In 2016, the Cypriot Government announced certain amendments on the criteria which must be met by investors who wish to apply for a ''fast track'' citizenship scheme. The amendments have essentially made the Cypriot Citizenship-by-Investment program more beneficial for investors and families. The most important change features the reduction of the minimum amount of investments from 2.5 million to 2 million Euros.
In order to apply for a fast-track citizenship, applicants must satisfy certain criteria as well as investment requirements. Specifically, applicants must hold a clear criminal record (both from their country of origin and from Cyprus) as well as own a permanent residence with a minimum net value of five hundred thousand euros on the date of application. Additionally, persons interested in applying for the fast track citizenship must also fulfil one of the investments options, which include possibilities for investing in real estate, land development and infrastructure projects; creation or participating in Cypriot company or organisation; investment in Alternative Investment Funds or other financial organization licensed by CYSEC or a combination of the above.
Once all requirements are met, applications for a Cypriot citizenship by investment as well as a Cypriot residence permit are submitted to Ministry of Interior along with original supporting documentation (translated in Greek or English) and relevant fees. Upon confirming the conditions have been fulfilled, the Ministry of Interior forwards the application to the Council of Ministers for approval.
Worth noting is the fact that any spouse applications are to be submitted concurrently with the application of the main applicant. Applicants should also note that following application approval, a Certificate of Naturalisation is issued by the Civil Registry and Migration Department while final approvals are issued by the Ministry of Interior.
Our team at Eurofast Taxand is in the best position to advise and assist you with your fast track citizenship application procedure, including advisory related to the application as well as with any documents required in order to acquire Cypriot citizenship.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.