Cyprus

Cyprus immigration

  •  Processing Time
  • From 4 months
  •  Location
  • East Mediterranean
  •  Population
  • 1.1 million
  •  Languages
  • Greek, Turkish

Cyprus, with its warm and stable climate and convenient geographical position, is considered an attractive place for both business and residence. The investment landscape in Cyprus is beneficial due to the island’s well-qualified labour force, attractive taxation and a reliable transport and telecommunications system.

Cyprus has a modern, free-market, service-based economy, where in conjunction with its effective and transparent regulatory and legal framework, it offers international investors and businesses confidence to invest, grow and prosper. Cyprus was ranked number 58 out of 144 countries by the World Economic Forum Global Competitiveness Report 2012–2013. A number of new measures have been put into place designed to reboot the economy in the wake of the massive and difficult restructuring of the country’s banking sector, which aim, among other things, at helping stimulate economic growth.

After confiscating money from Cypriot bank accounts in the “bail-in” of 2013, Cyprus offered those who lost millions in their banks a second passport. Now, anyone can get a Cyprus passport – which comes with the added bonus of European Union status – if you’re willing to invest. The first option is to invest EUR 2,000,000 into Cyprus businesses, with at least EUR 500,000 of that going as a donation to the government’s Research Fund. If you don’t want to make a donation, you must invest EUR 5,000,000. Applicants may also deposit EUR 5,000,000 in a Cyprus bank for three years.

To be eligible for the program, applicants must:

  1. Produce a valid passport
  2. Show official financial documents outlining the source of their investment funds
  3. Provide proof that they have no criminal history in any country
  4. Pay all applicable application fees for the program
  5. Not have property frozen within any of the EU member nations

Required Options

Option 1 – National Investment and Donation
EUR 2,000,000 must be deposited with the Treasury of the Republic, as an investment in the National Investment Company
Additional EUR 500,000 needs to be donated to the Research and Technology Fund
Option 2 – Direct Investments
Direct investment into the Republic of Cyprus amounting to at least EUR 5,000,000 including the purchase of real estate, businesses, shares or other financial assets
Real estate must be held for a minimum period of three years
Option 3 – Bank Deposits
Personal deposit in a Cypriot bank amounting to EUR 5,000,000
Deposits must be held in a banking institution within the Republic of Cyprus for a period of no less than three year
Option 4 – Local Business Activities
Have full control of an a newly established company, which is registered in the Republic of Cyprus
For three years preceding the citizenship application submission date, the company must pay at least EUR 500,000 per annum to the Government of Cyprus
The annual government fee is reduces to EUR 350,000 if the headquarters are located in Cyprus and no less than five Cypriot citizens find employment there
If the business employs 10 Cypriot citizens or more, the amount reduced to EUR 250,000
Option 5 – Impaired Deposits (as of 15 March, 2013)
Applicants who have incurred an impairment in deposits on the Bank of Cyprus and/or Popular Bank amounting to a total of at least EUR 3,000,000

In all cases except the last option, the applicant must hold a privately owned property in the Republic of Cyprus, the market value of which must be at least EUR 500,000 excluding VAT, and must have a clean criminal record. The application procedures are complicated, and include a mandatory visit and are expected to take around 3–4 months. They include the publication of the applicant’s details in the government gazette prior to the Grant of Citizenship.

Advantages of Cyprus Citizenship

  • No residence requirements for citizenship (Investors must visit Cyprus one time in every 7 years)
  • No language requirement
  • Dual citizenship – no need to renounce current nationality
  • Free trade within the EU, and right to own land in EU nations
  • Travel to 157 countries visa-free, including the EU and Canada
  • Rights to reside, work, and get an education in Europe
  • Fast, simple procedure; can obtain citizenship within 3 months of application
  • Access to the beaches, mild climate, and tourist destinations on Cyprus
  • Low crime rates, high-standard educational institutions, excellent healthcare facilities