Decision of the Council of Ministers dated 15/04/2013
PLAN FOR THE EXCEPTIONAL NATURALIZATION OF INVESTORS IN CYPRUS IN ACCORDANCE TO THE PARAGRAPH 2(F) OF THE THIRD TABLE OF THE CIVIL REGISTRY AND MIGRATION LAW
A. CRITERIA
For the exceptional naturalization of investors/entrepreneurs the following criteria will apply.
A.1 DEPOSITS:
The Applicant must have minimum deposits in Cyprus which will be distributed in the following:
a.Amount of 2 Million in the funds of Development and Investment.
b.Amount of 0, 5 million in the Fund of Technology, Research and Technology.
c.Amount of 0, 5 Million in the Solidarity and Employment Fund.
It is noted that the abovementioned deposits will remain block for a period not less than five years. In the case whereas the requirement is circumvented, the naturalization may be revoked.
Or
A.2 INVESTMENTS:
The Applicant must have investments in Cyprus of a minimum amount of 5 Million. These investments may involve the following:
a)Purchase of Buildings (houses, offices shops, hotels etc, or developments of similar nature which reach the final stage of construction – excluding empty land (undeveloped land)
b)Purchase of businesses or Companies
c)Purchase of shares in public Companies registered in Cyprus.
d)Purchase of financial instruments (i.e. bonds, securities, treasuries which are registered and issued in Cyprus including those which will be issued from the Solidarity Fund in accordance to the Law for the Establishment of a National Solidarity Fund of 2013)
e)Participation in a company/joint venture of companies which has undertaken the construction/development of a project of the Government.
Or
A.3 BUSINESS ACTIVITIES:
The Applicant must be a shareholder in a Company incorporated and trading/operating in Cyprus, provided that the Head Office of the Company is situated in Cyprus; that the Company for the past five years before the submission of the Application paid at least 0,5 Million annually in State Funds and also that the Company employs at least 10 Cypriot citizens. A maximum of two shareholders from each such company can apply.
A.4 PERSONS WHO LOST FUNDS FROM THEIR SAVING IN LAIKI BANK AND BANK OF CYPRUS FOLLOWING THE MEASURES TAKEN SUBSEQUENT THE 15TH MARCH 2013:
The Applicant must have suffered a minimum of 3 Million loss as a result of the measures taken in LAIKI and BANK OF CYPRUS.
B. TERMS AND CONDITIONS
1. Clean Criminal record:
The Applicant must have clean criminal record. The name of such person must not be listed in the list of persons the property of which is ordered to be blocked within the European Union.
2. Reside in Cyprus:
In every case described in Part A, the Applicant must be the owner of residence/home in the Republic of Cyprus, of a minimum 0,5 Million trading value plus VAT.
C. SUBMISSION OF DOCUMENTS:
For the examination of the Applications (M127) it is required the submission of a variety of documents, inter alia including the purchase agreement and confirmation of settlement of own residence as described in B.2 above as well as the following, depending on the case:
1. Deposits:
Along with the Application, receipt of deposits in the stated funds must be submitted.
2. Investments
a. For the purchase of property: Purchase Agreement, title deeds/Receipt of filing the contract with the Land registry (for specific Performance purposes), receipt of the price.
b. For the purchase of business / company: Purchase Agreement, Receipt of price, Shareholders Certificate from the Registrar of Companies.
c. For Purchase of Shares: Share Certificates
d. For the purchase of Financial Instruments: Titles and other documents of the financial Instruments.
3. Business activities
a. Certificate of Incorporation from the registrar of Companies
b. Shareholders Certificate from the Registrar of Companies
c. Audited Accounts of the Company for the last three years before the filing of the Application
d. Certificate from the social Insurance department for the insured income of the employees in the company of the Applicant.
4. Losses of deposits in Bank of Cyprus and Laiki.
Confirmation about the value of the loss and about the timing of such loss.
None of the above triggers the absolute discretion of the Council of Ministers in Decision Making
