EU Passport With 2 M Euros Investment : It has been some time now that the Republic of Cyprus has decided to reduce the amount of investment to 2 million euros in order to be able to obtain a Cypriot/EU passport.One of the main objectives of the economic policy of the Republic of Cyprus is to further encourage Foreign Direct Investment and to attract high net worth individuals to settle and do business in Cyprus.Further to this decision, Cyprus is granting fast track Cyprus Passport to foreign investors of non EU countries. Below is a summary of the main requirements for a foreign individual to obtain successfully EU/Cypriot passport and citizenship.
EU Passport With 2 M Euros Investment : Conditions and Requirements
Fast track procedure
The fast track procedure shall involve a maximum period of 3 months for the approval to be granted for Cyprus/EU passport.
In order for an applicant to obtain successfully a Cypriot/EU passport he/she will need to invest only an amount of € 2 million (plus vat if any) in a single Residence. The residence in Cyprus must be retained by the investors for a minimum period of 3 years without reselling the property. After the 3 years the Investor has the right to sell his/her property and buy another one at a minimum value of €500,000 (plus VAT if any).
Other investment alternatives
Another alternative for a serious wealthy investor is to invest an amount of €2 million (plus Vat if any) in a selection of Residential Properties, out of which one property is to be used as a privately-owned permanent residence of a minimum value of €500,000 (plus VAT if any). The rest of the remaining amount of € 1.5 million can be invested in a range of residential properties only and for not any other use which must be held for a minimum period of 3 years and can be resold afterwards.
Citizenship and EU passports to other family members
EU Passport With 2 M Euros Investment :After the investor acquires successfully an EU/Cypriot citizenship then the parents of the investor may apply for citizenship which need to hold a permanent privately owned residence in the Republic of Cyprus, in the amount of minimum €500.000 (plus VAT if any). In addition it is worth noting that the investor and his/ her parents may collectively acquire a residence, provided that the total of this investment in such property is at a minimum value of €1.000.000 (plus VAT if any).
The applicant/investor must hold a residence permit in Cyprus and if not, then he/she may apply for an immigration permit on the basis of Regulation 6(2) of the Aliens and Immigration Law, simultaneously with the application for naturalization.
This scheme is applicable to the immediate family of the applicant i.e the spouse and dependent children up to the age of 28 if full time university students. In addition the applicants must hold a clear criminal record from the country of origin and the country of residence (if different).