The Cyprus Citizenship Investment Programme was popular among foreigners, offering the opportunity to obtain an EU passport through significant financial contributions to the state's economy. This included investments in both residential and commercial properties. However, as of November 2020, the opportunity to obtain Cyprus citizenship by investment was suspended by the government following a series of scandals and allegations of corruption related to the sale of passports. However, today, a residency programme is in place for interested investors.
Before its suspension, the programme offered the opportunity to obtain citizenship by investment in Cyprus real estate for EUR 2.2 million. Investors also had the option to invest in business development, purchase government bonds, or participate in various funds, but real estate remained the most popular choice.
The programme required investors to retain the acquired property in Cyprus for at least five years. Citizenship would not be revoked as long as the property was maintained during this period. Despite promising prospects, the issuance of local passports was criticised for lack of sufficient control and the potential for legitimising funds of unclear origin.
The state is currently reviewing the conditions and developing new measures to prevent abuse, which may lead to the Cyprus new citizenship law being introduced in a modified form in the future.
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Citizenship programme in Cyprus
Obtaining citizenship in Cyprus when buying a property for residence and tax optimisation:
- Investment amount: EUR 2.2 million
- Processing period: 6 months
- Mandatory investment period: 5 years, after which you can sell the asset.
Obtaining citizenship in Cyprus in 2024
Permanent residence in Cyprus is available to investors willing to invest a minimum of EUR 300,000 in property, local companies or funds. The programme, known as the golden visa, allows non-EU citizens to obtain a permanent residence permit in the shortest possible time. The procedure usually takes between two and four months. The initial residence card is issued for ten years, with the possibility of renewal.
Today, the main path to Cypriot citizenship and a passport is to obtain a residence permit through investment. Investments can be directed towards the purchase of residential or commercial property, contributions to local businesses, or contributions to the country's investment funds.
Buyers are given the opportunity to choose properties in any region of the island to suit their budget and preferences. The location offers a high quality of living, a well-developed infrastructure and an attractive tax system, which makes investing in this country particularly attractive. Additionally, after obtaining a permanent residence permit, investors can apply for citizenship through naturalisation after 8 years of permanent residence in the country. For highly qualified foreign professionals, this period is reduced to 4 years.
Conditions and requirements for citizenship in Cyprus
- Relocation and residency in Cyprus
- Freedom of movement without a visa with an EU passport
- Access to advanced medicine and education
- Obtaining a driving licence
- Tax optimisation
- Opportunity to move as a family
- High return on investment
- Business opportunities
What documents are required to obtain Cypriot citizenship
For the Cyprus citizenship by investment scheme, foreigners need to submit the following set of documents:
- citizenship application;
- papers documenting the legality of the origin of the funds;
- contract of purchase of immovable property or proof of investment;
- a certificate of absence of problems with the law;
- proof of financial independence;
- documents confirming proof of legal residence in the country for the required period (four years for employed highly qualified foreign specialists, eight years for other categories of applicants);
- medical insurance.
In order to obtain citizenship in Cyprus by investment, a mandatory translation of all documents into Greek or English and their notarisation is a prerequisite.
The process of obtaining citizenship of Cyprus
Pre-verification
The first step in investment in Cyprus for citizenship, which was available until 2020, began with a pre-verification process. Investors interested in how to get citizenship in Cyprus need to ensure that they meet all the requirements, including financial capability and no criminal record. At this stage, it's also important to confirm the legal origin of the money being invested and assess all possible risks.
Document preparation
The next step is to prepare and collect the necessary documents. The basic documents include a passport, proof of financial stability, criminal record, proof of investment and ownership of local property.
Fulfilment of investment conditions
Investors must fulfil certain investment conditions, e.g. investments in real estate, business projects or government bonds of EUR 2.2 million or more (this programme has now been abolished, citizenship by naturalisation is available after 8 years of residence in the country with a minimum investment of EUR 300,000; for employed highly qualified foreign professionals the period has been reduced to four years). The investment must be maintained for a minimum of five years.
Applying for Cypriot citizenship in exchange for investment
After fulfilling all the preconditions and preparing documentation, the investor submits an application for citizenship to the Migration Office. All documents are processed according to the local legislation.
Investor application review
Once the documents have been submitted, the application review process begins. This stage takes an average of several months to a year to complete. Additional documents or personal interviews may be required during the review process. If the application is approved, the investor receives Cyprus property, citizenship, the right of residence and free movement within the European Union. This route to citizenship is one of the fastest and most efficient ways to secure a stable future for you and your family and access the benefits of living in the EU.
Visa-free entry to 170+ countries with a Cyprus passport
Buying citizenship in Cyprus provides convenience when travelling in Europe and around the world. With a local passport, you can enter 173 countries without additional costs or bureaucracy, including:
- Italy
- Spain
- Poland
- Sweden
- Belgium
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Investor costs in Cyprus are over EUR 2,200,000 (programme abolished)
Buying property in the Cyprus citizenship programme provided several investment opportunities. One could invest from EUR 2 million in residential property or a combination of residential, commercial, business, infrastructure or shipping investments totalling EUR 2.5 million. In addition, a charitable contribution of EUR 200,000 is required.
Option 1: EUR 2.2 million
- Residential: EUR 2 million (excluding VAT). Holding period is 5 years after citizenship.
- Charitable contribution: EUR 200,000, which is split between the Land Development Corporation Foundation and other funds.
Option 2: EUR 2.7 million
- Combined investment: EUR 2.5 million, which can be split between real estate, company start-up, investments in local businesses, shipping or alternative mutual funds.
- Charitable contribution: EUR 200,000, which includes a contribution to the Land Development Corporation Foundation and selected funds such as the Renewable Energy and Energy Conservation Fund or the National Solidarity Fund of the country.
After 5 years, investors are allowed to sell their assets, provided they retain property valued at a minimum of EUR 500,000 for personal use.
The current permanent residence programme provides even more attractive conditions:
| Investment amount | VAT | Proof of Income | Administrative fees | Registration fees | Fee for the residence permit card | |
|---|---|---|---|---|---|---|
| Residential property investments | EUR 300,000 | Over EUR 15,000 | EUR 50,000 per annum | EUR 500 | EUR 70 for each person | EUR 70 for each person |
| Investments in commercial properties | EUR 300,000 | Over EUR 57,000 | EUR 50,000 per annum | EUR 500 | EUR 70 for each person | EUR 70 for each person |
| Investments in securities and shares | EUR 300,000 | - | EUR 50,000 per annum | EUR 500 | EUR 70 for each person | EUR 70 for each person |
Countries whose citizens are able to obtain citizenship in Cyprus
The investment citizenship programme had no territorial restrictions. Foreigners from anywhere in the world could buy a house in Cyrus and get citizenship if the required conditions were met. Among the states are the following:
- Russia
- Ukraine
- Belarus
- Kazakhstan
- Uzbekistan