The Government of Cyprus has established and revised the “Cyprus Investment Programme” on the basis of subsection (2) of section 111A of the Civil Registry Laws of 2002-2017, non-EU investors and their families can acquire the Cyprus Citizenship through naturalization by exception, on the basis of the Decision by the Coundil of Ministers of the Republic of Cyprus.
- FAST TRACK procedure: Examination and approval time is within 6 months.
- The applicant must, prior to his naturalization process, possess a residence permit of the Republic of Cyprus for a period of 6 months. (In case they do not hold a Temporary Residence Permit already). If the applicant does not already hold a residence permit, he/she may apply for an immigration permit simultaneously with the application for naturalization.
- The applicant must have donated at least €75,000 to the Research and Innovation Foundation.
- The applicant must have donated at least €75,000 to the Cyprus Land Development Corporation for the financing of housing schemes.
- A €2 million (plus VAT if any) investment in a single residence or in a portfolio of housing units. The residence must be retained by the investor for a period of 5 years. During the 5-year period the investor may replace the investment during the said five-year period provided that he/she has obtained beforehand an approval by the Ministry of Finance. However, the investor must maintain a property with a minimum value of €500,000 plus VAT throughout his/her lifetime.
- If the applicant will invest in housing units that have already being used for the purpose of acquiring the Cypriot Citizenship via the Programme, the above provision will be in force provided that the total amount of the investments, including the privately-owned residence, is at least €2,5 million.
- The parents of the investor have the right to apply for a Cypriot Citizenship aftter the investor has acquired the Cyprus Citizenship given that a further investment of a minimum value of €500.000 plus VAT is made on a residential property.
- It is noted the investor and his/her parents may collectively acquire a residence, provided that the total of this home – property is at least €1.000.000 (plus VAT if any).
- Any property/ies purchased during the past 3 years will also count towards the required investment amount.
- No requirement to physically reside in Cyprus, before/after approval.
- Applicants must hold a Ceritficate of Clean Criminal Record from the country of origin and country of residence if different, and their name must not be on the list of persons whose property is ordered to be frozen within the EU.
- A thorough due diligence will be conducted on the applicants and a due diligence report, issued through an internationally accepted database (e.g. LexisNexis, World Check etc), will be required to be submitted.
- The money for the purchase of the property must come from abroad through legal sources.
- Applicants must hold a clean criminal record from the country of origin & country of residence if different & their name must not be on the list of persons whose property is ordered to be frozen within the EU.
- Immediate family of the applicant (i.e. the spouse and children under the age of eighteen) can obtain Cyprus Citizenship
- The right to apply for citizenship is also granted to the financially depended adult children of the investor (students up to the age of 28)
- Cyprus allows dual citizenship
- Cyprus has no inheritance tax
- Free movement of capital/services/goods
- No requirement to physically reside in Cyprus
- Right to work, reside and buy property in all 28 EU member countries
- Offers an additional insurance against political instability
- Right to travel to all 28 European Union member states without visa restrictions
- Cypriot passport holders are entitled to travel visa- free in 171 countries
- Enjoy governmental welfare benefits to all European Union countries
- Benefit from the legal rights of a natural born as a Cypriot citizen
- Risk free Freehold Property ensures permanent property rights, plus your investment can generate rental income