IMPORTANT UPDATE: Cyprus closed its citizenship by investment program on November 1, 2020. Investors can no longer obtain a Cypriot passport through direct investment. However, the Cyprus Golden Visa offers an alternative path to permanent residency. Those seeking European citizenship can consider the Malta citizenship program, which provides a direct investment route to a Maltese passport. Citizenship by investment programs are designed for foreign investors and professionals. They grant citizenship in exchange for qualifying investments, typically in real estate or government bonds. The Cyprus program allowed high-net-worth individuals to acquire European citizenship in just six to eight months, making it one of the easiest options available.

Introduction to the Cyprus Golden Visa Program

The Cyprus Golden Visa program, officially known as the Scheme for Naturalization of Investors in Cyprus by Exception, was proposed in 2013 and implemented in 2016. Over 3,000 investors have successfully become Cypriot citizens through the program. The scheme aims to attract large-scale investment to boost the nation's economy. The Cypriot government has implemented a rigorous vetting process to ensure that only investors with solid moral standing can obtain citizenship through the Golden Visa scheme. Cyprus offers a strategic location for international business, a high standard of living, low cost of living, leading education institutions, excellent healthcare systems, and various tax benefits and initiatives, making it an attractive destination for business investors worldwide.

Advantages of the Golden Visa Scheme

Investing in Cyprus through the Cypriot Golden Visa scheme offers numerous advantages for discerning individuals. To begin with, Cyprus holds full membership in the European Union, and its integration into the Schengen Area is well underway. Although hindered by the territorial division stemming from the events of 1974, Cyprus's Greek region has been utilizing the Euro as its official currency since January 2008. Moreover, the flourishing tourism industry in Cyprus ensures that property investments are poised to generate substantial returns.

• Freedom of Movement within the EU: The Cypriot Golden Visa scheme offers investors the opportunity to gain access to the European Union (EU). As a full member of the EU, Cyprus provides visa-free travel and freedom of movement throughout the Schengen Area, allowing visa holders to live, work, study, and do business in any of the EU member states.
• Visa-Free Travel: With the Cypriot Golden Visa, individuals and their families gain the privilege of visa-free travel to 168 countries worldwide. This includes popular destinations such as the United States, Canada, the United Kingdom, and many other countries, making it an attractive choice for international travelers.
• Quick Route to Citizenship: The Cypriot Golden Visa program offers one of the fastest paths to citizenship through investment. Applicants can expect their citizenship application to be approved within just six to eight months, allowing them to obtain a Cypriot passport and enjoy the benefits of EU citizenship in a relatively short timeframe.
• Passports for Your Whole Family: Investors applying for the Golden Visa scheme in Cyprus can include their immediate family members in the application. This means that spouses and dependent children up to the age of 28 can also obtain Cypriot citizenship and enjoy the associated rights and privileges.
• Tax Efficiency: Cyprus is known for its favorable tax system, making it an appealing destination for investors. Non-domiciled residents are not subject to taxation, and the country does not impose inheritance tax or tax on dividends. This tax-efficient environment can significantly benefit individuals and businesses seeking to optimize their financial situation.
• Stable and Secure Country: Cyprus offers a stable political environment and a robust legal system based on common law principles. It has a strong economy with a well-regulated financial sector, making it an attractive location for investment and business opportunities. Additionally, Cyprus consistently ranks as one of the safest places in the world, providing peace of mind for individuals and their families.
• No Residency Requirement: Unlike many other citizenship programs, the Cypriot Golden Visa scheme does not impose any residency requirements. Investors are not obligated to live in Cyprus before, during, or after their application process. The only requirement is to maintain a valid residence permit, offering flexibility and freedom for individuals who wish to maintain their global lifestyle.
• No Language Requirement: Another advantage of the Cypriot Golden Visa program is the absence of language requirements. Applicants are not required to demonstrate proficiency in the local language, eliminating a potential barrier for those who may not be fluent in Greek or other local languages.

Eligibility Requirements:

To be eligible for the Cypriot Golden Visa scheme, applicants must meet certain criteria, including:

• High Moral Standing: Applicants need to demonstrate high moral standing and present documents proving a clean criminal record, no previous denials of citizenship in other EU countries, and no association with restricted companies or legal entities in the EU.
• Not a Politically Exposed Person: The program prohibits individuals who have held political office within the last five years, along with their relatives and spouses, from applying for citizenship through the Golden Visa scheme. This ensures that the program is targeted towards genuine investors rather than political figures seeking preferential treatment.

In conclusion, the advantages of the Cypriot Golden Visa scheme are manifold. It provides investors with the opportunity to gain EU citizenship, visa-free travel to numerous countries, a fast track to citizenship, tax efficiency, a stable and secure environment, and the ability to include their entire family in the application process. With its attractive benefits and eligibility requirements, the Cypriot Golden Visa scheme stands out as an appealing option for individuals seeking greater global mobility and investment opportunities.

Requirements for the Cyprus Investment Program

The Cyprus Investment Program offers individuals the opportunity to obtain Cypriot citizenship through investment. To be successful in their application, applicants must meet several qualifying criteria. The requirements for the Cyprus Investment Program are as follows:

1. Invest in Real Estate

Applicants are required to purchase real estate property with a minimum value of €2,000,000 (excluding VAT). This investment can be made in a single property or a collection of properties that collectively meet the minimum investment threshold.

2. Government Donation

Applicants must make a donation of at least €100,000 to the Cypriot Government Research and Development Fund and an additional €100,000 to the Cyprus Land Development Corporation. These donations contribute to the development and advancement of various sectors within Cyprus.

3. Clean Criminal Record

A thorough background check is conducted on all applicants to ensure they have a clean criminal record. This vetting process aims to verify that the applicants have obtained their wealth through legal means and have a high moral standing.

4. Commitment to the Investment

Applicants are required to transfer the investment amount from their foreign bank account to a Cypriot bank account. They must provide proof that the funds come from a reputable and legal source.

5. Submission of Relevant Documents

Completing the application process involves submitting all the necessary documents, including proof of legal funds, police records, property purchase documents, and any other relevant paperwork required by the authorities.

6. Submission of Biometric Data

Both the main applicant and any additional dependents must submit their biometric data to the relevant Cypriot government authorities. This data collection is essential to complete the application process for Cypriot citizenship.

Revisions Effective from 3 May 2023:

1. Ineligibility of Parents and In-laws

As of May 3, 2023, parents and/or in-laws of the applicant are no longer eligible to be included in the citizenship application.

2. Increased Annual Income Requirement

The required annual income generated abroad has been revised. The main applicant must have an annual income of €50,000, while an additional €15,000 is required for the spouse and €10,000 for each dependent. Previously, the income requirement was set at €30,000 per applicant.

3. Stricter Compliance Requirements

A mechanism has been introduced to enforce stricter compliance requirements. The applicant must provide annual evidence to the Civil Registry and Migration Department that:

• The investment is being maintained.
• The applicant and dependents maintain the required income as defined.
• The applicant and dependents possess an active insurance policy.
• The applicant and dependents have a clean criminal record certificate from their country of origin and from the Republic of Cyprus.

Residence Requirements

To qualify for citizenship through the Cyprus Investment Program, applicants must declare residency in Cyprus for a minimum of six months prior to their application. This can be in the form of a residence permit, and physical presence in Cyprus is not mandatory during this period. The flexibility of the program allows investors to meet the necessary criteria and become Cypriot citizens within a relatively short timeframe of six to eight months, making it one of the fastest citizenship by investment programs available.

Pathways to Cypriot Citizenship through Investment

Cypriot citizenship through investment, also known as the Golden Visa program, offers individuals the opportunity to obtain Cypriot citizenship by making a significant financial contribution to the country. By investing a minimum of €2,200,000 and meeting certain requirements, applicants can secure the benefits and privileges of being a citizen of Cyprus. This article will provide a detailed overview of the investment options and criteria for obtaining Cypriot citizenship through investment.

Investment Options

To be eligible for Cypriot citizenship through investment, applicants must invest at least €2 million in the Republic of Cyprus. The following investment options are available:

• Real Estate Investment: Applicants must invest a minimum of €2 million in real estate, which can include residential, commercial, or mixed-use properties. Of this amount, at least €500,000 must be invested in a permanent residence for the main applicant. It is essential to maintain ownership of the personal residence for as long as the applicant holds Cypriot citizenship.
• Business Investment: Investors can choose to invest in Cypriot businesses or companies. The investment amount should be at least €2 million, and the business should be based in Cyprus, generating employment for at least five individuals.
• Financial Assets Investment: Investing in financial assets of Cypriot businesses or investment bonds is another viable option. The investment amount must be a minimum of €2 million.
• Combination of Investments: Applicants also have the flexibility to combine different investment routes to reach the total investment threshold of €2 million. However, the purchase of a personal residence for €500,000 cannot be included in the combined investment amount.

Requirements and Conditions

In addition to the investment amount, there are several requirements and conditions that applicants must fulfill to be eligible for Cypriot citizenship through investment:

• Minimum Investment Duration: Investors are required to maintain their investment for a minimum of five years. After this period, they have the option to sell their assets, provided they retain a property for personal residence valued at a minimum of €500,000.
• Donations to Government Funds: Applicants must make two mandatory donations to Cypriot government funds. One donation of at least €100,000 must be made to the Cyprus Land Development Corporation, and another donation of at least €100,000 must be made to the Research and Innovation Foundation. Alternatively, investors can choose to invest in a government-approved innovative enterprise.
• Property Ownership: Investors must demonstrate legal ownership of the purchased properties and provide evidence of the transfer of funds from their personal account to the seller's account.
• Good Character and Clean Criminal Record: Applicants must possess a clean criminal record and be of good character. Background checks will be conducted to ensure eligibility for Cypriot citizenship.

Conclusion

The Golden Visa program in Cyprus provides investors with a pathway to citizenship through investment. By investing a minimum of €2,200,000 and meeting the necessary requirements, individuals can gain Cypriot citizenship and enjoy the benefits of being a citizen of Cyprus. Whether through real estate, business investment, financial assets, or a combination of these options, the program offers flexibility and opportunities for investors seeking to obtain Cypriot citizenship. It is important to carefully consider the eligibility criteria and consult with professionals to ensure a successful application process.

Processing Fees for the Golden Visa

The minimum investment sum for any of the investment routes does not include government-imposed processing fees.

• Application Fee: €2,000 per adult applicant and €80 per child under 18.
• Certificate Issuance Fee: €5,000 per adult applicant; no fee for children under 18.
• Cypriot Passport Issuance Fee: €120 per person.
• ID Card Issuance Fee: €30 per person.
• Lawyer's Fees: In addition to the investment amount, there are lawyer's fees associated with processing the citizenship application and facilitating the property purchase. Typically, these fees range from €30,000 to €40,000 per family.

Taxation Benefits for New Cypriot Citizens

Cyprus has a unique tax system that distinguishes taxation based on residency rather than citizenship. To be considered a tax resident in the country, individuals must spend more than 183 days per year in the Republic. This residency requirement means that non-domiciled citizens are not subject to taxation on income earned outside of Cyprus. In addition, individuals applying for a Golden Visa are obligated to maintain a residence in Cyprus but are not required to be physically present there. This presents an attractive opportunity for non-residents to benefit from the Cyprus tax system.

Here are some key advantages that residents and citizens of Cyprus can enjoy:

• Low Income Tax Rates: Cyprus offers one of the lowest income tax rates in the European Union, making it an appealing destination for individuals looking to optimize their tax liabilities.
• Favorable Corporate Tax Rates: Cyprus also boasts one of the lowest corporate tax rates in Europe. This advantageous tax environment encourages businesses to establish themselves in Cyprus, promoting economic growth and investment opportunities.
• Tax Exemptions on International Income: Individuals residing or holding citizenship in Cyprus are not subject to taxation on interest, dividends, or royalties earned outside of the country. This exemption allows residents to maximize their earnings without being burdened by additional taxes.
• Exemption on Personal Income Earned Abroad: Similar to the exemption on international income, residents and citizens of Cyprus are not taxed on personal income earned outside of the country. This provision provides individuals with increased financial flexibility and the ability to benefit from income earned abroad without incurring additional taxes.
• Inheritance Tax Benefits: Under certain conditions, Cyprus does not impose inheritance tax. This aspect is particularly advantageous for individuals planning their wealth management and succession strategies, as it allows for the preservation and transfer of assets without significant tax burdens.

In summary, Cyprus offers an attractive tax environment for residents and citizens. Its residency-based tax system, coupled with favorable tax rates and exemptions, creates a beneficial framework for individuals and businesses seeking to optimize their financial positions and explore international opportunities.

Application Process for the Cyprus Citizenship by Investment Program

Obtaining Cypriot citizenship is an efficient process, offering one of the quickest routes to citizenship in Europe. The entire procedure can typically be completed within a span of 6-8 months.

• Month 1: Commence the process by registering for residency, fulfilling the necessary investment requirements, and submitting the citizenship application.
• Month 6: Experience the delight of receiving official confirmation that your application has been accepted.
• Months 6-8: Witness the culmination of your journey as you are issued your Cypriot passport, granting you full citizenship privileges.

Please note that the information provided here serves as a general timeline and individual circumstances may slightly vary. It is advisable to consult with relevant authorities or seek professional advice for a comprehensive understanding of the specific requirements and procedures involved.

Step-by-Step Guide to Obtaining Cypriot Citizenship

Step 1: Register for Cyprus Residency

To begin the process of obtaining Cypriot citizenship, it is crucial to register for Cyprus residency. This step requires visiting Cyprus and becoming a resident for a minimum period of 6 months. This residency requirement is mandatory for individuals seeking Cypriot citizenship through the investment program. By establishing residency, you lay the foundation for your citizenship application.

Step 2: Choose Your Investment Route

Once you have obtained residency, you can proceed to Choose the investment route that best suits your goals and financial capabilities. Cyprus offers various investment options, each with its own requirements and benefits. It is essential to carefully evaluate these options and choose the one that aligns with your preferences.

The investment routes available include:

• Real Estate Investment: Invest in residential, commercial, or infrastructure projects.
• Business Investment: Establish or participate in a Cypriot business.
• Alternative Investment Funds (AIFs): Invest in licensed AIFs, including real estate, venture capital, and infrastructure funds.
• Financial Assets: Purchase government bonds, securities, or debentures.

Regardless of the chosen route, it is crucial to ensure that your investments meet the minimum required amount and comply with all program requirements. You should also make sure to arrange for the full payment of your investment.

Step 3: Gather Necessary Documentation

Before proceeding with your application, it is important to collect all the required documentation. The specific documents may vary depending on your chosen investment route, but generally, you will need the following:

• Valid passport and other identification documents
• Proof of residence in Cyprus
• Documentation related to your investment, such as property deeds, business registration papers, or investment fund certificates
• Bank statements and financial records demonstrating the lawful origin of your funds
• Birth and marriage certificates, if applicable
• Police clearance certificates from your country of residence
• Health insurance coverage

It is recommended to consult with an immigration lawyer or specialist who can guide you through the document preparation process and ensure that you have all the necessary paperwork in order.

Step 4: File Your Citizenship Application

Once you have gathered all the required documents, you can proceed to officially file your application for the Cypriot citizenship by investment program. Ensure that you carefully review your application, double-checking that all the information provided is accurate and complete. Additionally, make sure to pay all the necessary fees associated with the application process.

Step 5: Receive Acceptance of Your Application

After submitting your application, you will receive a formal acceptance of your application for Cypriot citizenship. This acknowledgment confirms that your application has been received and is being processed. It is important to keep track of any correspondence or updates from the relevant authorities during this period.

Step 6: Take the Oath of Allegiance and Submit Biometric Data

To finalize your journey towards Cypriot citizenship, you will need to visit Cyprus once again. During this visit, you will be required to take an Oath of Allegiance to Cyprus, demonstrating your commitment to the country. Additionally, you will need to submit your biometric data, including fingerprints and a photograph. These steps are crucial for identity verification and the issuance of your Cypriot passport.

Upon completion of the Oath of Allegiance and biometric data submission, your application will be processed, and if successful, you will be issued your Cypriot passport, officially granting you Cypriot citizenship.

It is important to note that the above steps provide a general guide to obtaining Cypriot citizenship through the investment program. The specific requirements, processing times, and regulations may vary, so it is advisable to seek professional guidance and stay updated with the latest information from the relevant authorities.

Necessary Documents for the Golden Visa Scheme

To successfully submit your application for the Golden Visa scheme, you must gather the following essential documents. Please ensure that all documents are officially issued and include certified translations if necessary:

• Passport: Provide a valid passport from your country of origin for each applicant.
• Curriculum Vitae (CV): Include a detailed CV for the main applicant as well as any adult dependents.
• Birth Certificate: Submit official birth certificates for all applicants.
• Criminal Record Certificate: Obtain a certificate verifying the absence of a criminal record for each applicant.
• Marriage Certificate: If applicable, provide an official marriage certificate for the main applicant and their spouse.
• Passport Photographs: Include three recent passport-sized photographs of each applicant.
• Investment Documentation: Submit relevant documents that serve as evidence of the required investments.

Please ensure that all the information provided in the documents is accurate and up to date. Any discrepancies or incomplete submissions may delay the processing of your application.

FAQ

How can I obtain citizenship in Cyprus?

To obtain citizenship in Cyprus, you can apply through the Golden Visa program by making a minimum investment in the country's economy worth at least €2,200,000. If your application is successful, you can acquire citizenship in as little as six to eight months.

Is there a language requirement for Cyprus citizenship?

No, there is no language requirement for the Golden Visa program in Cyprus. Fluency in the local language is not necessary to qualify for citizenship.

Can my family join me if I obtain Cyprus citizenship?

Yes, you can include your spouse and children up to the age of 28 in your application for Cyprus citizenship. However, as of May 3, 2023, the new revisions no longer allow for the inclusion of parents and/or in-laws of the applicant.

Is Cyprus a member of the European Union?

Yes, Cyprus is a member of the European Union. Acquiring Cypriot citizenship grants you the benefits and rights associated with EU membership.

What is the cost of Cyprus citizenship by investment?

The minimum investment required for Cyprus citizenship by investment is €2,200,000. This amount includes the mandatory donations and investments specified by the Golden Visa program.

Can I pass on Cyprus citizenship to my children and grandchildren?

Yes, children of Cyprus citizens are automatically eligible for citizenship. This means that you can pass on European citizenship and the Cypriot passport to your children and even your grandchildren.

Can my Cyprus passport be revoked?

Yes, your Cypriot citizenship and passport can be revoked if you fail to fulfill the requirements of the Golden Visa program. This includes selling your required investments before the five-year holding period or selling your permanent residence in Cyprus. Additionally, engaging in criminal activities can also result in the revocation of your Cypriot citizenship.

Is it possible to purchase Cyprus citizenship?

You can qualify for citizenship through the Golden Visa program, which requires making specific investments in Cyprus. It is not a direct purchase of citizenship, but rather an investment-based pathway to obtain citizenship.

Can I use Bitcoin for Cyprus citizenship by investment?

Bitcoin is not an accepted form of payment for the Golden Visa program in Cyprus. The program requires investments in traditional financial assets and real estate.

Is Cyprus citizenship by investment the best option in Europe?

If you are looking to obtain citizenship in Europe quickly, Cyprus is considered one of the best countries to invest in. The program offers a high return on investment and allows for citizenship acquisition in just six to eight months.

Does Cyprus allow dual citizenship?

Yes, Cyprus allows dual citizenship. This means that you can retain your citizenship from your country of origin while also holding Cypriot citizenship if you desire.

Can I make multiple investments to qualify for Cyprus citizenship?

Yes, you can choose multiple investment options to fulfill the requirements of the Golden Visa program. As long as the total value of your investments meets the minimum threshold, you will be eligible for the program.

Do I need to maintain a permanent residence in Cyprus if I have Cypriot citizenship?

Yes, in order to retain your Cypriot citizenship, you must maintain a permanent residence with a minimum value of €500,000 in Cyprus. This residence must be kept as long as you hold your Cypriot citizenship.

Can I rent out my residence in Cyprus?

Yes, you are allowed to rent out the real estate you own in Cyprus, including your personal residence.

Is Cyprus part of the Schengen Area?

No, Cyprus is not currently a part of the Schengen Area. Although there are plans for Cyprus to join, the division between Turkish Cyprus and Greek Cyprus remains a significant obstacle.

How long does it take to obtain Cyprus citizenship by investment?

Successful applicants typically obtain their citizenship status through the Golden Visa program within six to eight months. The process can be relatively fast compared to other citizenship by investment programs.