Cyprus Citizenship by investment program – Ιnvesting in Cyprus business opportunities and obtaining a Cyprus passport

The Cyprus investment program in combination with the excellent location of Cyprus located between three continents on the northeast edge of the Mediterranean, combined with the fact that Cyprus is an EU Member State, and the fact that Cyprus has today excellent business infrastructure has been ranked as one of the most attractive  citizenship investment programs in the world

Cyprus Citizenship by investment program criteria

1) Donation of at least € 75,000 to the Research and Innovation Foundation
• The obligation is waived if the applicant has invested at least € 75,000 in a certified innovative enterprise or certified social enterprise.
• The obligation is waived if the applicant has invested a totaling at least 20% of the required investment cost (ie € 400,000) in a company operating in the primary sector or the secondary sector. (excluding construction) or in the areas of research and technology, education, health, and renewable energy.
• The donation to the Research and Innovation Foundation may be made after the Cyprus Council of Ministers approves the application for Cyprus naturalization

2) Donation of at least € 75,000 to the Cyprus Land Development Organization

Donation of at least € 75,000 to the Cyprus Land Development Organization for promoting housing plans and other housing plans/measures. The donation may be made to the Cyprus Land Development Organization after approval by the Cyprus Council of Ministers of the Cyprus naturalization application.

3) investment

The applicant should have made the required investments in Cyprus in the last three years preceding the date of application and maintain that investment for at least five years from the date of Naturalization. The mandatory five-year period of investment retention in cases where the investment relates to the purchase of investment under construction or immovable property will commence after the issuance of a planning permit.

Cyprus property investment, developments, and infrastructure projects.

Cyprus Investment of at least € 2m

• Purchase or construction of a real estate.
• Creation of development (residential, commercial or tourist) or other infrastructure projects.
• Investment in building land provided that the application will include an investment plan for its development.
• If the investment involves the purchase of housing units already used for the  Cyprus Naturalization Program, total investment, including permanent privately-owned housing, will amount to at least € 2.5m.

If the investor invests exclusively in residential units (s) based on the aforementioned criterion, it will not be required to purchase another privately-owned home, provided that one of these residential units is worth at least € 500,000 and will be maintained for life.

If the investment relates to the purchase of housing units already used for the Cyprus Citizenship by Investment Program, this provision will apply provided that total investment, including permanent privately-owned housing, amounts to at least € 2.5 million.

Purchase or incorporation or participation in Cyprus businesses and Cyprus companies

Investment of at least € 2m

• Purchase, incorporation or participation in Cyprus companies or companies based in the Republic of Cyprus.
• Capital invested solely in Cyprus based on a specific investment plan.
• Employment of at least 5 Cypriot citizens or citizens from the other EU Member States with legal and continuous residence in Cyprus for the previous five years before submitting the Cyprus naturalization application.
• Investment in the Cyprus Maritime sector is acceptable

investing in Cyprus Alternative Investment Funds (AIFs) or Cyprus financial assets or organizations licensed by the Cyprus Securities and Exchange Commission (CySec)

Investment of at least € 2m.

investing in Cyprus Alternative Investment Funds (AIFs), purchase of Cypriot  Companies’ financial assets such as bonds, securities and debt securities that are subject to a prospectus prepared under the Public Offer and Prospectus Laws and approved by the Cyprus Securities and Exchange Commission.

Cyprus Investment combination

Investment of at least € 2m and permanent  Cyprusresidence of € 500,000.

• The applicant may combine the above investments, provided that the total investment amounts to at least € 2m.
• The applicant may purchase securities on the secondary market of the Cyprus Stock Exchange for up to € 200,000.

4) Own residential property

Own residential property in Cyprus with a cost value of at least 500,000 Euros plus VAT where applicable. Residential Cyprus property should be held for life. Where the purchase price of the residential property exceeds the amount of 500.000 Euros (excluding VAT), the excess amount can be calculated and included in the entire investment.

5) Other important Cyprus Citizenship by Investment requirements

1. 1. The applicant (investor or adult family member) before acquiring Cypriot citizenship should hold a Cyprus residence permit for at least 6 (six) months. If the applicant is not already a holder of a residence permit, he may apply for an immigration permit at the same time as applying for Cyprus Naturalization, without the need for any conditions beyond that provided by the Program.
   2. The applicant must have a valid Schengen visa. Excludes third-country nationals who do not require a visa to enter the EU Member States as well as applicants who are nationals of EU Member States.
   3. The applicant satisfies personal good standing criteria by providing a Clean  Criminal Record Certificate from the country of origin and country of usual residence (if different). The duration of the clean criminal record certificate is three months.
   4. The applicant must be aged 18 or over

Cyprus Citizenship by investment program criteria for investor’s family members

1. 1. Members of the same family who apply separately as investors can purchase a home provided that its total value covers the amount of € 500,000 for each applicant.
   2. The wife/husband can acquire Cypriot nationality without the need for additional investment. To facilitate the process of acquiring Cypriot citizenship by the spouse/investor/applicant, the Cyprus Council of Ministers decided to grant the right of simultaneous submission and approval of applications.
   3. Cyprus Investor Parents can apply for Cyprus Naturalization after the Cyprus investor has acquired Cypriot citizenship. A prerequisite for parents to apply is the acquisition of a permanent home in the Republic of Cyprus with a market value of at least € 500,000 plus VAT. Parents and investor can jointly purchase a home provided that the total value of the home is at least €  1,000,000 plus VAT
   4. Children over 18 years can only apply for Cyprus naturalization if they are financially dependent on adult /investor.  Economically dependent adult children are considered:
      (a) students up to the age of 28 who are studying at a higher education institution for the acquisition of a diploma or an undergraduate or postgraduate diploma and whose main activity is education; Persons studying for a professional qualification are excluded, (b) Individuals with severe physical or mental disabilities who are unable to work.
   5. Children under 18 years application can be submitted after the Cyprus investor has acquired Cypriot citizenship. The other parent of the child must consent to the granting of citizenship.

Cyprus Citizenship by Investment government Fees

Cyprus Citizenship by an Investment application process

The application for Cyprus passport (Cyprus Citizenship by investment) is submitted to the Cyprus Ministry of Interior with original documents supporting the application together with 2,000 Euros for government fees. The Cyprus Ministry of Finance evaluates the economic criteria of the applicant. All original documents together with a copy should be submitted to the Ministry of Interior. Foreign documents issued by a foreign authority must be translated into Greek or English and duly certified. Once criteria are met, the Ministry of Interior forwards the application to the Cyprus Council of Ministers for approval

Spouse applications can be submitted simultaneously with the applicant’s application. Application for children can follow later on

Once the Cyprus Passport (Cyprus Citizenship by Investment) application is approved, the Cyprus Civil Registry and Cyprus Migration Department issues the Naturalization Certificate, after the payment of 5,000 Euros, which is the certificate issuing fee

It should be noted that the application submission date is the date on which the submission fees were paid

The Cyprus Council of Ministers has full discretion regarding the approval of Application for Cyprus Passport (Cyprus Citizenship by Investment)

The investor must hold a residence permit in Cyprus to qualify for receipt of Cyprus Passport (Cyprus Citizenship by investment). For this purpose, the applicant should apply for a residence permit, which will be made simultaneously with the application submission of the Cyprus Passport (Cyprus Citizenship by investment). Obtaining a residence permit is required by EU regulations. There is still no requirement for the investor to live in Cyprus

Why a Cyprus passport

There are important reasons for applying for a Cyprus passport:

1. 1. The Cyprus citizenship by investment scheme is flexible, straightforward and quick. Cyprus citizenship by investment process takes approximately 3 – 6 months
   2. There is no requirement for applicants to be physically present in Cyprus
   3. The investor need not be fluent in the Greek language (local language) as opposed to other countries
   4. Spouse and dependent children can also qualify with the applicant if they are up to 28 years old
   5. Parents can also qualify subject to conditions stated above
   6. Cyprus Citizenship can pass to future generations without the need for additional investments
   7. Dual citizenship is allowed
   8. There is a wide choice of investment options
   9. Cyprus passport holders may enter, reside, study and work in the European Economic Area, (the European Union, Iceland, Liechtenstein, Norway) and Switzerland
   10. Cyprus passport holders may travel visa-free to more than 150 countries including Canada
   11. No visits are required during or after application

Cyprus passport if the applicant is also a tax resident of Cyprus can also be combined excellently with Cyprus “Domicile” regime which exempts High-net worth non-domiciled individuals moving to Cyprus from personal taxes on rents (3% on 75% on rent income), interest (30%) and dividends (17%) which apply to Cyprus domiciled individuals

How we can help

–   We can help you to apply and get your Cyprus Passport and permanent residency

– We can also help you to get your nondomicile status in Cyprus and be exempt from personal taxes on your worldwide income

Contact us

Please contact for a free personal consultation at

Email: info@pkf-nic.com

The authors expressly disclaim all and any liability and responsibility to any person, entity or corporation who acts or fails to act as a consequence of any reliance upon the whole or any part of the contents of this publication.

Accordingly no person, entity or corporation should act or rely upon any matter or information as contained or implied within this publication without first obtaining advice from an appropriately qualified professional person or firm of advisors, and ensuring that such advice specifically relates to their particular circumstances.

PKF Cyprus firms are member firms of the PKF International Limited network of legally independent firms and do not accept any responsibility or liability for the actions or inactions on the part of any other individual member firm or firms.