Countries

CYPRUS

Citizenship by Investment
A Brief Overview

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.

Benefits of Cypriot Citizenship
Investment Options
  • As Cyprus is a member of the EU, Cypriot citizens also enjoy EU citizenship, which guarantees freedom of movement, work and study in EU member states as well as social and legal security

 

  • You and your family will enjoy full citizenship and will be issued a passport

 

  • Visa-free travel to 159 countries, from Singapore and Hong Kong to Canada and the UK

 

  • Residency is not required

 

  • The application process is simple and applications are typically approved within three months
  • Your wealth is invested, not donated

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:

 

  • Investment in real estate, development and infrastructure projects:
    Developments may be residential or commercial. Under certain conditions, building plots also qualify

 

  • Purchase or establishment of, or participation in, Cypriot businesses and companies:
    The investment must finance a Cypriot enterprise’s plans in Cyprus exclusively, and the company must employ at least five Cypriot or EU citizens who have been residing on the island for at least five years immediately preceding the investment

 

  • Investment in alternative investment funds or financial assets of Cypriot enterprises or Cypriot organizations:
    The alternative investment fund must be licensed and supervised by the Securities Exchange Commission, and the fund investments must be made exclusively in Cyprus

 

  • Combination of the above investments:
    The applicant may choose to combine of any of the above criteria amounting to at least EUR 2 million. This combination may include a maximum investment of EUR 500 000 in special government bonds of the Republic of Cyprus
The Process

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:

  • To make their selection, investors will be assisted by market-intelligence team working with local partners to compile a wide-ranging portfolio of due-diligized properties
  • To assist clients, they will be sent an application package that includes a checklist of documents required (e.g. birth, marriage, divorce and police-clearance certificates)
  • Once all the documentation has been collected and requirements met, clients may submit their application for citizenship to the Cypriot government to be cleared by the Ministry of Finance and the Ministry of the Interior

 

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.

Investment Summary
OptionMinimum Investment
Real Estate InvestmentEUR 2 million
Business investmentEUR 2 million
Investment funds or financial assetsEUR 2 million

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