The Government recently amended the criteria by which Cypriot citizenship is granted to foreign investors. 

The amount necessary for foreign investors to secure a Cypriot passport has effectively been reduced from €5 million to €2.5 million for persons participating in a collective investment worth at least €12.5 million, or reduced to €2 million for those participating in a collective investment worth more than €12.5 million. 

In addition, investors must also purchase residential real estate worth a minimum of €500,000, plus VAT.  The application submission fee is €2.000, plus €5,000 for the certification issuance fee. 

Since its implementation in early 2013, the scheme has gained significant interest from foreign investors. Though inquiries decreased following the island’s bail-in, the adjustment of the criteria has renewed interest, with Christodoulos Angastiniotis, Chairman of the Cyprus Investment Promotion Agency (CIPA) praising the amendments as a positive step towards the further promotion of the island’s investment potential. 

For full details of the Cyprus Naturalization Scheme, including Frequently Asked Questions, visit http://www.investcyprus.org.cy/citizenship-by-investing/ ;

29-07-2014

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