Cyprus is a popular destination for non-EU nationals who want to obtain a Cypriot/EU citizenship and be able to live and move freely within the European Union. The last few years hundreds of Chinese, Russian and citizens of other nationalities have invested in Cyprus in order to obtain permanent residency or citizenship in Cyprus. To obtain a permanent residency permit in Cyprus, the required minimum investment on property is Euros 300.000. But for the passport the investment required was much higher at a minimum of 5 Million Euros. The Council of Ministers approved with their decision dated 19.03.2014 new criteria which under certain conditions allow a third country national to obtain a Cyprus citizenship with just a 2 Million Euros investment.
According to the new criteria, a non-EU investor who invests a minimum of 2.5 Million Euros in government bonds, real estate, financial assets of Cypriot entities or acquires or incorporates or invests in Cypriot companies, can apply for the Cypriot Citizenship if his investment is part of a collective investment scheme worth a minimum of 12.5 Million Euros. Moreover, even an investment of 2 Million Euros in the above areas can allow a non-EU national to apply for the Citizenship if he is a participant in a collective investment scheme the value of which exceeds 12.5 Million Euros. This provision, however, only applies until the 01.06.2014.
These new criteria are expected to bring to Cyprus an increased number of investors who wish to obtain the EU citizenship through investment. This development will hopefully assist the recovery of the Cypriot economy.