Eligible businesses must meet the following criteria:
1. The majority of the company’s shares are owned by third-country nationals.
2. If the majority of the company’s shares are not owned by third-country nationals (i.e. equal to or less than 50%), then the company is eligible if the foreign participation represents an amount of at least €200.000.
In both cases above (1&2), the ultimate beneficial owner (UBO) must deposit or invest an amount of at least €200,000, for the purposes of their business activity in Cyprus. If more UBOs exist, this amount can be deposited or invested by a single UBO or collectively.
3. Public companies registered on any recognized stock exchange.
4. Internationally active companies (formerly off-shore), which operated before the change of regime, whose data are held by the Central Bank.
5. Cypriot shipping companies.
6. Cypriot high-tech/innovation companies*
7. Cypriot pharmaceutical companies or Cypriot companies active in the fields of biogenetics and biotechnology.
8. Companies of whom the majority of the total share capital is owned by persons who have acquired Cypriot citizenship by naturalization based on economic criteria, provided they prove that they still comply with the conditions under which they were naturalized.
For cases 3-8, the investment criterion is also applicable.he company’s initial investment in the Republic of at least €200,000 must be proven by presenting the appropriate certificates (e.g. bank statement at the time of deposit of the amount or proof of investment (purchase of office space and/or office equipment)).
* An enterprise qualifies as a ‘High Technology Company’ if:
(a) it is already established and has a presence in the market, and
(b) it has a high level of experimental R&D intensity, and
(c) it developed product/s that fall into one of the following categories: products related to the aviation and space industry, computers, electronic and telecommunication products, pharmaceuticals, biomedical industry, research and development equipment, electrical machinery, chemicals, and non-electrical machinery.