Cyprus, the island in the Eastern Mediterranean Sea, is the member nation of European Union. This government provides opportunities for foreign nationals to become citizens by allowing them to invest in its real estate industry.
The Cypriot Government’s initiative attracts foreign direct investment into the country and grants citizenship to the beneficiaries. This program allows investors to invest funds over EUR 2.5 million in the Cyprus real estate industry. In addition, likely migrants must meet other conditions of immigration. Successful candidates of this program can move freely to 28 EU nations. They can live, work and study in the member states also.
To apply for this program, initially the requirement was EUR 5 million. The investment was reduced to EUR 2.5 million after the introduction of the Major Collective Investment (MCI) route in 2013. The reduced investment is applicable when a group of applicants makes up the investment worth EUR 12.5 million. (Note: Not all economic criteria can be used to the MCI route.)
A non-Cypriot citizen can become Cypriot through naturalization. However, naturalization can be exempted if a candidate applies for this visa program by meeting the following requirement.
- By purchasing government bonds. (State bonds of the Republic of Cyprus of at least EUR 2.5 million)
- Must acquire property by investing EUR 2.5 million in real estate.
- Through acquisition of financial assets in Cypriot companies or organization (at least EUR 2.5 million).
- Bank deposits (Fixed deposit of minimum EUR 5 million in a Cyprus bank for three years).
- Participating in Cypriot businesses or companies.
- Purchase of property worth EUR 500,000 plus VAT. (Can be included in the EUR 2.5 million investments.)
- The investment of foreign nationals must create employment to at least five Cypriot citizens.
Benefits of the Cypriot Citizenship-By-Investment Program:
- You can become the member of the EU member state.
- You can live, work, and study in all 28 EU countries.
- You are protected under the European social and legal system.
- You can travel to 159 countries without any visa requirement.
- Applicant’s family members will have same benefits.
- Visa approval usually within 90 days.