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
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