Cyprus government has revised the citizenship by investment scheme to attract more non- EU entrepreneurs and investors to engage then in the Cyprus economy. The key issue is to ensure that the investors have Cyprus as their prime residence as well as their main economic interests and activity on the island.
From the organisational perspective these businesses must have least 5 local nationals in their employ. Additional and very important provision is that the individual seeking Cypriot citizenship has to invest a minimum of only €2 million, which has to be invested and held for a period of three years.
The investments that qualify are investments in residential properties, development projects, government bonds, commercial properties, local businesses, financial assets, etc., these can also be sold after the 3 year period.
Additionally, the applicant to qualify for the citizenship, has to prove that they have a permanent residency permits and are legal owners of their residential property worth at least €500,000.
This relaxation is a very positive initiative by the government encouraging a whole new market segment of non–EU nationals encouraged to make their new life in Cyprus.
Cyprus citizenship grants the investors the same rights as any other Cypriot national enjoys. The citizenship ensures that they have the right to move freely, have local voting rights, work and live in Cyprus. Importantly, on granting the Cypriot citizenship, the investor has the right to live and work throughout the European Union.