There have been several updates to the existing Cyprus Citizenship-by-Investment. The Council of Ministers revised the existing program on March 19th, 2014, enabling foreign nationals to gain citizenship if they meet certain criteria set out by the Ministry of Interior. When you acquire citizenship under the Cyprus citizenship program, you and your family enjoy full citizenship for life, which can be passed on to future generations by descent.
The Citizenship-by-Investment Program requires a person to make a significant economic contribution to the country. In exchange, and subject to a stringent vetting and diligence process, including thorough background checks, the applicants and their families are granted citizenship.
To qualify for citizenship, the primary applicant must be over 18 years of age, meet the application requirements by investing at least €5 million under one of six options: Government Bonds, Financial Assets, Real Estate, Local Business Activities, Bank Deposits, Combination (mixed option), or Impaired Deposits.
The latest additional option is for a submission of group applications under any or a combination of the first four options for €2.5 million investment by each applicant in a collective investment scheme, the total amount of which exceeds €12.5 million. Note that investment for categories 1 to 4 can be performed through different sellers or providers (a physical or legal person).
In addition, every applicant must be the owner of a permanent residence in Cyprus, with a market value of at least €500,000 plus VAT. It is understood that the members of the same family, who submit different applications as investors, can buy collectively a residence/house, provided that the total amount of the residence/house covers the amount of €500,000 for each applicant.