Cypriot citizenship can be granted in a minimum of Six (6) months following application. Successful applicants become EU citizens and are entitled to the benefits of visa-free access to 173 countries, including the UK, and the right to live, work and study in any of the other EU member countries.
Provide a minimum investment of €2,000,000 into one of the following four (4) options:
2. REAL ESTATE
Purchase a property in Cyprus for a minimum value of €500,000, plus V.A.T., provided that the applicant retains possession of the residence for life.
TERMS AND CONDITIONS:
1. Clean Criminal Record: the applicant must have a clean criminal record.
2. Residence in the Republic of Cyprus: the applicant must possess a permanent privately-owned residence in the Republic of Cyprus, the purchase price of which must be a minimum of €500.000, plus V.A.T.
Members of the same family, who apply separately as investors, can collectively acquire a residence, provided that the total value of this home-property covers the amount of €500.000 per each applicant.
3. Residence Permit in Cyprus: The applicant, prior to his/her naturalization as a Cypriot citizen, must hold a residence permit in Cyprus.
Cyprus: The Cyprus Citizenship by Investment Programme – Key Changes
In February 2019 the Cyprus Council of Ministers approved revisions to the Cyprus Citizenship by Investment Programme.
These changes include the addition of contributions to research and development within Cyprus and to fund affordable housing on the Island.
Changes with Immediate Effect
Three (3) changes to the programme have come into effect immediately:
The following revisions were implemented on 15 May 2019, namely:
✔ Donation of at least €75,000 to the Cyprus Research and Innovation Foundation … and
✔ Donation of at least €75,000 to the Cyprus Land Development Corporation.
An Overview of the Approved Investment Criteria
In addition, applicants must invest in ONE of the following:
The applicant must purchase financial assets in a Cypriot company or organisation with a minimum value of €2 million.
The company or companies must have a physical presence and substantial economic activity in the Republic of Cyprus.
The applicant must invest at least €2 million purchasing, establishing or participating in a business or company that is based and operating in Cyprus.
Such businesses or companies must have a tangible presence in Cyprus and employ at least five (5) Cypriot or EU citizens.
The applicant must meet a combination of the above criteria, with the total investment amounting to at least €2 million.
The applicant must invest a minimum €2 million purchasing or constructing buildings or in other land development projects.
If the investment is ONLY made in a number of residential properties and one property is worth at least €500,000, and is a permanent, privately-owned residence in Cyprus that will be retained for life, the purchase of another permanent residence in Cyprus will NOT be required.
Therefore, this provision now serves to reduce the total contribution required to meet the financial criteria to €2 million (rather than the €2.5 million for each of the other criteria).
DATE: 15 MAY 2019
Caution The content of this article is intended to provide a general guide to the subject matter. Professional advice should be sought pertaining to specific circumstances.