An important hub in the heart of the Mediterranean, at the crossroads of Europe, Africa and Asia, Cyprus is diverse, culturally rich and perfectly placed for working and travelling within and beyond the European Union. The economy is rapidly recovering from recent recession through significant activities in the shipping, tourism, the legal and financial services sectors, and has also seen a surge in foreign investments and developments, property and investment value.
Cyprus boasts a rich and diverse culture, mild Mediterranean climate, a safe and stable setting which is ideal for raising families, and perfect location for business and travelling. Investors also look at Cyprus for business and investment purposes recognizing numerous investment opportunities.
Benefits of the program:
- Fast-track procedure allowing for direct path to citizenship within three months;
- No physical residence requirements during or after the application procedure (the only requirement is for one visit every 7 years);
- No language requirements for residence or citizenship;
- No obligation to relinquish current nationality;
- Low tax rates and free trade within the EU;
- Unrestricted right to live, work and study in Europe;
- Right to own land in an EU member state;
- Strategic geographical location, forming a bridge between the EU, the Middle East, and North Africa with direct access to the Mediterranean Sea;
- Low crime rate, excellent education system with a number of high standard schools and universities and first-rate healthcare;
- An outstanding holiday destination.
Investment criteria: Offered in accordance with the Civil Registry Laws 2002-2013, the Naturalization of Investors by Exception Scheme, the program is one of the fastest to lead to residence.
Application criteria: In addition to making a financial investment, applicants must also meet the following requirements:
- Must have a valid passport;
- Provide documents supporting the source and origin of the declared funds for investment;
- Provide proof that the applicant has no criminal record;
- The applicant’s name must not be included in the list of persons whose property is ordered to be frozen within the boundaries of the EU;
- Payment of application fees.
According to Regulations issued by virtue of the Civil Registry Laws, foreign investors who wish to obtain Cypriot citizenship by investment need to meet the following requirements:
- Must hold a permanent privately-owned residence in the Republic of Cyprus, the purchase price of which must be at least €500,000 plus applicable VAT;
- Must choose one of the prescribed investment options and maintain it for the required duration.
- Mixed investments and a donation to a state fund
Applicants choosing this option must deposit €2 million for the purchase of shares and/or bonds of the State Investment Company (under formation) and should make a donation of at least €500,000 to the Research and Technology Fund. Investors need to maintain the shares and/or bonds for a period of three years.
- Direct investment
Applicants choosing this option must make a direct investment of at least €5 million in the purchase of one of the following: Property, business or companies, or financial assets. Investors need to maintain ownership of the assets for a period of three years.
- Bank deposit
Applicants choosing this option must have a fixed term deposit of at least €5 million for three years in a Cypriot bank. Financed Investment Clients can leverage their capital by choosing to finance the required investment. They can pay a reduced amount of €300,000 that will be used to finance a €5 million closed 3-year deposit from a Cypriot bank. A loan is thereafter initiated and repaid at no further cost to the investor.
- Combination of options 1, 2 and 3 amounting to at least €5 million
- Business activities
Applicants choosing this option must be shareholders or beneficiary owners of a company, the management of which is in the Republic of Cyprus and the company has contributed at least €500,000 per annum, in the past three years to state funds (corporate tax, VAT, etc.).
- Persons whose deposits with the Bank of Cyprus or Popular bank have been impaired
Applicants that have incurred an impairment in deposits on one or both of the aforementioned Banks amounting to a total of at least €3 million can apply for Cypriot citizenship. In case that the impairment incurred is less than €3 million, one can cover the difference by making an additional investment in the above-mentioned options.