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Citizenship by Investment in Cyprus

Legal Basis

On the basis of a Council of Ministers’ Decision dated 24th of May 2013 (the law was last amended in mid-August 2020) foreign investors can acquire Cyprus citizenship by investment of 2,000,000 EUR in combination with non-refundable contribution of 200,000 EUR. This is called naturalization by exception.

Key benefits of the Cyprus (EU) citizenship:

  1. Free travel, residence, and work within the EU
  2. All family members (spouse, children under 18 years, and adult dependent children over 18 years and up to 28 years) can obtain Cyprus citizenship together with the investor
  3. Parents of the investor can be included into citizenship application provided they have a private residency in Cyprus (house or apartment that costs minimum 500,000 EUR + 5 % VAT).
  4. No requirement to physically reside in Cyprus before the application or after obtaining the citizenship

The following investment options are available for citizenship application:

  1. Direct investments (property, land for development, securities of Cyprus companies, etc.) amounting to a minimum of EUR 2,000,000. Combination (investment into different types of assets) is allowed; or
  2. Business activities – the applicant established a company (companies), administrated in Cyprus and he/she made payments to the authorities (taxes, etc) and purchased business services for at least EUR 500,000 on average per annum for the last 3 years before application. In case the company’s central office is in Cyprus and employs 5 Cypriots, then the above is reduced to EUR 350,000 per annum and in case of employing 10 Cypriots, it is further reduced to EUR 200,000 per annum.

NOTE: Investment EUR 2,000,000 must be kept in Cyprus during 5 years after citizenship is granted. Private property 500,000 EUR must be kept in Cyprus forever (if sold another property of the similar cost must be purchased). It means that after three years you can sell and recover only EUR 1,500,000 investment.

In addition to the criteria mentioned above applicant must fulfill the following conditions:

  1. Hold a clear criminal record,
  2. Confirm that the applicant’s name is not included in the list of persons whose property is ordered to be frozen within the EU,
  3. Privately owned residence in the Republic of Cyprus the cost of which must exceed the amount of EUR 500,000 excluding VAT,
  4. Have at least one visit to Cyprus.

Tax residency. Applicant does not become a tax resident unless he spends in Cyprus more than 183 days in any calendar year.

Dual citizenship is recognized. No need to renounce your previous citizenship before acquisition of Cyprus citizenship.

IMPORTANT NEWS: Effective from 01.11.2020 Cyprus citizenship program was closed. To applicants who need EU passport by investment we recommend consider the only alternative: citizenship in Malta.

If you have any questions regarding immigration to Cyprus or wish to use our legal assistance in obtaining residency or citizenship in Cyprus contact us today

Updated 24.07.2023

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