Cyprus Citizenship by Investment
The Cyprus Government offers direct passport and citizenship to high net worth investors making substantial investments in Cyprus under special circumstances for granting passport or citizenship:
EUR 3 million in Real Estate or bank deposits
No residency requirement and passport within 3-4 months
Real Estate Investment
Under the citizenship requirements, you must buy a real estate worth at least EUR 3 million, taking advantage of low property prices and after 3 years you are free to sell the real estate.
Great friendly English speaking people
Favorable Taxation laws and incentives
Visa free travel to over 150 countries including Europe and Canada
Excellent Transport & Telecommunication
High standard of Living
No residency requirement
Immigration to the Republic of Cyprus
Foreigners may make an application to obtain an Immigration Permit on the basis of one of the Categories referred to in Regulation 5 of the Aliens and Immigration Regulations. An Immigration Permit will not be granted to anybody unless the Immigration Control Board recommends to the Minister of Interior that such person belongs to one of the following Categories:
Category A: Persons who intend to work as self employed in agriculture, cattle breeding, bird breeding or fish culture in the Republic, provided that they have in their possession adequate land or a permit to acquire same, they have fully and freely at their disposal capital of approximately EUR 430,000 and such an employment should not negatively affect the general economy of the Republic.
Category B: Persons who intend to work as self employed in mining enterprises in the Republic, provided that they have in their possession a relative permit, they have fully and freely at their disposal capital of approximately EUR 350,000 and such an employment should not negatively affect the general economy of the Republic.
Category C: Persons who intend to work as self employed in a trade or profession in the Republic, provided that they have in their possession a relative permit, they have fully and freely at their disposal capital of approximately EUR 260,000 and such an employment should not affect negatively the general economy of the Republic.
Category D: Persons who intend to work as self employed in a profession or science in the Republic, provided that they have academic or professional qualifications, for which there is demand in Cyprus. Possession of adequate funds is also necessary.
Category E: Persons who have been offered permanent employment in the Republic, which will not create undue local competition.
Category F: Persons who possess and have fully and freely at their disposal a secured annual income, high enough to give them a decent living in Cyprus, without having to engage in any business, trade or profession. The annual income required should be at least EUR 10,000 for a single applicant and additional EUR 5,000 for every dependent person, but the Immigration Control Board may demand additional amounts as necessary. Most applicants come under this Category, the majority of them being pensioners or retired persons.
Citizenship by Investment in Cyprus
On the basis of a Council of Ministers' Decision dated 24th of May 2013 foreign investors can acquire citizenship of Cyprus by investment of 3,000,000 – 5,000,0000 EUR depending on the chosen investment option. In addition to the above-mentioned investment the applicant is expected to purchase residence in Cyprus the cost of which must exceed the amount of EUR 500,000 (+ 5 % VAT). More information about naturalization by exception can be found on the following link: citizenship of Cyprus (EU) Our legal fee to assist with citizenship application is EUR 60,000 per typical family of 3 or 4 members.
Under Cyprus legislation and specifically article 111 of the Civil Registry law 2002 (N.141(I)/2002 as amended) "…the Minister of Interior has the right to grant a certificate of naturalization, upon application by any alien adult with full capacity, who satisfies the Minister that he/she fulfils the criteria for naturalization according to the third table of the law."
In 2011 Cyprus first introduced a Citizenship-by-Investment program, which has undergone several updates since. Note that the Cypriot Government is currently reviewing the program, and it is expected that the investment requirements will be further lowered from current levels and that a residence requirement of at least one year will apply, following the agreement reached between Malta and the European Commission, which introduced such a requirement. This page will be updated as soon as the Cypriot government's revised criteria for its program are made public. The currently applicable Council of Minister's decision of May 24, 2013, which is still in force, enables foreign nationals to gain citizenship if they meet certain criteria set out by the Ministry of Interior, under one of the following options:
1. National Investment and Donation
With this option an amount of EUR 2 million must be deposited with the Treasury of the Republic, as an investment in the National Investment Company. Additionally, EUR 500,000 needs to be donated to the Research and Technology Fund.
2. Direct Investments
The applicant can also make a direct investment into the Republic of Cyprus amounting to at least €5 million including the purchase of real estate, businesses, shares or other financial assets.
With the bank deposits option, the applicant should have personal deposits in Cypriot banks or deposits of privately owned companies or of a trust (in which he is a shareholder, settler or beneficiary) in the Republic of Cyprus amounting to a minimum of EUR 5 million. Such deposits must be held in a banking institution within the Republic of Cyprus for a period no less than three years.
4. Local Business Activities
This option of obtaining citizenship is more complex. An applicant must establish a new company registered in the Republic of Cyprus in which they have full control. Following this, the company must have paid to the Government of Cyprus an amount of at least EUR 500,000 per annum for the three years preceding the citizenship application submission date.
Alternatively, if the headquarters of the company are located in Cyprus and no less than five Cypriot citizens find employment there, the annual government fee is reduced to EUR 350,000. If the business employs 10 Cypriot citizens or more, the amount decreases to EUR 250,000. In all of the above cases a three year period preceding the application must be met.
5. Combination (mixed option)
The applicant can also choose to fulfill a combination of requirements stated in points 2, 3, and 4.
6. Impaired deposits with the Bank of Cyprus or Popular Bank after the 15th March 2013
A further option is available for applicants who have incurred an impairment in deposits on one or both of the abovementioned Banks amounting to a total of at least EUR 3 million.
In all cases except the last option, the applicant must hold a privately-owned property in the Republic of Cyprus, the market value of which must be at least EUR 500,000 excluding V.A.T., and must have a clean criminal record.