Cyprus Citizenship

The Government of Cyprus has established incentives to attract foreign direct investment into the country. Citizenship by investment is a program that grants full Cypriot citizenship to those that invest above €2 million in real estate and also meet specific other requirements. Successful applicants gain the right to work, live and study in all 28 EU member countries.

The Cypriot Government amended its citizenship by investment program in September 2016. The changes include the reduction of the lowest investment amount to €2 million (from €2,5 million) and the possibility to add the parents of the principal applicant provided that an additional €500,000 + VAT will be invested in the purchase of a private residence in Cyprus.

An applicant may be granted Cypriot citizenship through Naturalization by Exception if he meets one of the investment criteria presented below. The qualification can be done personally or through a company in which the applicant acts as a shareholder or even as a high-ranking senior manager.

Naturalization of investors by exception is offered under the civil Registry Laws 2003-2013, and it is one of the fastest ways to acquire residence and citizenship in Europe.

For applicants to be eligible for citizenship, it is required to fulfill one of the investment options below in addition to meeting the under listed criteria:

• Must hold no criminal record.
• Must possess a valid passport.
• The principal applicant’s property is not frozen within the boundaries of the EU.
• Own a permanent private residence in the Republic of Cyprus with a purchase price of at least €500,000 plus applicable VAT.
• Be a resident before being granted citizenship (hence the simultaneous application for both residency and citizenship for non-residents).
• In the case an applicant chooses to invest in only on residential properties and one of the residential properties is priced at least €500,000, then the total investment amount must be €2 million.

The following are the investment options available

Investment  of €2 million in real estate, developments, and infrastructure projects

The applicant is required to invest at least €2 million for the purchase or construction of real estate.

Establishment, purchase or participation in Cypriot businesses and companies

The applicant must invest a minimum of €2 million in the acquisition, creation or partnership in companies that are based and operating in the Republic. These businesses or companies should have a demonstrable and tangible presence in Cyprus and employ at least five Cypriot citizens.

Applicant Investment in Alternative Investment Funds or Cypriot organizations licensed by the Securities and Exchange Commission or financial assets of Cypriot enterprises

The applicant is required to purchase units amounting to at least €2 million from Alternative Investment Funds (AIF).

This criterion also covers the purchase of financial assets of Cypriot organizations or businesses for at least €2 million, in the form of securities, bonds, and debt securities.

Combination of the above investments

The applicant may invest in a blend of the above, provided that the total investment amounts to at least €2 million.

The applicant’s investment combination may include the acquisition of special government bonds of the Republic of Cyprus of up to €500,000.

Cyprus boasts a mild Mediterranean climate , rich and diverse culture, and a safe and stable setting ideal for raising families. Investors also look at Cyprus for business and investment and business purposes, recognizing numerous investment opportunities. The privileges of the Cyprus program are as follow:

• Citizenship of an EU member state.
• Cypriots have right to security within the European legal and social system.
• Cypriots have the right to live, work and study in the 28 EU countries.
• Visa-free travel to 163 countries around the world
• Full citizenship and passports are granted to the applicant and included family members
• Qualify by acquiring assets in Cyprus, with no obligation to donate your wealth
• Flexible options with no residence requirement; approval usually within 90 days
• Fast-track procedure. Approval of citizenship application within three months;
• Submission of residency and citizenship applications simultaneously if you are currently not a resident.
• No physical residency required. Though it is compulsory to visit once in seven years.
• No language requirements.
• Parents qualify for citizenship provided they own a house valued at €500,000 + VAT or hold a share of €500,000 in residential property of the principal applicant.
• Civil unions are eligible to submit applications.
• Enjoy low tax rates and free trade within the EU.
• Not necessary to relinquish current nationality.