Granting of citizenship to investors in Cyprus
The Cyprus (EU) Citizenship by investment programme is brought to you by Cyprus 4 Life.
Participating in the programme investor with his family obtain Cyprus passports. This is not a residence permit or a visa but rather full citizenship of the EU-member state.
The programme requires the amount of 2 mln € to be invested in Cyprus for 3 years. The citizenship is granted within just 3 months!
The programme has already attracted over 3 billion euros of direct investments into the economy of the Republic of Cyprus.
Advantages of the programme
The programme is unique in Europe and very appealing:
- Cyprus passport is a full EU passport. Investor and his family can freely reside, work, study, have business in any of the EU-member states as well as in Switzerland, Liechtenstein, Norway and Iceland
- Holder of Cyprus passport can travel visa-free in 157 countries in total
- Dual-citizenship is permitted. Acquisition of Cyprus citizenship is not reported to other countries
- The passport is issued also for the investor’s spouse* and all financially dependent children (up to 28 years old). All next generations of investor retain EU citizenship
- The investor’s parents are entitled to apply for citizenship provided that they are owners of a Cyprus permanent residence of at least 500.000 €
- An express procedure – 3 months to be approved, plus another 3 months to actual passport
- No requirement to reside in Cyprus
- Minimum investment required is 2 mln € (here and below amounts are excluding VAT where VAT is applicable)
- The investment must be kept just for 3 years. After that the assets can be sold. To be more precise, the Law states that a property of minimum value of 500.000 € must be kept as a private residence (we expect that this condition will be removed; anyway this private residence can be rented out and generate rental income for investor)
- No donation to the Cyprus government
- No history and language proficiency tests
An investor is free to choose where to invest from a wide choice of options:
- Residential properties
- Commercial properties
- Development projects
- Purchase or creation or participation in Cypriot businesses or companies
- Investment funds, financial assets of Cypriot businesses or organizations
- Government bonds (maximum 500.000 €; the balance 1,5 mln € should be invested in other options like property)
- Combination of the above options
Requirements for investors
An investor must meet the following requirements:
- The minimum investment amount is 2 mln €
- Keeping investments for a period of minimum 3 years
- Clear criminal record for applicant, spouse, adult children and parents
- The investor must own a private residence(ies) in Cyprus, purchased for at least 500.000 €**. If investments are made into residential property(ies), this requirement is not applicable
- The investor must be the holder of a residence permit in Cyprus to qualify for receiving the Cyprus Citizenship. For this purpose, he/she should submit an application for a residence permit, which will be issued simultaneously with the filing of the Citizenship application. The obtaining of residence permit is a formality due to EU regulation. There is still no requirement for the investor to live in Cyprus.
You can also see the FAQ (Cyprus Citizenship) on this topic and the answers to them.
Granting of citizenship by the standard procedure
Having been living in the Republic of Cyprus for 7 years time (the period is determined by border control marks in the passport) within 10 consecutive years, one is entitled to make an application for obtaining Cyprus citizenship.
The citizenship, as opposed to residence permit, is not granted for the entire family at a time. It is granted to that spouse who has been living in Cyprus for 7 years. In a few months time citizenship will be automatically granted to minor children (under 18).
The other spouse will obtain citizenship when he/she has been living in Cyprus for 7 years. Otherwise in 3 years time as a spouse of a Cyprus citizen.
* The Civil Union Law of 2015 (184(I)/2015) entered into force with the publication of the law in the Official Government Gazette on 09/12/2015. The law introduces the institution of the Civil Union in the legal system of Cyprus. The Civil Union ceremony and the issuance of the Civil Union Certificate takes place at the District Office where at least one person resides, in case the persons concerned do not permanently reside in Cyprus, at the district of their free choice.
** If an investor sells residential property(ies) of €2mln after 3 years, he/she has to buy another residential property(ies) worth 500.000 €
Documents that need to be presented:
- Properly appostiled utility bill which indicates place of residence;
- The application ‘Form for Civil Union’ completed by both parties;
- Presentation of passport.
Affidavit (made not older than a month from the date of presentation) of the which can be sworn in Cyprus or abroad at the Cyprus embassy. Each person intending to enter in the union must present A NON IMPEDIMENT CERTIFICATE (NIC) should be presented by the Director of Civil Registry of those living or residing or have residency in Cyprus for those not then those living abroad by their competent authority confirming that no marriage religious or otherwise or civil union is currently in force which concerns them. All public documents issued in any other country must be certified and apostilled or if not a signatory to the Hague Convention. This document must be translated into English or Greek.