Cyprus has been consistently ranked in the top 5 as the ideal relocation destinations in the world. When ranked by business and leisure indicators, Cyprus was the only European nation, alongside Switzerland, to make it to the top — before London, Madrid and Monaco.
The most popular path to being granted Cyprus citizenship is through Cyprus’ citizenship-by-investment program. Here are the FAQs about the Cyprus CIP:
How are Cypriot government bonds purchased?
Does a Permanent Residency Permit help in obtaining citizenship?
The holder of a PRP has an advantage by being permitted to lawfully reside in the Republic for five consecutive years before completing and filing an application.
How long is the examination period for the citizenship application?
About 4 to 6 months is normal before the Ministry of Interior makes a decision.
Must an applicant live in Cyprus before to, or after, being granted citizenship?
No. There are no residency requirements.
When does the applicant receive their Cypriot passport?
Once citizenship is granted, the applicant may receive a Cyprus passport on the same day.
What does “acquisition of businesses based in Cyprus” mean?
This criteria to an investment in the participation rights or shares of a Cyprus business that keeps offices, and operates, in Cyprus. The business must employ a minimum of five Cyprus citizens — for a period of three years. An eligible business can also be one that was purchased by the investor up to three years before filing a citizenship application.
How many applications have been submitted?
Since 2013, over 2,000 successful applicants have been generated.
Does the Citizenship by Investment program expire?
As of 2017, no expiry term has been set for the program.
One of the financial criteria mandats a fixed deposit of a minimum of 5 million (EUR) in banks operating in Cyprus. Which are “eligible banks?”
Eligible banks are local banks and subsidiaries of foreign banks in Cyprus. The Central Bank of Cyprus maintains a list of eligible banks here.
Are real estate properties puchased, in the past, by the applicant eligible?
Any property bought within three years of filing is eligible. Additional properties can be purchased to meet the total sum required for investment criterion: 5 million (EUR) or 2.5 million in the case of a group petition.