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A.4       A Combination of Mixed Investments and a Donation to a State Fund (A.1), Direct Investments (A.2) and Deposits in Cypriot Banks (A.3):

The applicant is required to have a combination of the above amounting to at least €5,0 million

or

A.5       Business Activities:

The applicant must be a shareholder or beneficiary owner of a company (or companies) the management of which is in the Republic of Cyprus and that over the last 3 years prior to submitting the application has paid to State Funds (corporate tax, V.A.T. or other fees and charges etc) and remuneration for the purchase of business services (legal, accounting, auditing) as amount of at least €500.000 per annum.

Alternatively in the case where the applicant is a shareholder or beneficiary owner of a company (or companies) that is active in Cyprus, has established its central offices in Cyprus and employs at least five (5) Cypriot citizens, then the minimum amount that must be paid for the above (direct revenue – corporate tax, V.A.T. or other fees and charges etc and remuneration for the purchase of business services – legal, accounting, auditing) is reduced to at least €350.000 for the last three years preceding the submission of the application.

In the case where the applicant is a shareholder or beneficiary owner of a company (or companies) that is active in Cyprus, has established its central offices in Cyprus and employs at least ten (10) Cypriot citizens, then the minimum amount that must be paid for the above (direct revenue – corporate tax, V.A.T. or other fees and charges etc and remuneration for the purchase of business services – legal, accounting, auditing) is reduced to at least €200.000 for the last three years preceding the submission of the application.

For every such company (or companies) applications for naturalisation may be submitted by a maximum of two (2) shareholders, who preferably hold the majority of the share capital.

In the case where the applicant has paid the Cyprus economy direct revenue or fees (as described hereinabove) an amount less than the abovementioned amounts, a combination may be made with criteria A.1 (Mixed Investments and Donations to State Funds) or A.2 (Direct Investments ) or A.3 (Deposits in Banks). The total of payments to State Funds and remuneration for services in the last three years shall be deducted from the required investment to satisfy criteria A.1 or A.2 or A.3.

or

A.6       Persons whose deposits with the Bank of Cyprus or Popular Bank have been impaired due to the measures implemented in both Banks after the 15th March 2013

The applicant has incurred an impairment in deposits on one or both of the abovementioned Banks amounting to a total of at least €3,0 million.    

In the case where the applicant has incurred an impairment in his deposits in one or both of the abovementioned Banks under €3,0 million he may apply having made an Additional Direct Investment (A.2) or Mixed Investments or a Donation to a State Fund (A.1) for the balance of the required amount of the said criterion.

B.         TERMS AND CONDITIONS

1.         Clean Criminal Record: the applicant must have a clean criminal record. Furthermore, his name must not be included on the list of persons whose property is ordered to be frozen within the boundaries of the European Union.

2.         Residence in the Republic of Cyprus: In all cases listed in Part A, the applicant must hold a permanent privately-owned residence in the Republic of Cyprus, the market value of which must be at least €500.000, plus V.A.T.

3.         In the case where following a periodic inspection it has been ascertained that any condition is being circumvented, the naturalisation may be revoked.

C.         SUBMISSION OF DOCUMENTS

In order to examine any applications (M127) various documents are required to be submitted, including the contract of sale and a confirmation of settlement of the dwelling referred to in B. 2 above and the following, depending on the case:

Monday – Friday

8:00 – 19:30

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+357 22 664 056

office@tornaritislaw.com

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