CYPRUS CITIZENSHIP BY INVESTMENT PROGRAM
On the basis of a Council of Ministers’ Decision (dated 19/03/2014), non Cypriot Investors, can acquire the Cyprus Citizenship by Naturalization (by exception on the basis of the Civil Registry Laws 2002-2013).
The Cypriot Government has established a number of incentives to attract foreign direct investment into the country. One of these is a citizenship-by-investment program that grants full Cypriot citizenship to those that invest more than EUR 2.5 million in real estate and who meet certain other requirements. Successful applicants gain the right to live, work and study in all 28 EU member countries.
In April 2013, the Government of Cyprus introduced changes to its citizenship-by-investment program. The changes include the introduction of the Major Collective Investment (MCI) route which reduces the minimum investment amount from EUR 5 million to EUR 2.5 million when several applicants jointly apply for citizenship with a total minimum investment of EUR 12.5 million.
Cyprus has been a full member of the European Union since 2004. The island is located in the north eastern Mediterranean Sea, at the crossroads of Europe, Asia and Africa. The strategic location of the island has played an important role in its development as a financial centre.
Cyprus, with its warm and stable climate and convenient geographical position, is considered an attractive place for residence. The investment landscape in Cyprus is beneficial due to the island’s well-qualified labour force, attractive taxation and a reliable transport and telecommunications system.
Cyprus has a modern, free-market, service-based economy, with an effective and transparent regulatory and legal framework, giving international investors and businesses confidence to invest, grow and prosper. Cyprus was ranked 58th out of 144 countries by the World Economic Forum Global Competitiveness Report 2012 – 2013.
A number of new measures have been implemented to reboot the economy in the wake of the massive restructuring of the country’s banking sector, which aim, among other things, to help stimulate economic growth.