Foreign individuals wishes to obtain a 'second citizenship' can benefit from Cyprus' comprehensive 'Citizenship by Investment' program.
As announced by the Cyprus Council of Ministers on 19th March 2014, foreign individuals can obtain Cyprus citizenship if they invest in Cyprus under one of the eight categories of investment, directly or indirectly through company(ies), in proportion to their shareholding in such companies. Clickhere for more information on Cyprus Citizenship by Investment scheme.
The application process
The application for a Cyprus Passport is submitted to the Ministry of Interior with original supporting documents/ evidence along with €2,000 government fees. At the same time the Ministry of Finance proceeds with the evaluation of the economic criteria of the applicant. All documents issued by a foreign authority should be translated into Greek or English and should be duly certified and apostiled. Once all criteria are satisfied the application proceeds to the Council of Ministers for approval.
Once the Council of Ministers approves the application, a payment of €5,000 for the certificate issuing fee is submitted and the Cyprus Civil Registry and Cyprus Migration Department issues the Naturalization Certificate.
According to the EU regulations the applicant must hold a residence permit in Cyprus to qualify for Cyprus Passport. The application for a residence permit should be made together with the submission of the application for the Cyprus Passport.
Other important aspects for consideration
The application submission date is the date of the payment of the submission fee of €2,000.
The approval of the application for a Cyprus Passport is in the discretion of the Council of Ministers.
Application for a Cyprus Passport for a spouse should be submitted together with applicant's application. The application for dependents (children) can be done afterwards.
Applicant's parents are also entitled to apply for a Cyprus Passport provided that they own a residential property of at least €500,000 plus VAT.
Where the purchase price of the residential property exceeds the amount of €500,000 (excluding VAT), the excess amount can be calculated and included in the entire investment.
The investment of €2mln should not be made more than 3 years.
After 3 years the applicant can sell the investment property and leave his residential property with a cost value of €500,000.
After 3 years the applicant can sell the entire investment together with his/ her residential property and replace the residential property with a new one with a cost equal to €500,000 plus VAT (where applicable).