Passport
Participating in the programme an investor with his family obtain Cyprus passports. This is not a residence permit or a visa but rather full citizenship of the EU-member state. The programme has already attracted over 3 billion euros of direct investments into the economy of the Republic of Cyprus.
Benefits of the programme
The programme is unique in Europe and very appealing:
- Cyprus passport is a full EU passport. Investor and his family can freely reside, work, study, have business in any of the EU-member states as well as in Switzerland, Liechtenstein, Norway and Iceland.
- Holder of Cyprus passport can travel visa-free in 157 countries in total.
- Dual-citizenship is permitted. Acquisition of Cyprus citizenship is not reported to other countries.
- The passport is issued also for the investor’s spouse and all financially dependent children (up to 28 years old). All next generations of investor retain EU citizenship.
- The investor’s parents are entitled to apply for citizenship provided that they are owners of a private residence in Cyprus of at least €500,000 excluding VAT.
- An express procedure - 3 months to be approved.
- No requirement to reside in Cyprus.
- Minimum investment required is €2million (here and below amounts are excluding VAT where VAT is applicable).
- The investment must be kept just for 3 years. After that the assets can be sold. To be more precise, the Law states that a property of minimum value of €500,000 must be kept as a private residence.
- No donation to the Cyprus government.
- No history and language proficiency tests
Investment options
An investor is free to choose where to invest from a wide choice of options:
- Residential properties
- Commercial properties
- Development projects
- Purchase or creation or participation in Cypriot businesses or companies
- Investment funds, financial assets of Cypriot businesses or organisations
- Government bonds (maximum €500,000 in bonds; the balance €1,5mln should be invested in other assets)
- Combination of the above options
Requirements for investors
An investor must meet the following requirements:
- The minimum investment amount is €2mln.
- Keeping investments for a period of minimum 3 years.
- Clear criminal record for applicant, spouse, adult children and parents.
- The investor must own a private residence(ies) in Cyprus, purchased for at least €500.000.If investments are made into residential property(ies), this requirement is not applicable.
- The investor must be the holder of a residence permit in Cyprus to qualify for receiving the Cyprus Citizenship. For this purpose, he/she should submit an application for a residence permit, which will be issued simultaneously with the filing of the Citizenship application.The obtaining of residence permit is a formality for the citizenship applicant. There is still no requirement for the investor to live in Cyprus.
Comparison with similar programmes
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Cyprus
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Malta
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UK
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Spain
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USA
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AUSTRALIA(180C)
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Canada (QC)
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Results
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EU passport
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EU passport
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EU residence for 5 years (3 years + 2 years) – passport after 6 years plus exam in English
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EU residency for 5 years
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Permanent residence
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Temporary residence
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Permanent residence
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Time to obtain passport
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3 months
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12 – 14 months
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6 years
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10 years
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5 years
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5 years
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6 years
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Amount of investment
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2,000,000 euro
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500,000 (or 150,000 plus rent of a property for minimum of 16,000 for five years
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2,000,000 GBP
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500,000
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500,000 USD
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5,000,000 AUD
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800,000 CAD
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Donation
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650,000 (plus 50,000 for every adult family member and 25,000 for under 18)
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Duration for investment to be kept
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3 years
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5 years
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5 years
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5 years
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5 years
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4 years
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5 years
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Assets
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Bonds or securities of Cyprus companies, OR real estate OR business
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Bonds and real estate
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Bonds or securities of the UK companies (75%) and real estate or deposit (25%)
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Bonds or real estate or business
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EB5 project
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10% in registered VCPE fund-ness- 30% in emerging companies – 60% in balancing investments
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Government bonds
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Physical residence
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NO
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6-12 months
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Not to be absent for more than 450 days within first 5 years and not more than 90 days within the 6th year
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Yes
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Without leaving the United states for trips for 3 months or longer
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Accumulately resides 160 days in Australia in 4 years
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Without leaving Canada for trips of 6 months or longer
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Dual citizenship
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YES
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YES
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YES
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NO
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YES
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YES
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YES
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Visa Free travel, Residence and work in EU
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Unlimited
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Unlimited
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Residence in the UK, no working permission
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Free travel in schengen countries and residence in Spain, no working permission
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Unlimited
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Unlimited
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Unlimited
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