How to receive a Cypriot passport (EU citizenship)?
Citizenship of Cyprus can be received by making investments. At the moment, for an individual investor to receive Cypriot citizenship, it is necessary to make financial investments, using of the methods, approved by the government of Cyprus.
On 15.09.2016 the government announces major changes the Citizenship through investment program. At the moment, for an individual investor to receive the Cypriot citizenship, it is enough to make an investment in the amount of €2 million euros. Prior to this, those participating in the Cypriot program, had to invest into the economy of Cyprus at least €5 million, as for a joint application, the minimum investment amount was €2.5 million euros for each applicant, thus adding to a total amount of €12.5 million euros.
Right now those participating in the program should make an investment into financial assets of a company, real estate on Cyprus or combine various investment types. It is possible to invest into your own company on Cyprus, with an obligatory employment of 5 Cypriot employees.
The timeline for processing the documents remains unchanged, around 3 months from the date of submitting the documents. This is the shortest time, compared to other similar programs offered in other European countries.
At the same time, participants of the program are not required to reside in Cyprus in order to receive the citizenship.
According to the new requirements, along with the main applicant, the dependent parents may also receive the citizenship (previously, this was granted only to the spouse of the applicant and children up to 18 years old). This opportunity is granted under the condition of acquiring additional property for the parents in the amount of at least €500 000 (otherwise, the value of joint real estate should exceed the amount of €1 million euros).
One of the main changes in the program, as stated by the Cypriot Ministry of Finance, was that the updated program cancels the provision that requires joint investments in the amount of €12 million euros. The new scheme cancels the previous provision of granting citizenship to owners of bank deposits in the amount of €5 million euros by persons, whose deposits were reviewed in March 2013, as well as persons, who acquired bonds in the amount of €2.5 million euros.
The changes and the timeline for when the new changes will come into force are under consideration. It should be noted that in the Index of Citizenships of the world, provided in 2015, Cyprus was 25th on the list, meaning that the status of a Cypriot citizenship is higher than that of the USA, Japan and Canada.
Cyprus Allows Dual Citizenship.
Having a dual citizenship, one of which is that of the EU, is clearly advantageous for a number of reasons.
Advantages of Cypriot citizenship:
- Citizens of Cyprus have the right to live and work in Europe
- Passport of a citizen of Cyprus allows its holder to travel visa-free to more than 140 countries in the world
- Holders of a Cypriot passport can quickly apply for visas to other countries (e.g. USA) at affordable rates)
- Dual citizenship is an effective tax planning instrument
- Dual citizenship is a guarantee against political instability
- Dual citizenship grants access to the best healthcare and educational institutions