Amended Cyprus Citizenship requirements

The Council of Ministers has agreed on new conditions that have been approved for the obtaining of Cyprus citizenship – passport.
The most important change concerns the termination for a collective investment of € 12 million and replacing it with a provision for individual investment of € 2 million plus the purchase of a residence in Cyprus which is at least €500,000. Furthermore, the provisions for bank deposits of €5 million, citizenship offered to people affected by the bail in and purchase of government bonds amounting to €2.5 million have been terminated.

Investment of €2 million

This includes investments related to the purchase or construction of property or creating developments such as residential or commercial developments, developments in the tourism sector or other infrastructure. However, the investment must be in developable land and there must be an investment plan for its development. Purchase of land in zero growth areas is excluded. There is no need for the additional purchase of residence amounting to € 500.000 in these cases.

Investment in purchase, incorporation or participation in businesses/companies which are situated in Cyprus and which employ at least five citizens of Cyprus

Investing in Alternative Investment Institutions established in Cyprus and licensed by the Cyprus Securities and Exchange Commission which carry out investments exclusively in Cyprus. Within this category is also included the purchase of €2 million in bonds, securities and debentures that are licensed by CySec for companies that demonstrably have a physical presence in Cyprus and are financing their investment objectives.

Or a combination of the above investments provided that the total value is at least € 2 million and the investor may make a purchase of Cypriot government bonds up to € 500,000. Investments should be kept for a period of 3 years.

The parents of an investor may acquire Cypriot citizenship by purchasing an additional residence with market value € 500,000.

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