SUMMARY OF THE CYPRUS CITIZENSHIP PROGRAMME
- You can obtain European citizenship with a Cypriot passport in three months
- People of any nationality can apply for the Cyprus Citizenship Programme
- Cyprus recognizes dual citizenship if applicants wish to retain their current nationality
- There is no need to live in Cyprus at any point in time to obtain citizenship
- You, your spouse and dependents up to the age of 28 can obtain citizenship
- Your grandchildren also inherit the citizenship via naturalization
BENEFITS OF THE CITIZENSHIP PROGRAMME
- Living & Working: Citizens have the right to live and work anywhere within the 28 countries of the European Union (EU)
- Freedom to Travel: Citizens enjoy visa-free or visa-on-arrival travel to 185 countries/territories worldwide
- Education: Citizens have the right to attend schools and universities within any EU country for free, or at heavily subsidized ‘EU national’ rates
- Healthcare: They can also benefit from the world-renowned and leading healthcare systems in the EU
- Tax: Cyprus offers a very favourable tax system
- Fast Processing Time: Applications can be processed in as little as 3 months - making it one of the fastest routes to EU citizenship
WHO CAN APPLY FOR CITIZENSHIP?
- There is no minimum age requirement
- Applicants may be of any nationality
- The applicant's spouse applies simultaneously with the applicant for citizenship. The applicant’s dependents may apply upon approval of the parent(s) application, at no extra cost.
- Investor's parents are entitled to apply provided they acquire a permanent residence in Cyprus of at least €500,000 excl. VAT. For this purpose the investor and his/her parents may acquire one residential property of a total value of at least €1,000,000 excl. VAT (€500,000 being allocated to the investor and the remaining €500,000 being allocated to their parents)
- Dependents are defined as follows:
- Children up to the age of 18, and
- Children from the age of 18-28 provided that they are financially dependent on the main applicant
In order to qualify for the Cyprus Citizenship Programme, a financial investment (detailed in the “Investment Options” section), must be made, and applicants must meet the following requirements:
- Must submit a Sworn Statement on whether they applied for citizenship in another EU member state. Applicants rejected by another EU member state will not be eligible to apply
- Must have a valid passport and hold a valid Schengen visa upon applying
- Provide documents supporting the source and origin of the declared funds for investment
- Provide proof that the applicant has no criminal record
- The applicant’s name must not be included in the list of persons whose property is ordered to be frozen within the boundaries of the EU
- Payment of application fees
In accordance with the Regulations issued by virtue of the Civil Registry Laws, foreign investors wishing to obtain a Cypriot citizenship by investment need to meet the following requirements:
Must hold a permanent privately-owned residence in the Republic of Cyprus, with a purchase price of at least €500,000 plus applicable VAT. (This condition does not apply if the full €2 million is invested in residential property, as per Investment Option 1 below provided that at least one of the units is worth at least €500,000 and the applicant retains the residence for life).
With effect from 15th May 2019 applicants must make a donation of €75,000 for low income housing and €75,000 to the R&D Foundation of the Government. This requirement may be waived if the applicant has already invested in R&D within specific sectors of the economy, including agriculture, industrial, health, renewable energy, and education.
Must choose one of the prescribed investment options and maintain it for the required duration
1. Real estate
Direct investment of at least €2 million for the acquisition or development of real estate projects (residential, commercial, tourism or other infrastructure). The acquisition of land is not considered to be a qualifying investment under this criterion. Applicants investing in a residential property which has already been used for the purposes of the Program by another successful applicant must invest a minimum of €2.5 million instead of the €2 million initially required. The investment must be held for a minimum of 5 years. Applicants can take profit by selling and re-investing within the 5-year period provided they obtain prior approval from the Ministry of Finance. All property used for the purposes of the Program must possess a Town Planning Permit.
2. Cypriot businesses or companies
Investment of at least €2 million in the purchase, creation, or participation in businesses or companies, that are based and operating in Cyprus. These businesses or companies should evidently have a tangible presence and substantial activity and turnover in Cyprus and employ at least five Cypriot or EU citizens who have been legally residing in Cyprus for a continuous period of at least 5 years.
3. Alternative Financial Assets
Purchase financial assets of at least €2 million in investments that meet the criteria of this Sheme (units in AIFs, bonds, debentures, other securities, etc.), and are registered and issued in the Republic of Cyprus, in companies or organisations with substantial economic activity in Cyprus which are regulated by the Cyprus Stock Exchange Commission (CySec).
4. Combination of Investments
The applicant may choose to have a combination of 1, 2 and 3 proved that the total investment amounts to at least €2 million.
The applicant may also purchase special governmental bonds of the Republic of Cyprus up to a maximum amount of €500.000, which must be retained for a 3 year period.