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Cypriot citizenship through investment
The Government of Cyprus revises citizenship criteria for entrepreneurs and investors.
Cyprus offers many benefits to foreign investors and their families looking for citizenship in a jurisdiction with financial stability, a gateway to Europe and a high standard of living.
Investment criteria
In an effort to further encourage foreign investment and attract high net worth individuals into doing business in Cyprus, the Government has recently reduced the total investment requirement for Cypriot citizenship to €2m.
A non-Cypriot citizen can apply for Cypriot citizenship, provided that the €2m is invested in at least one or a combination of the following three types of investment:
1) Alternative Investment Funds (AIFs) or financial assets of Cypriot companies or Cypriot organisations licensed by the Cyprus Securities and Exchange Commission
2) Real estate, land development and infrastructure projects
3) Purchase, establishment or participation in Cypriot businesses or companies
It is also worth noting that a high-ranking senior manager may apply for Cypriot citizenship, provided that he or she receives remuneration that generates tax revenue of at least €100,000 over a three-year-period and that this tax is prepaid. Furthermore, the company, which the high-ranking senior manager works for, must fulfil one of the above-mentioned investment criteria.
Additional requirements
In addition to satisfying the above investment criteria, the applicant must also meet the following conditions to secure citizenship:
- own a permanent residence in Cyprus worth at least €500,000 excluding VAT. This condition does not apply if the investment is in residential property, under criterion 2 above
- neither the applicant nor his or her spouse, adult children or parents can have a criminal record
- before acquiring Cypriot citizenship, all adult applicants must be residence permit holders.
The investor’s parents can also apply for citizenship following the purchase of a permanent residence worth at least €500,000.
The applicant must make the required investment during the three years preceding the date of application, and should ensure that the investment is retained for at least three years from the date of acquiring citizenship.
For more information, contact:
Michael Mavrommatis
Nexia Poyiadjis, Cyprus
T: +357 22456111
E: michael.mavrommatis@nexia.com.cy
www.nexia.com.cy
