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Obtaining Citizenship in Cyprus made easy – 5 July 2013

 

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 €500.000 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:

  1. Government donation and investment: Deposit €2m in the state treasury in order to purchase shares in the state run investment company and donate at least €0.5m in the government’s Research and Technology fund.
  2. Direct investment: Investment of at least €5m 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.
  3. Bank deposits: Have deposits or own a company which the individual is the main beneficiary in Cyprus banks amounting to a minimum of €5m for at least 3 years.
  4. Combination of options 1 to 3 with a total value of at least €5m.
  5. Business activities: A foreign individual who is the owner of a company which is run from Cyprus and during the last 3 years prior to the submission of his/ her application the said company has paid at least €0.5m 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 citizens, then the amount of taxes and professional fees is decreased to €350.000 and €200.000 respectively per annum.
  6. Individuals whose deposits in Laiki Bank or Bank of Cyprus suffered a haircut of at least €3m could also apply for citizenship. If the money which was cut amounts to less than €3 million then candidate could possibly combine it with any of the other options.