Limassol, October 2011 - The Council of Ministers in Cyprus recently decided to amend the conditions and criteria for the naturalization of foreign investors and businessmen in an effort to attract investments, facilitate the transfer of foreign businesses to the island and boost the local job market.

The Ministers decided on 10 October 2011 that foreign investors/businessmen may, at the Council’s discretion, be granted Cyprus naturalization under certain conditions and on a case by case basis.

Specifically, applicants must have in Cyprus direct investments worth at least €10.000.000 or must have established on the island companies that have an average total turnover of at least €10.000.000. Also, 1/3rd of the company’s employees must be Cypriot.

Alternatively, applicants could maintain personal deposits with Cyprus Banks or deposits of his personal companies (controlled by him) in Cyprus of at least Euro 15.000.000 in a fixed deposit account of five years or prove that they are introducing new and original technologies in vital sectors of the Cyprus economy.

The applicant must have established in Cyprus a company/companies, the management of which is carried out in Cyprus, and in the last three years prior to the naturalization application contributed to the Cyprus economy a yearly average of €500.000 either through taxes, VAT or purchase of professional services, such as legal, accounting and banking.

Applicant must be above 30 years of age, must have a clean criminal record and must own a permanent house or apartment on the island, valued over €500.000.
For more information please consult our Information Sheet No.74