The government of Cyprus has implemented a new immigration initiative, a fast track citizenship scheme, aiming to motivate nonEU high net worth individuals, migrant entrepreneurs and investors to invest in Cyprus in return for the Cypriot citizenship. The scheme also covers high ranking senior manager of a company or group of companies which invest in Cyprus. This scheme has been established pursuant to the amendments to the Cyprus Civil Registry and Migration Law.
The scheme is based on a fast track process so that it operates efficiently and avoids bureaucratic restraints. The investment eventually allows the applicant and their family to obtain Cypriot passports and have the benefits of an EU Cypriot citizenship.
The value of these investments must be € 5.000.000 (Euro five million). However if the investor also participates in a special collective investment scheme (with a total value up to € 12,500,000 – Euro twelve and a half million) then the criteria will be reduced to €2.500.000 (Euro two and a half million). If the special collective investment scheme is worth more than € 12.500.000 then the criteria will be reduced to only € 2.000.000 (Euro two million).
A nonCypriot citizen is entitled to apply for the acquisition of the Cypriot citizenship provided that certain criteria are met.
The investment can be in the following or any combination of the investments or deposits mentioned in the below paragraph.
• Investment in government bonds through the primary or secondary market, or
• Investment in financial assets of Cypriot companies or organisations, or
• Investment in real estate, land development and infrastructure projects, or
• Purchase of or creation or participation in Cypriot businesses or companies
The eligible investment is not limited to properties purchased for the first time.
The investor can also apply for EU Cypriot citizenship if he has fixed term deposits for three years in Cypriot banks of at least € 5.000.000 (Euro five million). The deposits can be either personal or through a privately owned company or trust in which s/he is the beneficial owner.
Necessary criteria that need to be met before an application is submitted:
1. If the investment is in real estate the minimum amount must exclude VAT. Any property purchased by the applicant during the last three years will count towards the above mentioned investment figures. In the opposite case the applicant must proceed with additional investments in order to reach the total required amount. The threeyear period counts at the time of submitting the application for citizenship.
2. Purchase of a permanent residential property the market value of which must be €500.000 (Euro five hundred thousand) minimum, excluding VAT, included in the total investment.