The Government of Cyprus has established and revised a “Scheme for Naturalization of non-Cypriot investors by exception” on the basis of subsection (2) of section 111A of the Civil Registry Laws of 2002-2015. The government of Cyprus is offering Cypriot citizenship (European Union citizenship) and passports to international investors who contribute to the country’s economic development through the Cyprus Citizenship by Investment Program (CBI).
Cyprus Citizenship by Investment Program offers affluent persons of impeccable standing to receive the Cypriot (EU) citizenship and passport on the basis of an investment in Cyprus. EU citizenship grants the permission to live, work or study in any country of the European Union.
2. Personal Requirements
(1)The applicant must be at least 18 years old;
(2)The applicant must have a clean criminal record.
3. Investment Options
Cyprus Citizenship by Investment Program
Investments by residential real estates or other investments
Residential Real Estate Investment
This option requires a minimum total investment amount of €2 million in residential real estate. The total investment amount must include a permanent personal residence valued at no less than € 500,000. The remaining investment amount of € 1.5 million must be made in residential real estate, to be held for a minimum of three years. If the personal residence is valued at € 2 million or more, then no additional investment is required.
This option requires a minimum total investment of €2.5 million. Part of the investment must be a personal residence purchased for at least € 500,000. The remaining investment amount of € 2 million can be made using a mix of the following, held for at least three years:
(1)Eligible Real Estate, such as residential, commercial, infrastructure or developed land, or
(2)Interest-bearing Cyprus Government Bonds (up to a maximum value of € 500,000), or
(3)Alternative Investment Fund (AIF) or financial assets of a Cyprus entity licensed by the Cyprus Securities and Exchange Commission, or
(4)Company formation or acquisition or participation where the applicant is a majority shareholder, with activities in Cyprus, and employing 5 Cypriot or EU nationals who have been residing in Cyprus for over five years, or
(5)A combination of any of the above.
4. Advantages of Cyprus Immigration by Investment
(1) Minimum entry requirements: No requirements on language, education, source of funds or business management;
(2) No need to provide source of funds and medical check report;
(3) No Requirement to Physically Reside in Cyprus;
(4) One application for migration of up to three generations: applicants can bring along their dependents (spouse, children under 18, dependent children up to the age of 28 if full time university students, or for children with severe physical or mental disabilityand parents of the applicant and spouse) to live in the Cyprus.
(5) Visa free/ Visa on arrival: passport holders can travel to more than 170 countries without visas or visa on arrival, including all EU countries.
5. Application procedures
The documents and information requirements of the Citizenship by Investment Program of Cyprus are quite reasonable and application procedures are very straight forward, no interview is required. Applicants normally come to Cyprus to purchase real estate, sign the sales and purchase agreement, pay the deposit, and submit the related documents to the Cyprus government. Approval will be granted after 6-8months. Applicants are required to land Cyprus for biometric information after the approval.
6. Dual citizenship
allows its citizens to have double or multiple nationalities.
Note: This document is for reference only, all terms are subject to written contract.