On the 13th of September 2016, the Cabinet proceeded with the amendment of the provisions for the granting of Cypriot Citizenship. The amendments were enacted in order to encourage investments in Cyprus by foreign investors and consequently to assist the economy.
The most important provisions that were amended include the following:
- The threshold for minimum investment has been reduced to €2 million of combined investments;
- A €2 million investment is acceptable provided that an additional €500,000 is invested in real estate which must be the investor’s private residence;
- The applicant’s parents are now entitled to apply for a Cyprus citizenship based on the investment as long as they also invest an additional €500,000 in a permanent residential property in their name;
- The applicant can also invest in Government bonds up to an amount of €500,000 while the remaining balance of €2 million should be invested in other options such as the purchase and development of real estate;
- Investments made in Cyprus must be maintained for a minimum of three years while real estate ownership must be indefinite;
- The applicant may also invest in a Cyprus company that employs at least five Cypriot nationals.
In light of the provisions amended as stated above, it is worth noting the following advantages offered to investors interested in Cyprus citizenship:
- When obtaining the Cyprus citizenship, the investor obtains full EU citizenship, with the right to freely reside, work, study and have a business in any of the EU-member states;
- Dual Citizenship is permitted in Cyprus;
- After obtaining the Cypriot citizenship there is no specific stay duration requirement;
- The investor’s spouse, children and descendants (up to the age of 28) have the right to submit a citizenship application;
- Cyprus maintains a visa-free regime with over 150 countries;
- There are no language proficiency requirements;
- A fast track procedure is available, ensuring an approval of the application in only 3 months.
Consequently, the amendments made are definitely an efficient assistance to the growth of the Cyprus economy while also providing investors a wide range of benefits.
Our team at Eurofast Taxand is in the best position to advise and assist you concerning the matter and any further enquiries you may have. In addition, we can assist you with the relevant application as well as with any other documents required in order to acquire a Cyprus citizenship.
Your contact for further queries is:
Direct tel: +357.22.699.224