World_map-05-Cyprus

Cyprus

Country profile

Please note that the Cyprus Investment Programme will be cancelled on 1 November 2020. The decision to cancel the Programme was made after the 2020 CBI Index was published.

Often described as intersecting three continents, Cyprus has been, at different times in its history, under Greek, Ottoman, and British rule. Most of its population is of Greek ethnicity, but there is a sizeable Turkish minority. In 1974, part of the island was invaded and occupied by Turkey, resulting in its de-facto partition into the Turkish Republic of Northern Cyprus and the Republic of Cyprus. Only Turkey recognises the former as an independent nation. The Republic of Cyprus has a strong tourism sector and is known for its financial services. It spends a notable percentage of its GDP on education, thereby offering a highly developed primary and secondary education system.

  • Official name: Republic of Cyprus
  • National anthem: Hymn to Liberty
  • Location: Mediterranean, Europe
  • Capital city: Nicosia
  • Official language: Greek; Turkish
  • Independence: 1 October 1960, from the United Kingdom
  • Government type: Presidential democratic republic
  • Head of State: President
  • Head of Government: President
  • Basis of legal system: English common law
  • Currency: Euro; Cypriot pound
  • Climate: Hot-summer Mediterranean climate
Cyprus
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Programme Profile

The Cyprus Investment Programme

  • Grounded in Section 111A of the Civil Registry Laws of 2002-2019
  • Originally requiring a €15 million investment and changed a number of times, with current rules having come into effect in May 2019
  • 700-application cap per year
  • Non-Cypriots can apply
  • Investments must be made at most three years prior to applying and held for five years following citizenship
  • Real estate valued at €500,000 plus V.A.T. must be declared as a permanent residence indefinitely
  • Applicants who select residential real estate need not spend an additional €500,000 to establish a permanent residence in Cyprus, so long as the chosen real estate had not previously been used in relation to Cypriot citizenship by investment
  • Applicants can combine investments in real estate with those in a Cypriot company, Alternative Investment Funds (AIF) or Registered Alternative Investment Funds (RAIF), or make separate €2 million investments in each.
  • The Programme is managed by the Ministry of Interior
  • Application and Certificate of Naturalisation Fees apply
  • Applicants must show a valid Schengen Visa and must not have been rejected for citizenship in other EU member states. Applicants’ EU assets must also not have been frozen as a result of sanctions
  • Applicants must be resident permit holders for at least six months prior to obtaining citizenship
  • Travel to Cyprus is required for biometrics and, for applicants who are approved, to take the Oath of Faith
  • No tests or formal interviews