Cyprus

Citizenship By Investment

NOTE: Cyprus suspended its CBI program in November 2020!

Cyprus suspended its CBI program in November 2020 after media reports alleged the scheme was rife with corruption. A few months later, in February 2021, the Cypriot president told an inquiry committee tasked with investigating Cyprus’ citizenship controversy that Cyprus would no longer offer a path to naturalization to investors.

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Residency By Investment

Cyprus offers a residency-by-investment program at a sharply reduced cost. Investors must demonstrate that they have an annual income of at least 30,000 euros and, depending on the number of dependents applying with the applicant, deposit at least 30,000 euros in a Cyprus bank, and purchase a first-sale residence valued at 300,000 euros or more. They are obliged to visit Cyprus at least once every two years.

Following an amendment to the law regarding the Cyprus Permanent Residence Permit, foreign investors can now also invest in non-residential properties like hotels, offices, shops etc. They now also have the option to invest in company shares, provided the company maintains a physical presence in Cyprus and employs 5 people at minimum. Investments in compartments of Cypriots UCITS (AIF, AIFLNP, RAIF) are also now available to foreign investors.

Another residency program for talented entrepreneurs is the Cyprus Startup Visa scheme, which allows individual or a team of investors to establish a business with high growth potential in Cyprus. The business must be innovative, meaning at least 10% of its operating costs in at least one out of three years before the application must be used in research and development activities. For a new enterprise without financial history, a business plan submitted will be subject to rigorous evaluation. The government provides a specific format of the business plan and the required information it must contain.

Updated by Celia Pourgoura

Disclaimer

The above information is only a brief description of the provisions of the relevant Cyprus Law up to the date of publication the above content and in no way is exhaustive. Further professional advice should be sought for each particular case.

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