Foreign individuals who meet certain criteria can now obtain the Cyprus citizenship, in order to be eligible to apply for citizenship; the foreign individual should a) have a clean criminal record, b) have a permanent, privately owned residence of a market value of at least Euro 500’000.00 plus VAT c) the individual’s name should not be included on any list of persons who have had their assets freezed within the EU.
Citizenship can be obtained if the foreign individual meets one of the following criteria:
Government donation and investment: Deposit Euro 2 Mio in the state treasury in order to
Purchase shares in the state run investment company and donate at least Euro 0.5 Mio in the
Government’s Research and technology fund.
Direct investment: Investment of at least Euro 5 Mio in Cyprus projects such as purchase of real estate, purchase of shares in Cyprus companies, purchase of bonds registered and issued in Cyprus and participation in a company / joint venture which has undertaken a project for the public sector, this option requires documentation that the individual has been active in Cyprus for at least 3 years.
Bank deposits: have deposits or own a company which the individual in the main beneficiary in Cyprus banks amounting to a minimum of Euro 5.0 Mio for at least 3 years.
Combination: of options: Government Donation & Direct Investment, with a total value of t least Euro 5.0 Mio.
Business activities: a foreign individual who is the owner of a company which is run from company has paid at least Euro 0.5 Mio per annum for taxes and professional services, If the said company has its central offices in Cyprus and employs at least 5 or 10 Cyprus citizen, then the amount of taxes and professional fees is decreased to Euro 350’000.00 and Euro 200’000.00 respectively per annum.
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Cardwell Advisory Desk