Important factors to consider in residence planning
The Cyprus Government, through the Council of Ministers, has revised its criteria for granting individuals Cypriot citizenship through the country’s citizenship-by-investment program. Updates to the requirements were made in an effort to further promote foreign direct investment in Cyprus and align the program with the most recent industry requirements and standards.
The new requirements include a lowered minimum investment requirement of EUR 2 million for any of the investment options. Applicants are required to be holders of a Cyprus residence permit to qualify for receiving Cyprus citizenship and will therefore need to submit their residence application prior to the filing of their citizenship application.
Applicants’ parents may also apply for Cyprus citizenship, provided that they are owners of a permanent residence in Cyprus worth at least EUR 500,000. For this purpose, the applicant and their parents may acquire one residential property worth at least EUR 1 million — EUR 500,000 allocated to applicant and EUR 500,000 allocated to the parents.
Generally speaking, there are four options from which an applicant may choose, including an investment in real estate or land developing; purchase, creation or participation in Cypriot businesses; an investment in alternative investment funds; or a combination of the first three options.