Cyprus is an island country in the eastern mediterannean and has full EU membership. Cyprus is not a part of schengen agreement. Cyprus economy is based on the services industry, pharmaceuticals and agriculture. The currency is Euro. Cyprus recently faced banking crisis but is facing a slow steady growth especially in real estate sector where the prices are going up in recent years. Nicosia and Limassol are the biggest cities in Cyprus.
- Naturalization of Investors scheme in Cyprus by exception (“citizenship investment scheme”) closed
- Cyprus Permanent Residency Scheme open
Cyprus made changes to citizenship scheme in may 2019, requiring all applicants to
- Must have a schengen visa
- Hold all investments for 5 years
- Enhanced due diligence checks
- Subjected to annual quota of 700 applications/annually
€300,000 (golden visa)
€ 2.15 million euro (cyprus passport)
Under the cyprus naturalization scheme Subsection (2) of Section 111A , any one of the qualifying investments must be met by foreign entrepreneurs.
- €5 million cyprus state bonds directly from primary market.
- €5 million in bonds, securities, debentures issued by cyprus companies or organizations.
- €2 million in real estate, construction of residential/commercial development projects, tourism or infrastructure projects.
- €5 million direct investment in new or existing cypriot company.
- €5 million bank deposit in a cyprus bank (personal, privately owned company, trust)
- €5 million on any combination of above..
- €12.5 million in a collective investment scheme, where each investors share is €2.5 million.
Under the Cyprus permanent residency scheme,
- €300,000 real estate investment in cyprus.
Please note property purchases incur 19% VAT
Foreign investor do not become tax resident unless he spends more than 183 days per year in cyprus.
Certificate of Naturalisation (“Citizenship”) or Permanent residence permit depending on the scheme.
Yo must hold immigration permit for 6 months and must have owned residence of of purchase value €500.000. You must also visit cyprus atleast once.
Visa required for USA. No visa required to visit Canada, UK with cyprus passport.
Grounds of Refusal
If the applicant has.
(a) provided false information on his application;
(b) has a criminal history record.
(c) is the subject of a criminal investigation
(d) is a potential national security threat
(e) is, or is likely to be, involved in any activity likely to cause disrepute to Malta
(f) has been denied a visa to a country with which Cyprus has visa-free travel arrangements (UK, EU Schengen, USA etc..) and has not subsequently obtained a visa to the country that issued the denial.
(g) if you are national from a country where the trade embargo has been imposed.
(h) failed due diligence test.
Spouse of applicant, children under 18 years, and adult dependent children (over 18 years and up to 28 years holding student status in an university). Children born after the naturalization date automatically receive the cyprus citizenship.