Residence and Citizenship in Cyprus
The main economic objectives of Cyprus to attract direct foreign investments, and encourage wealthy families to relocate to Cyprus has been a huge success. Not a unique scheme, as other countries have already implemented similar schemes, Cyprus has sweetened the pot and made it possible to obtain citizenship by investment within 3 months, contrary to other countries, which could have you waiting for years.
Off course the beautiful island also offers a modern, care free life and highly competitive business advantages, which makes Cyprus a favorite destination for the relocation of non-European citizens. Getting Cypriot citizenship and by extension a EU passport within such a short period of time has many advantages, including direct contact with all the 28 EU member states for business, work and education.
The latest legislation on the criteria that has to be met to qualify for Cypriot citizenship by investment, simply put, is as follows:
Minimum value of investment is 2 million Euros which can be invested in any or all of the following:
Immovable Property (Personal and/or Commercial)
Government bonds up to 500,000 Euros
Investments with Cypriot businesses and organizations
There is a wide range of very low risk investment opportunities which are listed on the official website of the Ministry of Interior (www.moi.gov.cy)
It is also good to note that the Cypriot government does not have a mandatory amount that needs to be donated to the State, or a language proficiency test, unlike some other countries that have implemented similar naturalization schemes.
The other plus that the Cypriot government has offered with the current citizenship by investment scheme, is the possibility of the parents of the investor to obtain Cypriot citizenship by purchasing a permanent residence in Cyprus, valued at least 500,000 Euros excluding Vat. The residency application for the parents, has to be made with the main investor’s in order to be considered.
The procedure, once the financial criteria is met, is fairly simple. Once the application has been approved by the Council of Ministers, citizenship is normally given within 3 months.