Located to the South of Turkey and surrounded on all four sides by the Mediterranean Sea, Cyprus is an island nation that has grown in popularity among expats who wish to settle in Europe. It’s warm climate and mix of Eastern and Western cultures make it a noteworthy tourist hotspot. Known officially as The Cypriot Republic, the country has become an appealing destination for developers and investors who seek citizenship or residency in a European country.
To qualify for citizenship, the primary applicant must be over 18 years of age and meet the following application requirements:
a. Donation of EUR 75,000 to the Research and Innovation Fund or another certified innovation enterprise
b. Donation of EUR 75,000 to the Cyprus Land Development Corporation
a. Real estate, developments, and infrastructure projects: The applicant must commit at least EUR 2 million to the purchase or construction of real estate.
b. Purchase or establishment of or participation in Cypriot businesses and companies:
* The applicant must commit at least EUR 2 million to the purchase or creation of or participation in businesses or companies that are based and operating in the republic.
* These businesses or companies should have a demonstrable and tangible presence in Cyprus and employ at least five Cypriot or EU citizens.
c. Participation in alternative investment funds or the purchase of financial assets of Cypriot enterprises or organizations licensed by the Securities and Exchange Commission: The applicant must purchase units amounting to at least EUR 2 million from alternative investment funds.
d. Combination of the above options: The applicant may choose a combination of the above options, provided that the total amounts to at least EUR 2 million.
In all cases, the applicant must have a clean criminal record. Also, the applicant must not be included in the list of persons who have a freezing or confiscation order of property within the boundaries of the EU. The final decision on the approval of the application is made by the ministry, following strict and detailed due diligence checks. Any applicant who has previously submitted an application or citizenship in any other EU member state and has been rejected will not be eligible for Cyprus citizenship under the Cyprus Investment Programme. All applicants must hold a valid Europe’s Schengen Area visa. In addition, every applicant must be the owner of a permanent residence in Cyprus, with a market value of at least EUR 500,000 plus VAT. It is understood that the members of the same family who submit different applications as investors can buy a residence collectively, provided the total amount of the residence or house covers the amount of EUR 500,000 for each applicant.
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