Cyprus

Cyprus is situated at the heart of Mediterranean Sea, and has been attested as a major international business centre among many European countries. The scheme for the naturalisation of investors by exception has therefore attracted a great deal of interest since the launch in 2002.

To read more about the benefits of obtaining a Cyprus Passport, click here.

Investor Options & Requirements

Documentation required to apply for a Cyprus passport:

  • Application Form M127 fully completed and apostiled.
  • Birth Certificate.
  • Photocopy of passport.
  • Background check showing a clean criminal record from both the country of the applicants birth and the country of current residence if different.
  • Marriage Certificate if applicable.
  • Two passport size photographs.
  • Curriculum Vitae detailing qualifications and places of work since graduation.
  • Copy of Residence Permit for the Republic of Cyprus*
  • Copies of advertisements in a daily newspaper (two separate posts required).
  • If the applicant is a high-ranking senior manager the following documents should, also, be submitted:
    • Copy of the employment contract.
    • Receipt from the Department of Inland Revenue.

*If the applicant does not already hold a residence permit, he/she may apply for an immigration permit simultaneously with the application for naturalisation.

Financial Documents:

  • Certificate of Registration of the company & any subsidiaries by the Registrar of Companies.
  • Certificate of shareholders by the Registrar of Companies or certificates showing proof that the applicant is the Beneficial Owner of the business.
  • Audited accounts of the company {or companies) for the last three years preceding the year of the application.

Transactions that Substitute Sufficient Investment

1. Investment in real estate or land development projects:

The investor must purchase €2 million worth of land, immovable property or the construction of land development projects in Cyprus. These can be residential, commercial developments or ventures in the tourism sector.

2. Purchasing, incorporation or participation in Cyprus based companies:

The investor must participate, incorporate or purchase an existing Cypriot company or organisation operating in Cyprus with investment costs totaling €2 million.

Should you choose the option of incorporation, the company must have a tangible presence in Cyprus, and should employ a minimum of five Cypriot citizens.

3. Investment in Alternative Investment Funds or financial assets of Cypriot companies or anyone licensed by CySec:

The investor can also purchase financial assets or alternative investment funds of Cypriot companies or organisations licensed by CySec (this could be in the form of debentures, bonds or securities that have been registered and issued in Cyprus) totaling €2 euros million or more.Please note that the financial assets should be bought at the date of issue or subsequently by the market.

Terms & Conditions:

  • A limit of 700 passports can be issued annually as of 15.06.18.
  • combination of the above mentioned investments can be used, as long as the total investment amount exceeds €2 million euros.
  • The applicant must own a privately owned property or land in Cyprus with a value of €500,000 or more.
  • The applicant must hold a residence permit in Cyprus before applying for permanent residency, however can apply simultaneously now.
  • The criterion of bank deposits as an investment option has been removed as per the amendments.

Contact us for help and support, we would be happy to answer any questions you may have about obtaining a Cyprus Passport by Naturalisation. 

Eltoma Corporate Services was established by highly qualified finance and corporate management professionals, with over 10 years of sound experience.

Our team of Immigration Professionals can assist you in setting up your business in Cyprus, obtain employment in Cyprus as well as employing other foreign (third-country nationals) personnel within your company.

Non-EU/EEA Employee Registration & Employment in a Company of Foreign Interests

Cyprus registered companies of foreign interests that fulfill eligibility criteria or register to become eligible may apply for employment of third-country nationals as Executive Directors, Middle Management, key personnel, or supporting staff.

We can assist you in all steps from gathering information to registration of the company at Civil Registration and Migration Department (CRMD).

This includes, aiding the gathering and organisation of all necessary documentation, and where applicable, dealing with relevant documentation on your behalf. We can additionally organise any translation and/or certification requested to be carried out in Cyprus.

What our Services Entail

Registration of a Company at Migration Department

A company of foreign interests, which is registered in Cyprus and has third country national Company Shareholders as a majority- including Corporate Shareholders-, can register at CRMD (Civil Registry and Migration Department), providing that it delivers the following, amongst others:

  • Bank documents to demonstrate that a direct investment of €171,000 or above, was made from abroad by the foreign Company Shareholders, into a Cyprus bank account.
  • Cyprus bank account with minimum balance of €41,006.
  • Cyprus Company Incorporation documents.
  • List of Cyprus Company’s personnel.
  • Description of the Cyprus company’s business activities.
  • KYC (Know Your Client) documents (e.g. international passports, proof of addresses) of company’s initial Company Shareholders.
  • Rental/sales agreement of Cyprus Company operating offices.
  • Affidavit from Cyprus Company’s Director(s) confirming the Company’s Shareholders.
  • Cyprus Company’s audited accounts for the fiscal years requested by the Migration Department.

Registration of Employee following successful Company Registration at CRMD

Following successful registration of the company at the BCS (part of the Migration department), employee registration can begin. The first third-country national to be employed can be registered for a maximum of one year, and the following employee for a maximum of two years, depending on their Contract of Employment with the said company.

If the employee currently resides in their own country, then an Entry Permit must be issued first.

If the employee has recently entered Cyprus, for example with a Provisa which is valid, then the registration can be completed with the prospective employee in Cyprus.

For more details of what documents are required for registration, please contact us.

The immigration laws in Cyprus grant Cyprus citizenship, Cyprus residency or a Cyprus work permit, depending on the application level to:

  • The applicants spouse or partner.
  • The applicants parents of the investor.
  • Any financially dependent adult children of the applicant.
  • The applicants minor children have the right to acquire the citizenship as per section 110 (3) of the Civil Registry Law.

Citizenship by Investment

Investors Spouse/Partner

The investor’s spouse or partner may acquire the Cypriot citizenship after filing the relevant application (Form M127). Cyprus recognises 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.

Investors Parents

In order for the investor’s parents to be able to apply for citizenship they need to hold a permanent privately-owned residence in the Republic of Cyprus, the purchase price of which must be a minimum of €500.000.

Cyprus Work Permit

Once  a Cyprus Work Permit has been granted to the original applicant, close family members can apply for family reunification, which includes a spouse who has been married for over a year with the Cyprus Work Permit holder, and must be 21 years old and above.

Important note:

All applicants, including children, must be present at CRMD (Civil Registry and Migration Department), during the application, for the required obtainment of biometric data.

For more details of what documents are required for registration and any translation and/or certification requested to be carried out in Cyprus, please contact us. 

Applying for a Cyprus Residence Permit (also known as the yellow slip) is a process which is to be completed by every EU Citizen living and working in Cyprus. It is renowned for being lengthy and fastidious, and it does not necessarily have to be!

Once you have managed to obtain it, the Cyprus Residence Permit does not expire and is valid indefinitely.

Eltoma Corporate Services can assist you with this process. We employ ex-Immigraiton Officers, Qualified Solicitors and have extensive knowledge and experience in this field.

Learn more about the procedure to obtain your yellowslip.

Immigration law changes at rapid speed, contact us now to see how we can be of assistance.

Applying for a Cyprus Visitor Visa (also known as the pink slip) is a process which is to be completed by every Third-country National living in Cyprus. It is renowned for being lengthy and fastidious, and it does not necessarily have to be!

Eltoma Corporate Services can assist you with this process. We employ ex-Immigraiton Officers, Qualified Solicitors and have extensive knowledge and experience in this field.

Please contact us for full information, including support.

Immigration law changes at rapid speed, contact us now to see how we can be of assistance

We can assist you with all steps of renewing an employees’ work permit, should it be near due for renewal.

This includes, assisting with gathering and organising all necessary documentation, and where applicable, and dealing with relevant documentation on your behalf. We can additionally organise any translation and/or certification requested to be carried out in Cyprus.

Prior to the expiration of a Cyprus Work Permit, the company must apply for a Cyprus Work Permit renewal – should they wish to renew the employment contract with the respective employee.

For more details of what documents are required for renewal including prices, please contact us.

 

Eltoma Corporate Services are offering a naturalisaton based on years of residency to those eligible that have been legally residing in the Republic of Cyprus for a period of 7 years or longer prior to the date of application.

Eligible Applicants & Required Documentation 

To be eligible for naturalisaton based on years of residency in Cyprus, you must hold a valid EU Residency Permit or a Residency Permit for Third Country Nationals and provide the following further information:

  • A birth certificate & valid travel passport.
  • Two passport photos.
  • A background check in the form of a certificate showing a clean criminal record.
  • Marriage certificate & birth certificate of any children.
  • Copies of all the pages of all the passports of the applicant detailing all arrivals and departures from Cyprus.
  • A detailed statement of arrivals & departures from the applicant.
  • Copies of newspaper advertisements in two consecutive publications which report that the applicant has filed an application for naturalisation.

If any documentation produced as evidence is not in English or Greek, they must:

  • Be officially translated into Greek or English from the Press & Information Office.
  • Be apostiled if the country has signed the Hague Convention of 1961.

Our Services

To begin the process of naturalisation on behalf of the foreign national, after the necessary documentation has been presented to Eltoma, we will carry out all required appointment scheduling and attending as a legal representative on behalf of the applicant. Eltoma Corporate Services have been providing visas, work permits for third country nationals & residency certificates for over 8 years, with local immigration specialists in Cyprus. 

Our fees also include the government handling charges and will provide a photocopy of receipt for the fees as required by all foreign residents wishing to gain naturalisation based on years of residence in Cyprus. We will take care of the entire process, so you don’t have to!