Cyprus is the largest island in the Eastern Mediterranean and the third-smallest country in the European Union (EU). With its subtropical climate, idyllic beaches and rich culture it isn’t hard to understand why Cyprus is emerging as a popular destination for families looking to relocate.
The first Citizenship-by-Investment Program in Cyprus was launched in 2013 but has recently been revised to equally benefit the country and the investor.
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One of the main attractions of Cypriot citizenship is that this Mediterranean island is a member state of the EU and that its citizens therefore enjoy EU-wide freedom of movement. Cyprus has been identified as a base for offshore businesses and investments because of its low tax rates and transparent legal framework. It has a free-market, serviced-based economy based mainly on tourism, financial services and shipping.
Official languages are Greek and Turkish, but English is widely spoken. French, German and Russian are also spoken within the tourism industry.
To qualify for Cypriot citizenship, the main applicant must be aged 18 years or older, have a clean criminal record and satisfy one of the following which each set a minimum of EUR 2 million:
Applicants choosing to invest in the property market may obtain Cypriot citizenship in less than the usual four months. Their application will comprise the following steps:
For the application to be successful, the applicant must own a permanent private residence in Cyprus with a market value of at least EUR 500 000, plus VAT unless the investment option of real estate is chosen. Members of the same family who apply separately as investors can jointly buy a residence, provided that the total value of the residence equals or exceeds the amount of EUR 500 000 per applicant.
The applicant must hold a residence permit in the Republic of Cyprus. If the applicant does not already hold a residence permit, an application should be submitted at the same time as the citizenship application. No extra documentation will be required.
The average time for an application to be examined and approved is approximately four months.
|Real Estate Investment||EUR 2 million|
|Business investment||EUR 2 million|
|Investment funds or financial assets||EUR 2 million|