Participating in the programme investor with his family obtain Cyprus passports. This is not a residence permit or a visa but rather full citizenship of the EU-member state.
The programme requires the amount of €2mln to be invested in Cyprus for 3 years. The citizenship is granted within just 3 months!
The programme has already attracted over 3 billion euros of direct investments into the economy of the Republic of Cyprus.
Advantages of the programme – The programme is unique in Europe and very appealing:
- Cyprus passport is a full EU passport. Investor and his family can freely reside, work, study, have business in any of the EU-member states as well as in Switzerland, Liechtenstein, Norway and Iceland
- Holder of Cyprus passport can travel visa-free in 157 countries in total
- Dual-citizenship is permitted. Acquisition of Cyprus citizenship is not reported to other countries
- The passport is issued also for the investor’s spouse*** and all financially dependent children (up to 28 years old). All next generations of investor retain EU citizenship
- The investor’s parents are entitled to apply for citizenship provided that they are owners of a Cyprus permanent residence of at least €500.000
- An express procedure – 3 months to be approved, plus another 3 months to actual passport
- No requirement to reside in Cyprus
- Minimum investment required is €2mln (here and below amounts are excluding VAT where VAT is applicable)
- The investment must be kept just for 3 years. After that the assets can be sold. To be more precise, the Law states that a property of minimum value of €500.000 must be kept as a private residence (we
- expect that this condition will be removed; anyway this private residence can be rented out and generate rental income for investor)
- No donation to the Cyprus government
- No history and language proficiency tests
Investment options
An investor is free to choose where to invest from a wide choice of options:
- Residential properties
- Commercial properties
- Development projects
- Purchase or creation or participation in Cypriot businesses or companies
- Investment funds, financial assets of Cypriot businesses or organizations
- Government bonds (maximum €500.000; the balance €1,5mln should be invested in other options like property)
- Combination of the above options
Requirements for investors
An investor must meet the following requirements:
- The minimum investment amount is €2mln
- Keeping investments for a period of minimum 3 years
- Clear criminal record for applicant, spouse, adult children and parents
- The investor must own a private residence(ies) in Cyprus, purchased for at least €500.000. If investments are made into residential property(ies), this requirement is not applicable
- The investor must be the holder of a residence permit in Cyprus to qualify for receiving the Cyprus Citizenship. For this purpose, he/she should submit an application for a residence permit, which will be issued simultaneously with the filing of the Citizenship application. The obtaining of residence permit is a formality due to EU regulation. There is still no requirement for the investor to live in Cyprus.