1) CYPRUS CITIZENSHIP THROUGH INVESTMENT AND 2) PERMANENT RESIDENCE THROUGH INVESTMENT
A number of clients who contacted us initially regarding the Cyprus government program of citizenship through investment, or permanent residence through investment, were unclear as to how exactly the program worked, or what options were available to them. So, I should like to take this opportunity to clarify a few points.
There are two categories 1) Cyprus citizenship through investment and 2) permanent residence through investment. Each of these programs has different requirements and they are explained below. I have included links (at the bottom of the page) to the government website which gives very detailed information on these two highly successful programs.
The Cyprus government has a “fast track” citizenship scheme which is aimed at high net worth individuals, investors and entrepreneurs who are non-EU nationals. Successful applicants and their immediate family (i.e. wife/husband and children under 18, also any dependent between the ages of 18 – 28) are granted Cypriot (EU) passports allowing them all the benefits and rights of EU citizenship.
There are various options available for investment and fast track citizenship:-
1) The purchase of shares or bonds in state-run investment companies in the amount of Euros 2 million or more, together with a donation of a half million Euros to the Research & Technology Fund instituted by the government.
2) The purchase of Euros 5 million or more in residential property, commercial property, shops, offices or hotels. Any property purchased under this option must be put to use by the investor.
3) Investors can deposit Euros 5 million into a Cypriot bank account or invest the same amount in establishing a company and retaining beneficial ownership. This type of investment must be maintained for at least three years.
4) The purchase of companies currently active in Cyprus or shares of companies that are registered in Cyprus.
There is no requirement that an applicant reside in Cyprus before or during the application process and, once the application has been approved, Cypriot passports are usually granted within approximately 4 months.
Cyprus is ranked 5th best place in the world for relocation. It has a highly favorable tax regime and more sunny days per year than any other destination in Europe. It also has a high standard of living, low crime rate, good infrastructure and transportation, excellent educational system, great medical services and a stable government.
PERMANENT RESIDENCE POLICY FOR NON-EU CITIZENS
Permanent residence (not citizenship) is granted to those who invest in a property costing at least Euros 300,000 (Three Hundred Thousand), bought as a new build from a developer. The applicant must also maintain a minimum of Euros 30,000 (Thirty Thousand) in a Cyprus bank account and have available sufficient income from overseas to apply for the fast track permanent residence.
The permanent residence permit once granted is not revoked as long as the holder continues to own real estate valued at Euros 300,000 or more and visits Cyprus for at least one day every 6 months.
For more detailed information on applying for either citizenship through investment or permanent residency through investment please click here: