The Cypriot government introduced the citizenship by investment programme as an initiative to attract foreign investment. The programme gives foreigners the opportunity to obtain full Cypriot citizenship through various investment opportunities in Cyprus and consequently, the right to live, work and study in all 28 European Union countries.
Benefits
- There is no residency requirement
- Cypriot citizenship has no tax consequences unless an individual chooses to become a Cyprus tax resident. Passports are issued to the investor, their spouse and children up to the age of 28 years if they are full time students
- Citizenship is passed on by descent and is therefore a benefit for future generations
- Investors may keep their citizenship of origin as Cyprus allows you to hold dual citizenship
Investment Tracks
The applicant should meet the requirements of one of the following tracks:
Deposit at banks track
The applicant or privately owned companies or trusts (in which they are the beneficial owner) must have personal, fixed-term deposits for three years in Cypriot banks in the Republic of Cyprus, amounting to at least €5 million.
Investment track
The applicant must have investments in Cyprus of at least €5 million. These investments may involve the following:
- purchase of buildings (houses, offices, shops, hotels or developments of a similar nature that reach the final stage of construction, excluding empty (undeveloped) land
- purchase of businesses or companies
- purchase of shares in public companies registered in Cyprus
- purchase of financial instruments (i.e. bonds or securities that are registered and issued in Cyprus)
- participation in a company/joint venture of companies which has undertaken the construction or development of a project of the Cypriot government.
Business activities track
The applicant must be a shareholder in a Cyprus company (incorporated and trading/operating in Cyprus) that meets the following requirements:
- the head office of the company is located in Cyprus
- the company, for the five years before submission of the citizenship application paid at least €500,000 annually in taxes, contributions or other payments to government funds
- the company employs at least 10 Cypriot citizens.
A maximum of two shareholders from each such company can apply.
Track for persons affected by haircut measures after 15 March 2013
The applicant must have suffered losses to affected deposits in Bank of Cyprus or Cyprus Popular Bank (Laiki Bank) amounting to a total of at least €3 million.
If the applicant has lost less than €3 million, they can still apply using the other tracks, but deducting the sum lost with Bank of Cyprus or Cyprus Popular Bank (Laiki Bank).
Deposit with Government Track
The applicant must have purchased state bonds of the Republic of Cyprus amounting to at least €5 million.
For further information, please refer to the document entitled “Cyprus citizenship – fast track for investors” or contact our local office.