In 2011 Cyprus first introduced a Citizenship-by-Investment program, which has undergone several updates since. Note that the Cypriot Government is currently reviewing the program, and it is expected that the investment requirements will be further lowered from current levels and that a residence requirement of at least one year will apply, following the agreement reached between Malta and the European Commission, which introduced such a requirement. This page will be updated as soon as the Cypriot government’s revised criteria for its program are made public.The currently applicable Council of Minister’s decision of May 24, 2013, which is still in force, enables foreign nationals to gain citizenship if they meet certain criteria set out by the Ministry of Interior, under one of the following options:
1. National Investment and Donation With this option an amount of Eur 2 million must be deposited with the Treasury of the Republic, as an investment in the National Investment Company. Additionally, Eur 500,000 needs to be donated to the Research and Technology Fund.
2. Direct Investments The applicant can also make a direct investment into the Republic of Cyprus amounting to at least Eur 5 million including the purchase of real estate, businesses, shares or other financial assets. Real estate must be held for a minimum period of three years.
3. Bank Deposits With the bank deposits option, the applicant should have personal deposits in Cypriot banks or deposits of privately owned companies or of a trust (in which he is a shareholder, settlor or beneficiary) in the Republic of Cyprus amounting to a minimum of Eur 5 million. Such deposits must be held in a banking institution within the Republic of Cyprus for a period of no less than three years.
4. Local Business Activities This option of obtaining citizenship is more complex. An applicant must establish a new company registered in the Republic of Cyprus in which they have full control. Following this, the company must have paid to the Government of Cyprus an amount of at least Eur 500,000 per annum for the three years preceding the citizenship application submission date. Alternatively, if the headquarters of the company are located in Cyprus and no less than five Cypriot citizens find employment there, the annual government fee is reduced to Eur 350,000. If the business employs 10 Cypriot citizens or more, the amount decreases to Eur 250,000. In all of the above cases, a three year period preceding the application must be met.
5. Combination (mixed option) The applicant can also choose to fulfil a combination of requirements stated in points 2, 3, and 4.
6. Impaired deposits with the Bank of Cyprus or Popular Bank after the 15th March 2013 A further option is available for applicants who have incurred an impairment in deposits on one or both of the abovementioned Banks amounting to a total of at least Eur 3 million.
In all cases except the last option, the applicant must hold a privately-owned property in the Republic of Cyprus, the market value of which must be at least Eur 500,000 excluding VAT, and must have a clean criminal record.
Please contact us on [email protected] for any further questions you may have.
For the last 25 years we have helped many people to obtain a second citizenship (& passport). We used to represent some of the most popular programs of second citizenship available on the market (like the BECP – Belize Economic Citizenship Program, the programs of the Latin America countries, and some Asian countries programs etc).
The Citizenship programs by investment are changing all the time, because the Governments keep implementing new instruments in order to make these programs more attractive.
Some of the programs do not exist any more (Belize, some Latin America programs, some Asian programs).
New citizenship programs are introduced from time to time.
Very popular are the citizenship programs of some of the Caribbean countries: Dominica, St. Kitts and Nevis.
There are also other European programs (except Cyprus) like Austria, Malta and Bulgaria. Unfortunately the Austria зиджиьп requirements can be met by only very wealthy persons so this program is not suitable for all businessmen. Malta’s program is a better option but still quite expensive. The citizenship program of Bulgaria is reasonably priced so this is a good option nowadays.
Programs introduced by former-socialist countries are usually valid for a limited period of time.
A great majority of our customers prefer the Caribbean programs of Dominica, St. Kitts and Nevis as well as the new recently introduced program of Antigua and Barbuda.
The existing citizen programs by investment are quite different and with many sub-options. It is impossible to explain everything about the programs and compare them by emails or phone. That’s why our potential clients (or their representatives) are visiting our Cyprus office and after we understand what they are looking for, we can offer them the right choice to suite their needs. We respect our clients’ confidentiality – this is the essence of our business.
To schedule a meeting with us in our Cyprus office (with Mr. Ioannides, or Mr. Christopher), please send an email to [email protected]
Sometimes it is also possible to have a meeting abroad (we often visit Bulgaria, Russia, Malta, UK, Turkey, India, China).
St James