Cyprus is a small island country belonging to the European Union, located in the Mediterranean Sea. Known for its enchanting charm and beautiful natural landscapes, Cyprus is one of the smallest countries in the European Union, with an area of about 10,000 square kilometers.
Cyprus enjoys a beautiful Mediterranean climate and is home to a mix of various cultures, making it easy for any traveler to integrate smoothly into the society.
Cyprus also offers foreign nationals the opportunity to obtain Cypriot citizenship through investment. However, there are a number of specific conditions that must be met by anyone wishing to acquire Cypriot citizenship. In this article, we will discuss these conditions and the benefits of obtaining Cypriot citizenship through investment.
Citizenship through Investment
Have you ever heard of a program that offers foreign investors the chance to acquire citizenship in exchange for an investment or a series of investments? This program guarantees investors and their families permanent citizenship.
Yes, there is indeed a program called Citizenship by Investment, which was initially established on the island of Saint Kitts and Nevis in 1984. The idea quickly spread to many countries, and now several other countries offer foreign investors the chance to purchase citizenship, such as:
- Saint Lucia
- Antigua and Barbuda
- Turkey
- Moldova
- Dominica
- North Macedonia
These countries all present a viable opportunity for anyone seeking foreign citizenship, as it only requires making an investment determined by the laws of each country.
Can Citizenship Be Obtained Through Investment?
There are several investment options available in many countries that contribute to obtaining foreign citizenship. Among these investment options are:
- Real Estate Investment: This allows foreign nationals to purchase and own properties within a specified amount to obtain citizenship. One of the advantages of this option is that it allows investors to recover their funds through rental income or by reselling the property after about five years. This is one of the most popular options for obtaining Cypriot citizenship.
- Donating a Certain Amount to the State Fund: This option is preferred by many investors because it speeds up the process of obtaining citizenship. However, the drawback is that the money invested cannot be recovered.
- Investing in Ownership Bonds: This is another option for obtaining citizenship through investment.
- Investment Through Establishing a Company or Opening a Business: This is permitted in a few countries but with certain conditions.
Many investors find the citizenship-by-investment program appealing because it opens opportunities to enter many markets easily and grants the chance to travel to many countries without the need for a visa.
Therefore, we have chosen to discuss one of the most important and best citizenships available through investment, which is Cypriot citizenship. Here’s how you can obtain Cypriot citizenship through investment:
Obtaining Cypriot Citizenship Through Investment
Through real estate investment, eligible applicants can obtain Cypriot citizenship in just six months under the Cypriot citizenship by investment program. It was the only direct citizenship program in the European Union that offered such an easy option to obtain dual citizenship without any residency requirements, with a minimum investment of 2,200,000 euros.
Cypriot citizenship through investment allowed applicants and their families to live, work, or study in all 28 EU member states, as well as travel visa-free to more than 173 countries worldwide once they obtained a Cypriot passport.
After five years of holding citizenship, investors could reduce their real estate investment to 500,000 euros.
Advantages of Obtaining Cypriot Citizenship
Cyprus is one of the advanced, high-income economies, offering many benefits to international investors and entrepreneurs for their contributions to the local economy. The Cypriot investment program provides the following advantages:
- Obtaining Cypriot citizenship, which helps in easily acquiring an EU passport.
- Recovery of the investment amount after 5 years from the investment payment.
- Easy access to highly qualified English-speaking workers.
- Cyprus has a stable tax system.
- Cyprus is a politically, socially, and economically stable environment, with high security and safety rates.
- Cypriot citizenship holders enjoy many privileges and tax exemptions.
- The tax rate on income and investment is among the lowest in the European Union.
- Cyprus benefits from its strategic geographical location, along with a wonderful climate and great weather.
- Cypriot citizenship allows for visa-free travel to over 160 countries worldwide, as well as unrestricted access to any EU country for residence.
Requirements for Obtaining Cypriot Citizenship by Investment
In addition to the required investment, candidates must also meet the following criteria:
- The primary applicant must be at least 18 years old.
- All applicants must be in good physical and mental health.
- There should be no criminal or immigration history.
- Investment and the purchase of permanent residence in Cyprus for at least 500,000 euros. This can be part of the required 2 million euros investment.
- Obtain a residence or immigration permit in Cyprus.
- The applicant must be physically present in Cyprus to complete the application process.
- Applicants must reside in Cyprus for at least six months.
Once the applicants meet all the above requirements, they can obtain a Cypriot citizenship certificate and take the oath of allegiance. Afterward, they are eligible for a Cypriot identity card and passport.
How to Apply for Cypriot Citizenship by Investment
Cypriot citizenship through investment involves residential properties or a combination of real estate and other financial investments to qualify for the program. Both options require a non-refundable government contribution, and after five years, both options allow a reduction to 500,000 euros in the investment in a residential property held indefinitely.
First Option to Obtain Cypriot Citizenship by Investment
The investor wishing to obtain Cypriot citizenship must donate 200,000 euros, which is distributed as follows: 100,000 euros to the Cyprus Land Development Corporation, and the remaining 100,000 euros to one of the following organizations: the Research and Innovation Foundation, the Renewable Energy and Energy Efficiency Fund, the Industry and Technology Service, or the National Solidarity Fund.
After the donation, the remaining required amount is 2 million euros, which must be invested in real estate in Cyprus. The investment does not have to be made in a single property; it can be spread across multiple properties totaling 2 million euros.
The minimum investment period is five years, after which all acquired assets can be sold, and capital can be freed. However, to maintain Cypriot citizenship, the candidate must own property worth at least 500,000 euros and use it as their primary residence.
The Second Option for Obtaining Cypriot Citizenship Through Investment
This option requires an investment of €2,700,000, split between €2 million for investment and an additional €200,000 as a donation.
The investor wishing to obtain Cypriot citizenship donates €200,000 as follows: €100,000 to the Cyprus Land Development Organization, while the remaining €100,000 can be donated to one of the following organizations: the Research and Innovation Foundation, the Renewable Energy and Energy Efficiency Fund, the Industry and Technology Service, or the National Solidarity Fund.
The remaining €2.5 million is invested through:
- Residential and commercial real estate, infrastructure, and land, provided the land has an approved development plan.
- Establishing or participating in a Cypriot company or acquiring one.
- Investments in the shipping sector.
- Alternative Investment Funds (AIFs) or Cypriot entities with financial assets regulated by CySEC, which operate in Cyprus.
To retain Cypriot citizenship, the investment must be held for at least 5 years.
Has the Cypriot Citizenship by Investment Program Been Cancelled?
Unfortunately, the Cypriot Citizenship by Investment Program was suspended at the end of 2020.
This program was a preferred option for many foreign investors due to the opportunity to obtain citizenship in an EU country.
However, after the suspension of the program, are there any alternatives for obtaining citizenship in the European Union?
How to Obtain Citizenship in the European Union Through Investment
There are now two programs for investment to obtain a European passport: Citizenship by Investment in Malta and Citizenship by Investment in Montenegro.
Caribbean citizenship programs by investment are less expensive than their European counterparts, but they offer similar benefits such as visa-free travel to many countries, citizenship for the entire family, tax advantages, and more.
Among the Caribbean countries offering second citizenship:
- Saint Lucia
- Antigua and Barbuda
- Dominica
- Saint Kitts and Nevis
- Grenada
After the Cancellation of the Cypriot Citizenship by Investment Program, What Are the Best Alternatives?
Cypriot Permanent Residency Permit
Applicants can obtain permanent residency in Cyprus through real estate investment, and this is one of the fastest and easiest investment visa programs in Europe.
A residency permit in Cyprus can be obtained for a relatively low amount of €300,000 compared to other European options, and the process is completed within two months for the investor and all family members.
The Golden Visa program grants residency to investors through real estate purchases and includes residency for the main applicant's parents, spouse, and dependent children under 25 years old. It is a permanent permit that can be transferred to dependents and spouses.
The permanent residency status allows for easy travel throughout the European Union and requires only one visit to Cyprus every two years for all family members.
The investment can be made by a company owned by the main applicant and their spouse or partner. If they exceed the €300,000 limit for permanent residency, they can invest in up to two properties, provided the properties are brand new.
The Golden Residency Permit in Cyprus is one of the best alternatives to obtaining Cypriot citizenship through investment.
How to Obtain Cypriot Citizenship Easily
After the cancellation of the Cypriot Citizenship by Investment program at the end of 2020, obtaining Cypriot citizenship has become more difficult. However, there are many alternatives available.
If you're looking for a Citizenship by Investment program in an EU country, Malta or Montenegro still offer the opportunity to apply for citizenship.
There are also other suggestions for obtaining a strong foreign citizenship that is comparable to Cypriot citizenship. Caribbean countries offer the chance to obtain citizenship through investment, allowing investors to enter many countries, including EU countries, without needing a visa.
If you would like assistance in determining the best alternative for obtaining Cypriot citizenship through investment, we can offer you expert advice and help you decide the best destination based on your priorities.
For legal consultation, you can contact us now via WhatsApp. Click here now.
You can also learn about our services and pricing plans for obtaining citizenship by investment and other services related to immigration and setting up companies abroad. All this information and services are now available through the Zajel app. Download it now from the Play Store and get ready to request the service that suits you.
Other Options from Zajel Company for Obtaining a Second Citizenship and Passport
FAQ
- Can you obtain citizenship through investment?
Yes, it is possible to obtain foreign citizenship through investment in certain countries, and the required investment amount and method of investment vary between countries.
- How can you obtain foreign citizenship through investment?
Several investment options are available in many countries that contribute to obtaining foreign citizenship, including:
- Real estate investment, where foreign nationals are allowed to buy and own properties for a certain amount in order to obtain citizenship. This option allows investors to recover their funds through rental income or resale after about 5 years.
- Donating a certain amount to a state fund, which is preferred by many investors because it speeds up the citizenship process. However, the downside is that the money invested cannot be recovered.
- Investment in ownership bonds.
- Investment through establishing a business or opening a commercial venture, which is allowed by a few countries under specific conditions.
- What are the benefits of obtaining foreign citizenship through investment?
Obtaining foreign citizenship through investment is relatively simple and only requires meeting the specific application requirements, which vary by country. However, they all share ease of application.
- Most Citizenship by Investment programs allow you to retain your original citizenship.
- The opportunity to acquire a strong passport that enables easier access to more countries without requiring a visa, including EU countries and the UK.
- Quick completion of the citizenship process.
- Is the Cypriot Citizenship by Investment Program still active or has it been suspended?
Unfortunately, the Cypriot Citizenship by Investment Program was suspended at the end of 2020. It was a preferred choice for many foreign investors due to the opportunity to obtain citizenship in an EU country.
Now, there are two programs for obtaining a European passport through investment: Citizenship by Investment in Malta and Citizenship by Investment in Montenegro.
Caribbean citizenship programs are less expensive than European ones but offer similar benefits such as visa-free travel to many countries, citizenship for the entire family, tax advantages, and more. Some of the Caribbean countries offering second citizenship are:
- Saint Lucia
- Antigua and Barbuda
- Dominica
- Saint Kitts and Nevis
- Grenada
- Can you buy citizenship in the European Union through investment?
Yes, there are now two programs for obtaining a European passport through investment: Citizenship by Investment in Malta and Citizenship by Investment in Montenegro. Caribbean citizenship programs are less expensive than European options but offer similar benefits such as visa-free travel to many countries, including EU countries.
What are the benefits of obtaining Cypriot citizenship?
- Obtaining Cypriot citizenship contributes to acquiring an EU passport with ease.
- Investment amounts are refundable after 5 years.
- Easy access to highly qualified English-speaking workers.
- Cyprus has a stable tax system.
- Cyprus is politically, socially, and economically stable, with high levels of security.
- Cypriot citizenship holders enjoy many privileges and tax exemptions.
- The tax rate on income and investments is among the lowest in the EU.
- Cyprus offers a strategic geographical location, beautiful climate, and weather.
- Cypriot citizenship allows you to travel visa-free to over 160 countries worldwide and enter any EU country for residence without the need for a visa.