There is a program in place in Cyprus that foresees the issuance of citizenship to investors, which means that if you purchase real estate on Cyprus or make other kinds of investments, you have the right to apply for a citizenship.
Advantages of the citizenship program:
- Express procedure – it is possible to receive the passport of the Republic of Cyprus within 6 months.
- Permanent residency in Cyprus is not mandatory.
- No monetary donations to the State are required.
- Citizens of Cyprus enjoy visa-free travel to many countries in the world, including the EU.
- It is not necessary to renounce your previous citizenship, you can have a dual citizenship
- A citizen of Cyprus enjoys all the rights of a citizen of the EU
- The citizenship is granted simultaneously to both spouses, as well as to all minor and dependent children under 28 years old.
- Low State fees when applying for citizenship.
- Wide variety of investment options: real estate, various assets, or a combination of various investments.
- Investing in residential or commercial real estate.
- Investing in financial assets of Cypriot companies.
- Merging with or acquiring a Cypriot company
- Purchase of government bonds.
- Development projects
- A combination of any of the above mentioned types of investment.
The investor must adhere to the requirements of receiving the citizenship:
- Minimum investment amount – 2 mln euros (without VAT).
- Maintain the investment for at least 3 years
- No prior convictions of the applicant for the citizenship, as well as of the spouse and minor children.
- The property investor must own at least one property on Cyprus, the value of which must be equal to or exceed 500 000 euros.
It is also possible to become a citizen of Cyprus regularly, through naturalization. Naturalization requires 7 years of residence in the country. If one of the spouses receives citizenship, 2-3 months later, all minor children receive the citizenship automatically. The spouse of the citizen of Cyprus can apply for a citizenship after 3 years.