In March 2014, Cyprus changed the legislation that enables foreign investors to become a Cypriot (EU) citizen and obtain a Cypriot passport through naturalization. Any non-Cypriot citizen may apply for Cypriot citizenship through Naturalization by Exception, by meeting certain criteria.
The citizenship-by-investment program allows full Cypriot citizenship to applicants that invest more than EUR 2 million in real estate and who meet certain other requirements.
The program offers the most simple and efficient means of obtaining EU citizenship giving the opportunity to investors and their families to study, live and work in any of the EU member countries.
Criteria & Conditions
Direct Investments in Cyprus amounting to a minimum of €2 million, held for at least 3 years, in one of the following:
Investment in real estate, land development, and infrastructure projects purchase, creation or participation in businesses and companies based and operating in Cyprus. These companies are required to have a physical presence in Cyprus and employ at least 5 Cypriot citizens.
In addition to the above criteria the applicant must fulfill the following conditions:
hold a Clear Criminal Record from the country of origin or/and country of residence.
privately owned residence in Cyprus, the costs of which must exceed the amount of €500.000 excluding VAT. If the direct investment is made in residential property, this requirement is not applicable.
in case the investor’s parents are included in the application either purchase an additional property of at least €500.000 or the investor and parents acquire one residential property of a total value, minimum, €1 million.
- The main investment may be sold after three years; however, the investor must always maintain/purchase a property with a value of at least €500,000
- VAT may be reduced to 5% for the first property (<200m2), then the standard VAT rate of 19% is applied for second property and above
- The approval of Citizenship under the relevant Decision is granted by the Cyprus Council of Ministers.
- The application package is submitted to the Ministry of Interior. The Ministry of Finance assesses the financial criteria.
- The application of the spouse is submitted concurrently with the application of the main applicant. Upon the approval of these applications, children applications follow.
- After examination by the two Ministries, the application is presented to the Council of Ministers.
- The application processing usually takes 3 months
Key Benefits of Obtaining Cyprus EU Citizenship
- A single application for all the Family; including the spouse of the applicant, children under 18 years, and adult dependent children (over 18 years and up to 28 years). Parents of the investor have the right to obtain citizenship as well.
- FAST-TRACK process – 3 months
- No Tax Consequences – unless spend more than 183 days in one calendar year.
- Visa-free travel to more than 158 countries.
- Valid for life and passed on to new generations.
- Cyprus allows Dual Citizenship
- No physical residency requirement
- Enjoy the freedom to live, work, study and travel throughout Europe.
- Establish a business and transfer money in any European country.
- No language requirement, medical test or interview
- Cyprus does not have Inheritance Tax, has a favorable corporate tax structure and a comprehensive double tax treaty network
- Excellent Investment opportunities
- Cyprus is an admirable place to visit and live. It enjoys a strategic geographical position, offers excellent worldwide connections, has excellent infrastructure, a pleasant climate and a highly stable economy, excellent healthcare services and outstanding education
- Contract of sale
- Receipts for paying the agreed purchase price
- Certificate of Clean Criminal Record from the country of origin and the country of residence
- Detailed CV
- Birth certificate of the applicant
- Marriage certificate
- Photocopy of the applicant’s and the applicant’s parents’ passports
- Evidence of the proof of funds