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In 2013, the Council of Ministers adopted the most attractive Cyprus citizenship by investment scheme for naturalization for foreign entrepreneurs which was revised on 13/09/2016. The scheme does not only provide for a foreign investor to acquire the Cypriot citizenship via an investment of €2 million; it also allows the spouse, the children (below the age of 18) as well as the financially dependent adult children of the foreign investor to acquire the Cypriot citizenship without obligation to meet any financial criteria.
A non-Cypriot citizen who meets the economic criteria listed in sections I and II below and has made investments in Cyprus as per section I, either:
Note: members of the same family, who apply separately as investors, can collectively acquire a residence, provided that the total value of the declared home-property amounts to €500.000 per applicant.
Note: The applicant can apply for the permanent residence permit simultaneously with the acquisition of the Cypriot citizenship application.
The easiest and fastest compared to similar programs of other EU countries
Considering investment opportunities and selecting the most effective option
Preparation of application document pack
Investment execution and, where applicable, acquisition of personal immovable property
Submission of the application
Receiving the Certificate of Naturalization and naturalization of the family members
Approximately three months.
An investment through a company or fund or foundation is eligible, provided that there is a proven correlation between the investor and the company or fund or foundation.
The company/ companies employing the manager must have completed such an investment in Cyprus that meets one of the economic criteria stipulated in the Decision of the Council of Ministers. If and when the investment is completed the executive may apply for Naturalization provided that he/she has paid or prepaid an income tax amounting to €100.000 for a three-year period and has acquired a permanent residence of purchase value at least €500.000.
This criterion includes investments for the purchase or construction of buildings, or other land developments (residential or commercial developments, in the tourism sector or other infrastructure projects). Therefore, purchase of land cannot be interpreted broadly and the restriction concerning the purchase of land has not been lifted.
The VAT is neither included in the amount of €2 million for the “Direct Investments”, nor in the amount of €500.000 required as a minimum purchase value of the privately-owned residence.
The transfer duties are not included in the amount of the investment, as no other charges or taxes are.
The purchase value.
According to the contents of the Council of Ministers’ Decision, the eligible investment is not limited to properties purchased for the first time.
The companies or businesses in which the applicant shall invest must maintain offices in Cyprus.
The creation or participation is proven by the purchase of the company’s or business’ shares, either existing shares, or through capital increase.
The purchase value of the privately-owned residence of the investor in Cyprus is not included in the minimum investment but is rather it is additional.
However, if an applicant decides to invest in the purchase of a privately – owned residence solely at the amount €2 million he/ she is not obliged to buy another privately – owned residence of purchase value €500.000.
Yes, provided that he/she will buy a different residence of equal or higher purchase value.
To the second degree