The Mediterranean’s third largest and third most populous island, Cyprus offers a climate typical of its part of the world, but is also known for its social diversity, with clubbers and families alike attracted to it as a holiday destination. Resorts like Paphos and Protaras offer beachfront cafes and restaurants to rival the best on any other sunshine isle, although there are also plenty of quieter seaside villages like Polis and Latchi, signalling that Cyprus is an excellent place to work and play.
Although there are multiple routes through which applications can be made for Cyprus citizenship, the real estate route is most advisable, given the recent instability of the country’s banking sector.
Applicants are required to invest at least €5 million in Cypriot government bonds, maintaining the purchased bonds for a three-year period.
Applicants must invest a minimum of €5 million in the purchase or construction of buildings, infrastructure projects or land development projects of a residential or commercial nature.
Financial assets of Cypriot companies or organisations
Applicants are required to invest at least €5 million in qualified financial assets – such as bonds, securities or debentures – registered and issued in the Republic of Cyprus by Cypriot companies or organisations.
Applicants – or the company or trust of which they are the main beneficiary – are required to have held a minimum fixed deposit of €5 million in a Cypriot bank account for at least the last three years.
Purchase, creation or participation in Cypriot businesses or companies
Applicants are required to invest a minimum of €5 million in the purchase, creation or participation in businesses or companies that are based and operating in the Republic of Cyprus. These companies or businesses must have a demonstrable and tangible presence in Cyprus and employ no fewer than five Cypriot citizens. This criterion also includes the mandatory conversion of deposits into shares.
Combination of aforementioned investments
Applicants are required to combine the above options in a manner amounting to at least €5 million of investment.
Impaired deposits with the Bank of Cyprus or Popular Bank
Applicants are required to hold deposits with the Bank of Cyprus or Popular Bank that have been impaired after March 15, 2013, amounting to a total of at least €3 million. Applicants that have incurred impairments in their deposits of less than €3 million may also apply, having made a further investment through any of the aforementioned options for the balance of the required amount.
On certain occasions, the Council of Ministers may decide to lower the above criteria to €2.5 million for investors participating in a Major Collective Investment, provided that the combined total investment value amounts to a minimum of €12.5 million.
All of the aforementioned criteria require the applicant to also purchase a private residence in Cyprus for at least €500,000. After the granting of citizenship, the applicant must remain the owner of the property for the whole of his or her life.