Granting a Cyprus passport
Cyprus has been an attractive jurisdiction for citizenship being member of the European Union and an international business center located at the crossroads of Europe, Africa and Asia. An improved scheme was introduced enabling foreign investors to become Cypriot (EU) citizens and obtain Cypriot passport through naturalization based on a number of different financial and investment criteria, sited below.
- Investment in Government Bonds issued by the Republic of Cyprus
The applicant must proceed with the purchase of Government Bonds issued by the Republic of Cyprus of value at least 5 million Euros, or
- Financial Investment in Cyprus companies
The applicant must purchase financial assets of at least 5 million Euros in bonds, securities, debentures issued and registered in the Republic of Cyprus.
- Invest in Property in the Republic of Cyprus
The applicant must proceed with the purchase of immovable of at least 5 million Euros (houses, offices, shops, hotels etc or developments of similar nature). It is provided that these investments must remain committed for a period of 3 years.
- The business criterion
The applicant must be a shareholder in Company set up and operating in Cyprus, provided that the headquarters of the Company are located in Cyprus and the investment is at least €5.000.000 and the Company employs at least 5 Cypriot nationals.
- Bank deposits
The applicant must have personal deposits in Cypriot banks or through private companies or trusts (in which he is the ultimate beneficiary himself) in the Republic of at least 5 million Euros in a fixed deposit of not less than 3 years
- Combination of investments
The applicant may choose at proceed with a combination of any of the above mentioned categories for a total amount of at least 5 million Euros and provided that the minimum period requirements as provided above are met.
- Cyprus comprehensive scheme for lost deposits
Applicant must have lost bank deposits with Bank of Cyprus or Laiki of at least €3 million.
In case the lost deposits are less than €3 million, applicant may proceed with additional investment which together with the lost deposits will amount to €5 million at least based on the above criterion.
– Passport will be issued within a period of three months
– Passports will be issued to the investor, their spouse and dependent children up to age 28, provided are in full-time education
– Investments must have taken place during the past 3 years from the date of application and be maintained for another 3 years from the date of issue of the Cyprus passport.
– Investment is done either in the name of the physical person or in the name of a company in which applicant is owner or director under certain conditions.
The applicant should be at least 30 years old.
- Clean Criminal Record
A clean criminal record from the country of origin and/or from the Cyprus Police. Confirmation that the applicant’s name is not included on the list of persons whose property is ordered to be frozen within the boundaries of the European Union.
- Residence in the Republic of Cyprus
The applicant is required to have a permanent privately-owned residence in the Republic of Cyprus, the value of which must exceed the amount of €500.000 at current prices
Cyprus allows dual citizenship
It is very beneficial to have dual citizenship, particularly EU, for many reasons including:
– Cypriot citizenship enjoy the freedom to live, work and travel through Europe
– Cypriot passport holders are entitled to travel visa-free to more than 140 countries
-Cypriot passport holders can quickly and cost effectively obtain visas for other countries, such as the USA.
– Dual citizenship offers an effective tool international tax planning and provides financial privacy
– It offers an insurance policy against political instability
– It enables access to the best education and healthcare institutes