The Cyprus Government has approved a revised scheme for granting Cypriot citizenship to non-European entrepreneurs and investors.
The most important changes are:
The investment amount has been reduced to €2 million
No need for collective group application
The bank deposit option has been abolished
The maximum bond amount has been set at €500 000
Parents of the investor are entitled to apply
Requirements and Conditions
Approval will be issued within approximately 3 months.
€2 million (plus Vat if any) Investment in a selection of Residential Properties, out of which one property is to be used as a permanent residence of a minimum value of €500,000 (plus VAT if any). The remaining € 1.5 million can be invested in a range of residential properties only, which may be resold after 3 years.
€2 million (plus vat if any) - Investment in a single property to be used as a residence. The residence must be retained by the investors for a period of 3 years. After 3 years the Investor has the right to sell his property and buy another at a minimum value of €500,000 (plus VAT if any).
Members of the same family, who apply separately can acquire a residence, provided that the total value of this property covers the amount of €500.000 per each applicant.
If the purchase value of the permanent residence exceeds the amount of €500.000, part of this additional amount can be used for purposes of supplementing the total amount of the investment made in the basis of the criteria of Part 2 above.
Any property/ ies purchased during the past 3 years, can also be included in the required investment amount.
The applicant, prior to his naturalization as a Cypriot citizen must hold a residence permit in Cyprus. If the applicant does not already hold a residence permit, he may apply for an immigration permit on the basis of Regulation 6(2) of the Aliens and Immigration Law, simultaneously with the application for naturalization.
The program applies to the immediate family of the applicant i.e the spouse and dependent children up to the age of 28 if full time university students.
Applicants must hold a clear criminal record from the country of origin and the country of residence (if different).
No requirement to physically reside in Cyprus, before/ after approval.
Cyprus allows multiple citizenship
Same rights as any European Citizen
The whole family can obtain citizenship
You can travel, live, work and study anywhere in the European Economic Area (E.U, Iceland, Liechtenstein and Switzerland)
Additional insurance against political instability
Travel to 157+ countries without a visa
Zero inheritance, gift, wealth and immovable property taxes
Access to some of the highest education and healthcare institutions in the world
The investor is able to rent out his residence
Offers an effective tool for family and tax planning
Free movement of capital, services and goods
The eligible investment is not limited to properties purchased for the first time.