Cyprus’ government established several incentives attractive to foreign investments. One is the citizenship-by-investment program granting total Cyprus citizenship to individuals investing over 2 million EUR in real estate and fill other criteria. Successful applicants are given the right to live, work and study in all 28 EU member nations.
Cyprus’ government has set in place several programs to attract foreign direct investment. One is the citizenship-by-investment program which gives full Cypriot citizenship to individuals investing over 2 million EUR in real estate. Any non-Cypriot may apply for citizenship through Naturalization by Exception if they meet at least one of the established investment criteria:
- Real Estate Investment (developments and infrastructure projects as well). The applicant should make an investment of at least EUR 2 million for purchase/construction of real estate.
- Purchase, establish or participate in Cypriot businesses. The applicant must invest at least EUR 2 million in the purchase, creation or participation in businesses based and operating in Cyprus.
- Alternative Investment Funds. The applicant should purchase units totaling at least EUR 2 million from Alternative Investment Funds (AIF). This criteria also incorporates the buying of financial assets of Cyprus businesses for at least EUR 2 million as bonds or debt securities.
- A Combination. The applicant may invest in some combination provided the total invested is over EUR 2 million.
Another applicable requirement, regardless of investment option selection, is the purchase and life-time possession of a Cypriot property which will be the applicant’s residence. The purchase price will be at least EUR 500,000 plus VAT. If the applicant chooses the real estate selection, ths residential property can be included in the 2 million investment.
In September 2016, the Cypriot government instituted changes to its program. The modifications include reducing the minimum investment and the potential to cover the primary applicant’s parents — provided an additional 500,000 EUR + VA is invested in a private, primary residence in the nation.
Another essential requirement which applies — regardless of the particular investment option selected — is the purchase and (life-time) possession of property in Cyprus that will be used as the primary applicant’s principal residence in the country.
The property’s purchase price must be at least 500,000 EUR + VAT in case the applicant proceeds with this option; the property can be rolled into the EUR 2 million investment.
Bukh Global guides you through the application process and works to help you find the investment program most suited to your needs and desires.