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On 28th March 2014, the Cyprus Government announced changes to the legislation that enables foreign investors to become a Cypriot (EU) citizen and obtain a Cypriot passport through naturalisation, making it more accessible and affordable than ever. One of the key benefits of the Cyprus citizenship program is that it involves a secure investment, rather than a donation like in many countries. The new investment schemes are as follows:
1. €2.5m investment in a single luxury property
2. €2.5m investment in real estate plus €500,000 permanent residence
– To maintain the citizenship, the investor must always keep in his possession a real estate property of minimum value €500,000 which will be declared as his permanent residence whereas the remaining investment may be sold after 3 years.
– Any property purchased during the past three years will count towards the above mentioned investment figures. In such cases the purchaser must acquire additional real estate to reach the total required investment. However, a three year period must not have passed before the application submission.
– Applicants must hold a clear criminal record from the country of origin and or Cyprus.
– Applicants will be part of a collective real estate purchase scheme. A minimum of 7 applicants is required for scheme 1 and 5 applicants for scheme 2.
– Passports will be issued within a period of three months.
– No residency requirement.
– Passports will be issued to the investor, their spouse and dependent children up to age 28, provided they are in full-time education – Cyprus allows dual citizenship.
– Cyprus passport holders may enter, reside, study and work in the European Economic Area (European Union, Iceland, Liechtenstein, Norway) & Switzerland without a visa.
– Cypriot passport holders are entitled to travel visa free to more than 140 countries!