According to the Council of Ministers Decision dated 15.04.2013 the Criteria and Conditions for Naturalization of Foreign Investors / Entrepreneurs by Exemption on the basis of paragraph 2(f) of the Third Schedule of the Civil Registry Laws 2002-2011 is as follows: Criteria For the exceptional naturalization of investors / entrepreneurs the following criteria apply. Either:

1. Deposits: The applicant must have deposits in Cyprus of at least €3 million, broken down as follows:

• An amount of €2 million in the Development and Investment Fund
• An amount of €500.000 in the Technology Fund, Research and Technology • An amount of €500.000 in the Solidarity and Employment Fund
The above deposits must remain fixed for a period of no less than five years. If the condition is circumvented, naturalization may be revoked. Or

2. Direct Investments: The applicant should have direct investments in Cyprus of at least €5 million. Direct investments can alternatively be the following:
• Purchase of buildings (houses, offices, shops, hotels etc or similar nature developments at an advanced stage of construction, excluding unused land) • Acquisition of companies or firms
• The purchase of shares of public companies registered in Cyprus • Purchase of financial assets (eg bonds / securities / securities issued and registered in the Republic including those to be issued from the Fund established under the National Solidarity Fund Act of 2013)
• Participation in a company / consortium charged with the execution of a public project.

3. Business Activities: The applicant must be a shareholder in a Company set up and operating in Cyprus, provided that the headquarters of the company are located in Cyprus, that the Company during the last five years preceding the application has paid annually at least €500.000 to the Government in various taxes and the Company employs at least ten Cypriot nationals. For each such Company it is possible to submit for naturalization two shareholders as a maximum.

4. Persons whose deposits in Bank of Cyprus or the Popular (Laiki) Bank were impaired due to the measures implemented in both Banks after 15th March 2013:
The applicant must have suffered an impaired deposit on one or both of said banks amounting to a total of at least €3 million. Terms and Conditions

1. No Criminal Record:
The applicant must have a clean criminal record. Also the applicant should not be included in the list of persons whose property has been frozen within the boundaries of the European Union.

2. Accommodation in Cyprus:
In all cases listed in Part A, the applicant must be an owner of a property in Cyprus, with a purchase value of at least € 500.000, plus VAT.
Submission of Documents

For the examination of the applications (M127) it is required to submit various documents such as, inter alia, the purchase contract and payment receipts of the properties referred to in A.2 above and the following, as appropriate:

1. Deposits
With the application, the evidence of deposits in the above reported Funds must be submitted

2. Direct Investment

• For the purchase of real estate:
Contract of sale, Title of property or Evidence submitting the contract to the Department of Lands and Surveys, Proof of payment of the agreed purchase amount

• For the purchase of the firm / company:
Contract of sale, Proof of payment of the agreed purchase amount, Certificate from the Registrar of Companies in regards to the Shareholders

• For the purchase of shares:
Shares certificates

• For the purchase of financial instruments:
Title / titles and other documents of these financial assets

3. Business Activities
• Certificate of Registration of the Company from the Registrar of Companies
• Certificate of Shareholders from the Registrar of Companies
• Audited accounts / the company / companies for the past three (3) years preceding the year of application
• Certificate from the Department of Social Security for insurable earnings of employees in / on company / companies of the
4. Impairment of deposits at the Bank of Cyprus and Laiki Bank
Confirmation of the amount and timing of the impaired deposits.
None of the above affects the absolute discretion of the Council of Ministers in making a decision.