Cyprus citizenship by investment program: How it benefits applicants?

The Republic of Cyprus is the sunniest island country, which is also the third largest and most populous island in Eastern Mediterranean. Having been listed among the safest places in Europe, this territory has become the best option for European and non-Europeans seeking for suitable accommodation. After observing this high level of interest State Government started offering legal ways to become Cypriot citizen. They have developed four legal ways to facilitate everyone to obtain the passport and fundamental rights to live and work. Naturalization, investment, Cypriot origin and marriage with a native are sure ways of getting citizenship.

Among these options, Cyprus citizenship by investment program is the simplest and quickest way to obtain Cypriot passport. Minimal requirements have made it famous among rest of the programs offered by this territory. This program was first announced on 14 March 2014. The primary reason for launching this program is to overcome financial crisis after encouraging foreign funds in the country.
With an aim to encourage foreign investments in government and private sectors, Cyprus government has recently made changes in its economic citizenship program and reduced the minimum amount to EUR 2million from EUR 2.5 million. Instead of deducting EUR 5 million from the total amount, an additional option of EUR 500,000 + VAT is also added. Principle applicant can avail this option to include parents in the same application.

High-net-worth individuals can choose anyone from the following investment options to obtain economic citizenship in Cyprus.
  1. Spend at least EUR 2 million to purchase (residential or commercial property) and invest the same amount in tourism sector or infrastructure projects excluding land plots.
  2. Spend the same amount of EUR 2 million and purchase an establishment or participate in the creation of Cypriot company. All you need is to check these companies had a demonstrable and tangible presence in the Republic and employed at least five Cypriot citizens.
  3. If you don’t want to invest in real estate and business sector, you can choose to spend the same amount of EUR 2 million in Alternative Investment Funds or financial assets of Cypriot organizations are licensed by the Securities and Exchange Commission. Company shares, bonds, securities and debt securities are financial assets you may choose instead of other options.
  1. Depending upon your personal preferences, you may either choose to invest EUR 2 million in the combination of the above three options. You may also include the purchase of government bonds of up to at least EUR 2 million to complete the total amount required for the investment.
What are the key benefits of obtaining investment citizenship in Cyprus?
Comfortable accommodation, pleasant weather, sunny skies, extended swimming season of 6-8 months and presence of clean blue beaches have made it a dream place for tourism and family accommodation. Besides offering a high standard of living, quality education and medical facilities, Cyprus has a balanced ecological system without significant industrial pollution.

In addition to that reliable jurisdiction, the stability of financial and political stability along with low tax rates has made it a preferred place to retire abroad. Once you receive a passport, you will be eligible for visa-free travel in Europe and 159 non-EU countries across the world.

Endnote: Flexible investment options and zero residency requirements have made Cyprus citizenship by investment program an alluring opportunity for the applicants.

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