The mediterranean island of Cyprus has been one of mythical wonder and adventure dating back to the ancient Greek times. Today, it is a strong, important hub that connects Europe with Africa and Asia, where business and tourism are growing. Cyprus鈥 strategic location, just off the coast of Greece, is one of its biggest draws as it attracts new shipping business, tourists, and the legal and financial sector. Citizenship by investment is also now available in Cyprus, and it鈥檚 a great option for those looking to get into the EU for business or just residency.
Why Cyprus?
There are many reasons to choose Cyprus as a destination for investment. The country has deep cultural roots that are diverse, open, and ideal for raising a family or simply enjoying the quality of day-to-day life. Cyprus also has a mild Mediterranean climate, with warmer weather pretty much all year long. The investment climate in Cyprus is also appealing for foreigners, as taxes and regulations are low, and the ROI potential is high. Here are some more perks.
There are no language requirements to qualify for Cyprus鈥 citizenship by investment program. You have the option of simultaneously submitting both a residency and citizenship application at the same time, and the processing for approval takes only six months. Parents of the applicant can qualify for citizenship (great for retirement!) if they own a residential property valued at 鈧500,000 or more, OR they own a share of the property of the main applicant at that value. There is no obligation to relinquish your current nationality, and you will have unrestricted rights to live, work, and study in any EU country once your 2nd passport from Cyprus is processed.
Cypress recognizes civil unions, and allows couples to apply this way for their citizenship if needed. There is an excellent educational system in Cyprus that all citizens have access to, and it is considered one of the safest countries on earth!
How to qualify for Cyprus citizenship by investments
In order to qualify for Cyprus鈥 citizenship by investment program, you must comply with theh country鈥檚 Civil Registry Laws (section 111A). Applicants must meet the following criteria:
- Possess no criminal record.
- Have a valid passport.
- Have never been rejected from any other EU member state.
- Currently hold a valid Schengen Visa.
- Prove that their main property holdings are not frozen withing the EU boundaries.
- Have a Cyprus residency permit that is valid for a minimum of 6 months at the time of application.
- Prove ownership of a permanent private residence, with a value (at purchase price) of at least 鈧500,000.
- If residential property investment is the only slated investment planned, the applicant will need to show up to 鈧2 million in total planned investments.
Options for investment in Cyprus
1. Donate to Cyprus鈥 Research and Innovation Foundation, as well as the Cyprus Land Development Corporation.
An applicant should donate a minimum of 鈧75,000 to the Research and Innovation Foundation, and the same amount to the Cyprus Land Development Corporation, which helps locals with affordable housing infrastructure managed by the government.
2. Real estate, land development, or infrastructure investment.
Applicants should invest at minimum 鈧2.0 million towards the purchase of properties, buildings, or land for future development/construction. This included residential projects, commercial/industrial projects, large-scale tourism projects, and overall infrastructure initiatives.
3. The establishment or participation in Cypriot businesses.
If you鈥檙e looking at starting a business, or participating in an existing one, you must invest at least 鈧2 million into it to qualify for citizenship by investment. You must employ a minimum of 5 Cypriot citizens (or other EU citizens), and prove your physical presence in the country to qualify as well.
4. An alternative investment fund or investment in the financial assets of a Cypriot company or organization.
In Cyprus, you can invest in what鈥檚 known as an 鈥渁lternative investment fund鈥 or the financial assets of local companies and organizations that are licensed by the local securities and exchange commission with a minimum total investment of at least 鈧2 million. This includes secondary market stock values, which are listed on Cyprus鈥 stock exchange.
5. Investment combination.
You will qualify by investing in any combination of the above, so long as the total investment amount reaches at least 鈧2 million.