Subsection (2) of Section 111A of the Civil Registry Laws of 2002-2013 provides that the Council of Ministers may, under any conditions it determines as appropriate, to allow the Naturalization of foreign entrepreneurs. Therefore, on the 19th of March 2014 the Council of Ministers revised its previous decision dated 24th of May 2013 concerning the criteria and conditions for the Naturalization by exception of non-Cypriot entrepreneurs investing in Cyprus.
Additionally, the aforementioned Decision of the Council of Ministers provides for the grant of the Cypriot citizenship to the spouse as well as the financially dependent adult children (eighteen years old or above) of the investor. Neither the spouse nor the children are obliged to meet any financial criteria.
EXAMINATION PROCEDURE OF AN APPLICATION
Once an application is submitted the examination process begins. First of all, the documents relating to the business activities and investments of the applicant in Cyprus are sent to the Ministry of Finance for evaluation and views on whether the applicant indeed meets any of the criteria established by the Council of Ministers. Simultaneously, the Ministry of Interior investigates whether the applicant meets the other conditions of the abovementioned Decision of the Council of Ministers. If the applicant meets the Criteria and Conditions of the Decision, the Minister of Interior presents the case to the Council of Ministers for final decision. Once the application is approved, the Civil Registry and Migration Department issues the Certificate of Naturalization, following payment of the fee of the Naturalization Certificate issuing fee.
SUBMISSION OF APPLICATION
In order to examine any applications the submission of the respective forms and of the following is required, as applicable.
As for the investment criteria the following are required in general, depending on the case:
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For company incorporation in Cyprus, please also see the website of our affiliate Shanda Consult.