Acquiring Cyprus Citizenship by investment is also a possibility.
An individual can become a Cypriot citizen by the means of investing in the country’s economy. Since March 2014, the council of ministers made the decision to allow non-Cypriots to become citizens of the country by meeting certain conditions. These conditions can either be met by the individual or by a company where such individual is a shareholder and/or an executive director.
How to get Cyprus Passport by Investment?
The Cyprus investor program is designed to attract foreign individuals who will be entitled to receiving a passport after making some investments in bonds, real estate, and many more.
The Cyprus Investment Program (CIP) is based on subsection (2) of Section 111A of the Civil Registry Laws of 2002 to 2019, which was approved by the Cyprus Council of Ministers on September 2016, with subsequent amendments made in May 2018, February 2019, May 2019, and August 2019.
By cause of this law, the Council of Ministers may grant citizenship by naturalisation to foreign entrepreneurs, as well as to the spouse/civil partner, children, as well as the parents of the investor. Details of this can be found further below.
- A €2,000,000 (two million Euro) (plus VAT of 0%, 5%, or 19%) investment in residential immovable property, residential or commercial developments, developments in the tourist sector or other infrastructure developments, or
- A €2,000,000 (two million Euro) investment in companies or organizations registered and conducting business in Cyprus. Note that such companies or organizations must have substance and physical presence in Cyprus and must employ at least five EU national employees. Investments in the Cyprus Shipping sector are also acceptable on the basis of specific measurable criteria to be determined by the Shipping Deputy Ministry, or
- A €2,000,000 (two million Euro) Investment in Alternative Investment Funds or financial assets of Cyprus companies or Cyprus organisations that are licensed by CySEC. These investments must be exclusively performed in Cyprus, or
- A combination of the 3 aforementioned sectors, provided that the total invested amount is at least €2,000,000 (two million Euro).
Please note that irrespective of the option chosen, the invested amount must remain in the Republic for a minimum period of five years, However, the applicant has the right to replace his investment during that period, provided that he obtains the relevant permit from the Ministry of Finance.
- € 75.000 donation to the Cyprus Land Development association and
- € 75.000 donation to the “Foundation for Research and Innovation” or another certified Innovative Business or Social Welfare Company approved by the Ministry of Finance. Alternatively, the applicant that invests in companies or organizations registered and conducting business in Cyprus (under the second investment option) and at least 20% of the necessary investment cost (i.e. €400.000) is invested in the fields of renewable sources of energy, research, technology, education, or health, then the applicant’s requirement for the second mandatory donation is waived.
- Clean criminal record. Additionally, his/her name must not appear in the list of persons, whose assets within the EU have been frozen.
- The applicant must not have had a citizen application previously rejected by any other EU member state.
- The applicant must already be a holder of a valid Schengen visa, unless he/she is an EU citizen or a third country national from a country that Schengen Visa is not a necessary requirement for the entrance in the Republic of Cyprus.
- The applicant must also purchase a permanent privately owned residence in the Republic of Cyprus of at least €500,000 plus VAT, noting that if the applicant has only invested in residential units, he/she will not be required to acquire additionally a private residence of €500,000, provided one of these residential units is of value equal to at least €500,000; The investment of €2,0 million may be disposed of at the lapse of 5 years from the date of the issuance of his naturalization certificate, however, a permanent residence must be kept for life.
- The applicant must be in possession of a Cyprus Permanent Residence Permit (PRP) for at least 6 months prior to applying for the Citizenship through investment. If not, he/she may apply for PRP simultaneously with the main citizenship application. Where the applicant applies for PRP exclusively for the purposes of CIP, no other requirements are imposed except for those already discussed and are necessary for the CIP.
- The applicant’s spouse/civil partner and dependent children (up to 18 years old) can be included in the application, without any additional financial criteria.
- The applicant’s children who are over 18 but not over the age of 28 can be included in the application, provided they are full time students working towards their Bachelor’s Degree or first Master’s Degree or suffer from severe physical or mental disability.
- The applicant’s parents can also be included in the application provided they also purchase a private residence worth at least 500,000 euros.