The Cyprus Citizenship by Investment Programme – Your Passport to the EU
Cyprus, a full member of the European Union (EU) since May 2004, provides the "Cyprus Investment Programme" that qualifies for Cyprus Citizenship for the investor and his/her family if certain conditions are met.
The Cyprus Investment Programme opens the way to the exclusive nature of the Cypriot passport, currently ranked 12th by the passport index. Qualifying investors can be granted Cypriot Citizenship approval within three to four months. This is substantially faster than in other EU countries offering similar investment programmes.
Main criteria of the Cyprus Investment Programme qualifying for Cyprus Citizenship:
- The minimum investment to qualify for Cyprus Citizenship is €2 million.
- The following investment options are available to investors:
- Investment of at least €2.000.000 in real estate, land development and infrastructure projects or,
- Investment of at least €2.000.000 in financial assets of Cypriot companies or businesses, or
- Investment of at least €2.000.000 in Alternative Investment Funds (AIFs) or financial assets of Cypriot companies that are licensed by CySec, or
- Combination of the above 3 criteria.
- The applicant must possess a permanent privately owned residential property of at least €500,000 in Cyprus.
- The applicant's parents are also eligible to apply for Cyprus Citizenship after the investor has acquired his/her citizenship, provided that they are themselves owners of a private residence of at least €500,000. Or, the investor and his/her parents may collectively acquire a private residence, provided that the total value of the residence property is at least €1.000.000.
- The amount that can be invested in Government Bonds is now limited at €500,000.
- An important criterion is the requirement to obtain a permanent residence permit for every applicant, prior to application for Cyprus Citizenship. The procedure for acquisition of the Cypriot Citizenship will be completed only when the applicant holds a residence permit for a period of at least 6 months. If the applicant does not hold a residence permit, then he/she can apply for a Permanent Residence Permit simultaneously with the application for the Citizenship, while the procedure for the acquisition of the Cypriot Citizenship will be completed when the 6-month period is completed.
The Cyprus Citizenship by Investment Programme offers the following advantages, as previously:
- Qualified investors can be granted Cypriot Citizenship approval within three to four months, which is substantially faster than in other EU countries offering similar investment programmes.
- Cyprus citizens enjoy the right to freely reside, work, study and have a business in any of the EU-member states, including Switzerland, Liechtenstein, Norway and Iceland.
- Dual Citizenship is permitted in Cyprus.
- No stay requirement to reside in Cyprus after obtaining the Cypriot citizenship.
- Visa-free travel to over 150 countries worldwide.
- Eligibility for application includes the investor's spouse, parents, children (dependents up to the age of 28) and their descendants.
- No language proficiency requirements, as in some other countries, like in Portugal, for instance.
Please note that a great advantage of actually residing in Cyprus is the Cyprus Non-Dom Tax Status, which would entitle you for exemption of taxation on dividends received and interest earned for a period of 17 years!
Shanda Consult will be pleased to consult you with your questions regarding the Cyprus Investment Programme qualifying for Cyprus Citizenship and to assist you with becoming a citizen of our beautiful and safe island, full of business advantages. Just contact us!
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.