The Cypriot Government recently amended the Scheme for Naturalisation of Investors in Cyprus by Exception. This freshly amended Scheme provides that a citizenship-by-investment program grants full Cypriot citizenship to those that invest more than EUR 2 million and who meet certain other requirements.
Based on the revised conditions, investments can be made in Governmental bonds, Cypriot businesses and organizations, financial assets of Cypriot businesses and organizations, immovable property and infrastructure projects in Cyprus or a combination of the above.
Citizenship is granted after 3 – 6 months once the application is approved. This fast process makes Cyprus one of the most preferable destinations to obtain a second citizenship.
is also worth noting that the Cypriot citizenship is awarded directly following the approval of the investment and without the requirement for any language proficiency test.
A non-Cypriot citizen may by exemption apply for the acquisition of Cypriot citizenship, if he/ she meets one of the following criteria:
Α.1 Investment in real estate, land development and infrastructure projects:
The applicant must have an investment of at least €2,0 million for the purchase or construction of buildings or for the construction of land development projects (residential/commercial/ tourism sector developments) or infrastructure projects, excluding investment in land situated in a zero building zone.
Α.2 Investment in financial assets of Cypriot companies/organizations:
The applicant must have an investment of at least €2,0 million in companies/organizations established and operating in Cyprus. The invested funds must be channelled towards the financing of investment objectives exclusively in Cyprus, based on a specific investment plan.
The concerned companies/organizations must have proven physical presence in Cyprus, with significant activity and turnover and employ at least 5 Cypriot or EU citizens (the minimum number will increase if more than one applicant invest simultaneously in the same business). In addition, the employees of the companies must have legally and continuously resided in Cyprus during the 5 years preceding the application submission date.
Α.3 Investment in Alternative Investment Funds or financial assets of Cypriot companies/organizations licensed by the Cyprus Securities and Exchange Commission (CySec):
The applicant must have bought units of at least €2,0 million from alternative investment funds (AIF) established in Cyprus, licensed and supervised by the CySec and whose investments are made exclusively in Cyprus.