The basic prerequisites for the approval of applications by non-EU nationals wishing to undertake a direct investment in Cyprus are highlighted by a recent circular by the Cyprus Central Bank, elaborating on the provisions contained in article 10 of the Capital Movement Law 115(I)2003.

According to these regulations, applications by non-EU nationals wishing to undertake a direct investment in Cyprus will be examined only if the proposed investment:

   - has no adverse impact on public order, safety or health;
   - does not in any way involve the manufacture and trading of arms and ammunition; and
   - satisfies the minimum amount and maximum percentage requirements as set out below : 

1. Primary Sector
Up to 49% equity participation is allowed in projects relating to agriculture, animal husbandry, fishing, forestry, etc. The indicative minimum level of investment is CY£100.000. 

2. Secondary Sector
Up to 100% equity participation is allowed in manufacturing, including the establishment and operation of industrial units in the Larnaca Free Zone. There is no indicative minimum level of investment. 

3. Tertiary Sector
Subject to certain exceptions and minimum capital requirements, up to 100% participation is permitted in business entities rendering services. F

For more details, see attached Circular issued by the Central Bank of Cyprus.