners can acquire the Cypriot citizenship simultaneously.

The term ‘partner’ is interpreted as to include any civil partnership that had been concluded in the Republic of Cyprus, or any other state in accordance with the legislation of that state and is still in power[4].

 

Minor Children:

Any children of the investor under the age of 18, can obtain Citizenship after two conditions are met: firstly, if the investor has successfully acquired the Cypriot citizenship and secondly, if the other parent consents to the grant of such citizenship.

 

Adult Children:

The Council of Ministers has also set the parameters of who can be considered an adult child and if is the case this individual can also apply for Citizenship alongside the investor.  Namely, such individual falls in this category if one of the following is applicable:

        a)    Students up to the age of 28 that are attending an institution of higher education aiming to obtain a diploma or an                undergraduate or a master’s degree. The Decision excludes individuals who are studying for the acquisition of a                  professional qualification (e.g. chartered accountants or barrister)

        b)    Children with severe physical or mental disability that renders them unstable to work

If all the above are met, M127 form must be submitted to the Ministry of Interior only after the investor had acquired the Cypriot Citizenship.

 

Investor’s Parents:

The parents of the investor can apply for citizenship only after the investor had acquired the Cypriot Citizenship and again the M127 form must be submitted to the Ministry of Interior.

A condition is in place for such a case, specifically the hold of a permanent privately-owned residence in the Republic of Cyprus of value of at least €500.000, plus V.A.T. It is noted the investor and his/her parents, may collectively acquire a residence, provided that the total value of this home-property is at least €1.000.000, plus V.A.T.

 

Contact us:

            For more information on this matter, you can contact us directly and we will be more than happy to assist and provide you with a tailored-made solution for your case.

            Please ask for our brochure where all tax benefits, way of life and the requirements for obtaining Cypriot Residency are explained in depth.