Cyprus Citizenship By Investment Programme
Cyprus is one of the most appealing European countries that grant citizenship in exchange for capital investments. The Cyprus government has implemented a number of appealing citizenship by investment schemes in an attempt to increase direct foreign investment. Take a look at all the benefits a Cyprus passport offers below.
Amended Cyprus Citizenship by Investment Program
According to the revised citizenship bill, the Cyprus government has reduced the investment amount from €2.5 million to €2 million. Therefore, besides the €500,000 reduction in investment, applicants can also reside, work and public schools in any of the EU member states. Furthermore, the applicants may include their dependable parents if they make an additional €500,000 (plus VAT) in a residential property.
Prerequisites & Procedures
Applicants are required to make a minimum capital investment of €2 million in any Cyprus development project or real estate. The applicant has to choose any of the Investment Schemes that have been approved by the Cyprus government and continue to maintain it for at least three years. Also, an applicant has the possibility to apply via Naturalization by Exception and be granted a Cyprus Citizenship if they meet one of the four prerequisites. Finally, the applicant may apply personally, as a high-rank senior manager or as a company/companies shareholder.
The applicant’s family members are also included in the Cyprus Citizenship by Investment Program. The requirements are outlined below.
- The inclusion of the investor’s wife or husband
- The inclusion of the applicant’s dependable children aged 18 and below
- The inclusion of applicant’s financially dependent children if they are studying and aged below 28 years old or if they are mentally or physically disabled and cannot work
- The inclusion of the investor’s parents under the condition they have made a residential property investment amounting to €500.000 (plus VAT) or more (the investor and his/her parents are permitted to purchase a joint residential property amounting to €1 million (plus VAT) or more
Terms & Conditions
- The investor should also have a residence permit. In situations where the investor does not have a residence permit, he/she can apply for a residence permit when submitting their citizenship application.
- The investor is required to purchase a Cyprus residential property that amounts to €500.000 (plus VAT) or more. In cases where the investor chooses the real estate option, the residential property investment is included in the €2 million.
- The investor can only invest €500,000 in Government bonds.
- The applicant does not have to reside within Cyprus before or after the time he/she is granted the Cyprus Citizenship or Naturalization.
Advantages of Cyprus Naturalized Citizen
- The applicant is permitted to travel without visa to 159 countries throughout the world
- The applicant is permitted to work, live and study in all EU member states
- The applicant is allowed a dual citizenship and second passport
- Second passports and dual citizenships are also granted to the applicant’s spouse and dependent children
- Applicant’s benefit from a flexible residency policy, where they do not have to reside in Cyprus before or after the citizenship is granted, under the condition they visit the island once within 7 years
- The approval process is fast and takes about 90 days
- The applicant is not required to make a capital donation to the Cyprus state fund
- There are no language requirements for neither the Cyprus Citizenship nor Naturalization
Prerequisites & Criteria
- The applicant is required to have a valid passport
- Proof of no criminal record
- The applicant is required to possess the minimum application fee requirement
- The applicant must have a residence permit prior to being granted their new passport
- In cases where the applicant does not have a residence permit, he/she can apply for residency and citizenship at the same time
- The applicant must not own shares or be an owner in any frozen assets and property in an EU state