Cyprus Citizenship by Investment Program: A Gateway to EU Citizenship
- By Web Desk -
- Dec 02, 2024
The Cyprus Citizenship by Investment (CBI) program offers high-net-worth individuals and their families a unique opportunity to obtain citizenship in a European Union (EU) country. Established in 2013, the program has undergone several changes to make it more attractive and competitive.
Benefits of Cyprus Citizenship
– EU citizenship, allowing visa-free travel to over 170 countries
– Right to live, work, and study in any EU country
– Dual citizenship allowed
– No residency requirements
– Tax benefits, including no inheritance tax and low corporate tax
– High standard of living and excellent education system
– Strategic location, with easy access to Europe, Africa, and Asia
Eligibility Criteria
To be eligible for the Cyprus CBI program, applicants must:
– Be at least 18 years old
– Have a clean criminal record
– Have a good reputation and character
– Meet the minimum investment requirements
– Pass a medical examination
Minimum Investment Requirements
Applicants can choose from several investment options:
1. Real Estate Investment: Purchase a property worth at least €2 million, plus VAT.
2. Investment in a Cyprus Company: Invest at least €2 million in a Cyprus company, which must have a physical presence in Cyprus and employ at least 5 Cypriot citizens.
3. Investment in Alternative Investment Funds (AIFs): Invest at least €2 million in AIFs, which are licensed and supervised by the Cyprus Securities and Exchange Commission.
4. Combination of Investments: Combine two or more of the above investments, provided that the total investment amount is at least €2 million.
Additional Fees and Costs
– Application fee: €2,000
– Naturalization fee: €5,000
– Passport fee: €120
– Other fees and costs, such as legal fees and background checks, may apply
Application Process
The application process typically takes 6-8 months and involves the following steps:
1. Choose an authorized agent or attorney to represent you
2. Submit your application and supporting documents
3. Pass a background check and due diligence
4. Receive approval in principle
5. Make the required investment
6. Receive your certificate of naturalization
7. Take the oath of allegiance and receive your passport
The Cyprus Citizenship by Investment program offers a unique opportunity for high-net-worth individuals and their families to obtain EU citizenship. With its many benefits, including visa-free travel and tax benefits, this program is an attractive option for those looking to diversify their citizenship and expand their global opportunities.