The Government of Cyprus has established many incentives to attract foreign direct investment into the country, the citizenship-by-investment program is one of these incentives. Successful applicants are granted full Cypriot citizenship and the right to live, work and study in all 28 European Union (EU) member countries.
The citizenship-by-investment program in Cyprus is available for investors applying to the Scheme for Naturalization of Investors in Cyprus by Exception based on Section 111A (2) of the Civil Registry Laws of 2002-2013.
The Cyprus Council of Ministers grants citizenship by naturalization to foreign entrepreneurs. The applicant’s spouse, his/her dependent children and financially dependent adult children may also be granted citizenship. According to the amendments made in September 2016, parents of the applicant can be given citizenship status provided that an additional investment in real estate is made.
Besides the purchase and lifetime possession of a property (that exceeds EUR 500,000 plus VAT) in Cyprus (declared as the applicant’s residence in Cyprus), Foreign investors interested in applying for the citizenship-by-investment program must also meet ONE of the following investment criteria:
- The benefits of acquiring a Cyprus Citizenship include:
- The applicant must make an investment for the purchase of construction of real estate, developments and infrastructure projects. Minimum investment of EUR 2 Million. (The initial purchase and lifetime possession of a property that costs a minimum of EUR 500,000 plus VAT in Cyprus can be included in the EUR 2 million investment.
- The applicant must make an investment in the purchase, creation or participation in a business or company in Cyprus. The company or business must be recognized in Cyprus and employ a minimum of five Cypriot citizens. Minimum investment of EUR 2 Million.
- The applicant must make an investment in alternative investment funds. Or, the applicant must make an investment in the financial assets of an enterprise in Cyprus. Or, the applicant must make an investment in an organization licensed by the Securities and Exchange Commission in Cyprus. Minimum investment of EUR 2 Million.
- The applicant must make an investment in a combination of the above; this combination can include the purchase of special government bonds amounting up-to EUR 500,000. Minimum investment of EUR 2 Million.
Note: To meet the requirements above, the applicant can either meet the requirements individually or through a company/companies in which the applicant acts as a shareholder or even as a high-ranking senior manager.